Founders of Dallas-based home furnishings retailer Wisteria, Andrew and Shannon Newsom, said Friday that they have sold the company they created first as a catalog in 2000 to UK-based OKA Direct Ltd.
If a brand can have a doppelganger, this is a match.
The couple said they will continue "work closely" with OKA, a London-based company with similar roots, starting as a catalog in 1999. OKA has expanded with 14 stores, two outlets and interior design services across the UK.
The plan is to continue building Wisteria, co-founder and CEO Andrew Newsom said. He called it a "great match." Both companies approach the customer similarly not only about design but also the stories behind the furniture and accessories.
"Both Wisteria and OKA are family-founded companies that have a long history of traveling the world to discover the best global design," he said. "To that end, we are excited about the opportunity to leverage what we've created and to build upon that going forward."
Wisteria, in addition to its catalog and e-commerce business, has two stores in Dallas and a staff of more than 100. OKA employs 250 people. Neither company releases sales figures. Terms of the sale weren't disclosed.
Wisteria is OKA's first acquisition and the transaction will close this month, the companies said.
The Newsoms have said they want to expand the business with more stores. It ventured from mail order to stores for the first time in 2010.
Its monthly catalog has an international reach, but Wisteria also has a loyal fan base of shoppers in North Texas. Its annual warehouse sales draw big crowds. Wisteria's furniture, accessories and gift selections are peppered with vintage and antique items. It was an early company to the idea of giving back and it supports a different nonprofit organization monthly.
