DeBonis, Jones set to get stake in Global
By Jay McIntosh -- Furniture Today, March 10, 2002
MOORESVILLE , N.C. — Former Kincaid executive Jack DeBonis and James W. Jones, former AIG Design president, have agreed to acquire a majority interest in solid-wood case goods importer Global Furniture.
DeBonis has been named president and chief executive officer of Global, which plans to bring out a new line of midpriced furniture, broadening its offerings beyond the promotional bedroom, occasional and entertainment furniture that has been its specialty.
Richard Chapin, who founded Global in 1990 and had been president, and co-owner James Cundick will retain a minority stake in the company and will be on its board. Chapin also will continue as a designer and Cundick will be general manager. The purchase price was not disclosed.
DeBonis said Global has annual sales of about $20 million. He anticipates growth with the launch of the new line, called Heritage Traditions, and the addition of distribution and sourcing capacity. Global has been shipping from Indonesia and will source the new line from northern China, he said.
Jones learned about Pacific Rim sourcing during his time at AIG. He is a partner in Venture Properties, which owns the 1 million-square-foot distribution center once used by Singer Furniture in Truman, Ark. Global plans to use the facility, supplementing existing distribution centers in Mooresville, Houston and Chino, Calif.
DeBonis said samples of Heritage Traditions should be ready for premarket in High Point the week of March 18, and will be at the April market. Global shows at 156 S. Main St.
"Where we see a tremendous void in the market is in step-up furniture from an imported veneer product," he said. The line will take Global into full collections in dining room and bedroom, broadening beyond the item business that has been its mainstay, he added.
DeBonis was vice president of marketing at Kincaid, where he had worked since 1995. Previously, he was with Crawford of Jamestown, Lane and Bassett.
Kincaid did not immediately announce a replacement for DeBonis.
| DeBonis |
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