Card Factory eyes up US expansion with Garven Holdings acquisition

The acquisition marks a milestone in Card Factory’s international ambitions, giving the brand a foothold in the gargantuan £70bn US market, and accelerating the retailer’s “partnerships strategy in one of our key international target markets.”

Minnesota-based Garven, which trades under Garven Designs and Cadence Packaging, specialises in design and wholesale of gifts.

Card Factory said Garven’s established customer base and specialist retail brands gives it the “design and buying synergies, alongside opportunities to introduce its own ranges into the US wholesale market”.

Garven’s chief operating officer Anne Schulze and chief financial officer Walter Jungbauer will remain in their roles at the business.

Card Factory chief executive Darcy Willson-Rymer said: “The acquisition of Garven is an important strategic milestone in our partnerships strategy. Together with our separate wholesale supply agreement covering over 1,100 stores across the US, it establishes a physical presence in the US market.

“Over a number of years, Garven has built a reputation as a trusted brand known for its quality products and impressive design capabilities, with Anne and Walter building an excellent customer proposition.

“We are excited to welcome the Garven team to Card Factory and look forward to building upon their existing commercial relationships, as well as forging new ones.

“International partnerships are a key component of our growth strategy. This acquisition is a key step in delivering the growth from partnerships as we guided at our capital markets update in May last year.

“Garven represents an exciting opportunity for Card Factory to build scale in the world’s biggest celebration occasions market.”