1. News
June 11, 2018

Herman Miller buys 33% stake in HAY for $66m

Global designer and furniture company Herman Miller has purchased a 33% stake in Nine United Denmark (HAY) for $66m.

Global designer and furniture company Herman Miller has purchased a 33% stake in Nine United Denmark (HAY) for $66m.

Based in Copenhagen, HAY offers ancillary furnishings in contract and residential furnishing markets across Europe and Asia.

Herman Miller also acquired the rights to the HAY brand in North America for approximately $5m.

Herman Miller will unveil four retail locations and an online store under the HAY brand in North America. The company will also offer HAY products to North American and international dealers.

The furniture brand will sell HAY’s goods through Herman Miller’s Design Within Reach channels in the coming years.

Herman Miller CEO Brian Walker said: “HAY is a key building block toward our stated priority to scale our consumer business.

“The HAY assortment will significantly expand our offer to a younger, more urban demographic that we have targeted for expansion.”

“The HAY assortment will significantly expand our offer to a younger, more urban demographic that we have targeted for expansion.”

“With more workplaces and commercial spaces adopting a residential feel, the opportunity to offer quality designs at an attainable price point is only expanding.

“Adding HAY’s considerable stable of products to our ancillary offer further cements Herman Miller’s ability to deliver excellent design to customers regardless of budget or what kind of space they’re outfitting.”

Following the transaction, the existing management team and CEO Henrik Steensgaard will continue to operate the HAY brand, its product development, and its business in Europe and Asia.

Steensgaard will report to the newly appointed board of directors and chairman Troels Holch Povlsen of the HAY brand.