

Haworth’s $1 Billion Bid for Flos B&B Italia Rejected—Who Can Afford the Price?
The Flos B&B Italia Group is evaluating informal offers for its furniture division following the unexpected departure of its chief executive officer, Daniel Lalonde. Among the interested parties is Michigan-based Haworth Group, which reportedly made an offer valued between 800 million and 1 billion euros—an offer that was ultimately rejected for being too low.
Haworth’s interest comes as little surprise given its aggressive expansion into the high-end Italian furniture market over the past decade. With previous acquisitions of luxury brands such as Poltrona Frau, Cassina, and Cappellini, Haworth has positioned itself as a dominant player in the contract and high-end residential sectors. Acquiring Flos B&B Italia would further solidify its standing in the premium design space, particularly in the North American and European markets.
While Haworth seems like a natural fit, speculation lingers over what other firms could potentially make a play for the company. MillerKnoll, another major American contract furniture manufacturer, would have been a logical contender, but given its ongoing integration challenges following the Knoll merger, as well as financial constraints, it may struggle to secure the necessary capital. Steelcase, on the other hand, has historically focused on its core contract furniture business, and its management structure is not particularly suited to a major move into high-end residential—a sector where B&B Italia thrives.
This raises a larger question: Which contract furniture manufacturer could realistically afford the price tag of more than $1 billion? The luxury furniture market is capital-intensive, and with macroeconomic uncertainties, even well-capitalized firms might hesitate to make such a bold move. That leaves private equity as the most likely route, though it remains to be seen whether a deal can be structured that satisfies both the sellers and prospective investors.
Lalonde’s departure in January followed internal disagreements over restructuring plans. His tenure was marked by efforts to consolidate the company’s luxury brands—including B&B Italia, Maxalto, Arclinea, Flos, and Louis Poulsen—into a unified retail concept, which culminated in the launch of a flagship store on Madison Avenue in New York. In the wake of his resignation, former Flos CEO Piero Gandini has stepped in as executive chairman, a move that has fueled speculation about whether the company will sell its furniture and lighting divisions separately.
The Flos B&B Italia Group, previously known as Design Holding, was formed in 2018 through a partnership between Investindustrial and the Carlyle Group. In 2021, it entered into a joint venture with Fendi to develop the Fendi Casa line. With a changing leadership landscape and ongoing restructuring, the group’s future strategy remains uncertain. However, one thing is clear: the luxury furniture and lighting sectors are ripe for consolidation, and this latest development could set the stage for more high-profile mergers and acquisitions in the near future.





DIRTT’s Legal Efforts Against Falkbuilt Falter in U.S., Case Now Restricted to Canada
DIRTT Environmental Solutions Ltd., a company specializing in industrialized construction, has provided an update on its ongoing litigation against Falkbuilt, Smed, and Loberg.
Notably, DIRTT has now lost all legal actions against Falkbuilt in the United States. On February 5, 2025, the U.S. District Court for the Northern District of Utah granted Falkbuilt’s motion to dismiss DIRTT’s claims on the grounds of forum non conveniens. The court ruled that Canada is the appropriate jurisdiction for any disputes, as Canadian law applies to most of DIRTT’s claims, and DIRTT Environmental Solutions Ltd. (the Canadian entity) owns the trade secrets in question. The court’s decision effectively ends DIRTT’s pursuit of this litigation in the U.S., forcing the company to focus exclusively on its case in Canada.
Meanwhile, in November 2024, the Court of King’s Bench of Alberta scheduled an 8-week trial to begin on February 2, 2026, running until March 27, 2026. With no legal recourse remaining in the U.S., DIRTT is now attempting to seek damages in Canada, claiming over $50 million in losses allegedly caused by Falkbuilt, Mogens Smed, Barrie Loberg, and others. DIRTT maintains confidence in its case, despite its failure to pursue legal action successfully in the United States.
This latest development underscores the setbacks DIRTT has faced in its legal battle, leaving Canada as its last remaining avenue to litigate its claims.











