HFN, April 5, 2004
Syratech's Hot Topic
The company's latest brand of products makes decorating easier for consumers
By Allison Zisko
New York - Ever watch one of those home decorating programs and wish you could instantly replicate the look at home?
Syratech Corp. is betting that consumers who feel this same need will love Topic, its new brand that offers multipurpose decorating solutions in one box and attempts to convince whoever purchases it that they are capable of making decorating decisions.
"It speaks to the consumer who wants solution-based product," said Brenda Goodell, chief marketing officer. "It's a home decor brand that represents modern design, yet at an accessible price point."
Topic could also be the solution-based brand Syratech is seeking to emphasize its shift to consumer-focused products, a marketing strategy that began with the launch of its Vera Wang collection last fall. Topic is the company's first specialized introduction in the non-metals business. It is the brainchild of Tom Mirabile, Syratech's vice president of creative development, and will be headed up by Rafael Calderon, the general manager of Elements, International Bazaar and Towle Crystal, some of Syratech's other brands.
Calderon estimated that Topic will generate $25 million to $30 million in wholesale business by next year. He said it promises retailers high margins and minimum advertised pricing. The collections have a suggested retail price of between $29.99 and $90.
For consumer, it promises the chance to replicate what they see on television and in magazines. It is aspirational merchandise, brought to the middle mass market. Topic is a combination of glass, ceramic and metals, arranged into four groups, or "topics," that refer to various states of mind (relaxation is one of them). Inside each box are all the materials, including display item, needed to create any number of different looks in any room of the house. For example, one box will contain four or five ceramic votives that fit together and a wooden shelf that can be hung in two or three different ways.
The packaging is designed to be reused (as a possible storage container) and includes a gift card, suggestions on how to use the product inside and directions the company Web site where, Syratech hopes, consumers will chat with each other and discuss how they used the product.
Topic officially launches at the New York Tabletop Show.
