Groupe SEB has invested in StoreBound, which owns the Dash brand of kitchen electrics. The transaction is expected to be completed on July 31, 2020 and Groupe SEB will become the majority stakeholder in the company. StoreBound develops housewares focused on better living under brands including Dash, Sobro, Chef Geoffrey Zakarian and others. It was founded in 2010.
“With the investment in StoreBound, we will strengthen our presence in the American housewares market. With its strong and innovative business model and brands, StoreBound is very complementary to our consumer business in the U.S. The company has launched [more than]200 products and built the largest organic social media following in the U.S. industry. We are pleased to welcome the StoreBound team and founders into the Groupe SEB family,” said Thierry de La Tour d’Artaise, CEO of Groupe SEB.
According to Groups SEB, StoreBound has launched more than 200 products through a strong omnichannel distribution model, combining offline retail, e-commerce and social media. Its sales have been increasing rapidly, amounting to more than $100 million in the past 12 months, the company said.
Headquartered in New York City, the company employs around 50 people. StoreBound was recognized on the INC List of Fastest Growing Businesses for four consecutive years and in the Top 100 of the Entrepreneur 360 List in 2019.
Evan Dash, CEO and founder of StoreBound, said, “After our careers in retail, my wife, Rachel and I started StoreBound to inspire people to enjoy healthy home cooked meals shared around the table with loved ones. In less than 10 years, StoreBound has emerged as the market leader for health-conscious consumers in the U.S. We are proud to join Groupe SEB, a respected fellow industry player, combining iconic brands, manufacturing capabilities and global strength. We are looking forward to leveraging their innovation engine to accelerate our pace of new product introductions while strengthening our global operating capabilities.”