LuxFinds.com launches new venue for overstock furniture
Focusing on mid-priced to high-end goods
Jay McIntosh -- Furniture Today, March 19, 2010
 Products from David Francis Furniture and Fairfield Chair are among the seating selections on www.LuxFinds.com, a new Web site to sell overstocked home furnishings to consumers. |
Sandy Wilder, managing director of the site and one of its founders, said LuxFinds.com sells new, first-quality but overstocked goods, usually at discounts of at least 60% off suggested retail.
He said the approach is similar to other discount shopping sites like Gilt Groupe and One Kings Lane, but differs in that it focuses solely on home furnishings. LuxFinds.com acts as a retailer, accepting payment and arranging delivery to the consumer.
Wilder said the site offers midpriced to high-end lines, not promotional goods. It recently featured product from sources including David Francis Furniture, Allan Copley Designs, Fairfield Chair and Oggetti.
Wilder, previously managing partner of Elizabeth Wilder, a supplier of high-end imported wood furniture to home furnishings source Sarreid, founded LuxFinds.com along with George Telheiro, the owner of ad agency Out of the Box Creative in New Bedford, Mass. Telheiro heads the site's graphics department.
Wilder said he realized last year that as the industry's sales slump continued, a number of manufacturers were stuck with overstocked goods or components.
"It became clear that people had too much stock, and we thought maybe we could turn this into a business opportunity," he said.
Companies with product listed on the site are encouraged to allow the items to carry their brand name, because that helps make the sale, said Wilder. But some companies prefer not to, and those items are listed as "private label."
He added that companies can be creative in how they use the site. Fairfield Chair, for example, had excess fabrics in stock and is offering pieces with those covers on LuxFinds.com.
Wilder said he works with manufacturers to come up with prices that are compelling to consumers but also leave enough of a margin for profit.
While it's still new, and still considered to be in the "beta" mode, LuxFinds.com has gotten a boost from mentions in newspapers including the New York Times, Boston Globe and Los Angeles Times.
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