In news I first saw reported by the Craft Industry Alliance, Hamilton, Missouri, based Missouri Quilt Company is in the process of acquiring British yarn craft company LoveCrafts.
SkyNews reported that the deal could be done early this week, and is valued at millions of pounds. LoveCrafts is backed by several UK technology funds and saw its sales skyrocket during the pandemic, but it has been looking for a buyer this year because of declining sales.
Missouri Quilt Company might not be a name a lot of knitters and crocheters know, but it’s a destination shop for quilters. Founded in 2008 as a small, local fabric store, it has grown into the home of the biggest quilting channel on YouTube, with free tutorials published weekly. Hamilton is now known as Quilt Town USA, and is home to nearly 20 themed craft shops under the Missouri Quilt Company banner, including shops dedicated to florals, batiks, men’s fabrics and accessories, to name just a few.
One of the shops is a knitting and crochet shop, so this acquisition is sure to enhance their selection and their e-commerce footprint in yarn (right now it doesn’t look to me like it’s possible to buy yarn on their website).
LoveCrafts, on the other hand, is probably a company you’ve heard of. It was founded in 2012 as LoveKnitting, which branched out into LoveCrochet in 2015, but the two were brought under the same roof in 2019 with the launch of LoveCrafts. In 2021 they bought WEBS, one of the largest brick and mortar yarn stores in the United States, which also has a substantial online presence. WEBS has its own yarn line, Valley Yarns, and had also previously acquired Tahki Stacy Charles.
The Craft Industry Alliance reported that Edward Griffith, one of the founders of LoveCrafts, said the companies share a common mission and vision around the importance of crafting and community. They further reported that Jeff Martin, CEO of Missouri Star’s parent company, said the acquisition not only helps them to expand their product offerings but also to bring together passionate communities of makers.
There’s been some talk that the quality and inventory at WEBS have declined since that sale, so it will be interesting to see how things develop after this acquisition goes through.
[Photo via Missouri Quilt Company]
