2019-08-26 Bloomberg Businessweek

39

Scaling Up Floyd

①It allstartedwitha tableleg. ② The duo want to reduce the disposability of furniture. The Detroit-
based company’s collection comprises four “foundational” products, each
modular: a bed, a table, a couch, and, the latest, a shelving system. New
products are released about once a year. Add-ons for existing pieces help
reduce waste.

Seatingwillcomesometimein 2020.Floydhasbeencollecting

customerfeedbackaspartofthefirstphaseofcreatinga dining

chair.Andthecompanyis two-and-a-halfmonthsintoa new

collaborationwithWestElm(theretailersoldthetablelegsin

2016);storesin Austin,NewYork,andSantaMonica,Calif.,sellthe

fullcollection.“It’shelpingustolearnaboutcreatinga betterretail

experienceforcustomers,”O’Dellsays.�DimitraKessenides

③Theshelves

comein tall

andshort

configurations,

withseveral

optionsfor

expanding.

“Shelvingis a

realpainpoint,”

Hoffsays,

becauseit’snot

easytomake

it elegant,and

modular,and

durable.

Next up

Shelvinginventory

thatthecompany

hadprojected

wouldlasta month

soldoutin

24

hours.

Therepeat

customerrateon

theshelfwhen

it wentonsale

onJuly 30 was

52%

Thenumberof

repeatcustomers

hasrisen140%a

yearsince2014.

Floyd co-founders Kyle Hoff and Alex O’Dell

marketed their first product—a leg that can be

clampedontoanysurfacetocreatea table—in

2014 viaa Kickstartercampaign.Thehardware

drew1,395backers who pledged a total of

$256K

14 timesmorethanwhatthepartnerssought. “You can make a really great product that could be a staple in a home by

designing it in a thoughtful way that encourages keeping it,” O’Dell says.

DESIGN

Everything is made

for easy assembly,

disassembly, and

moving.

LOCATION

Michigan is home

to major furniture

companies including

Herman Miller Inc. and

La-Z-BoyInc.

(aFloydinvestor).

MATERIALS

Every piece is made

in the U.S., out of

birch sourced from

Poland—it looks light

but is superstrong, Hoff

and O’Dell say—and

steel that’s made in

Pennsylvania.