MLKN | Market Cap: $1.4B (07/13/26)
Industry:
Consumer Goods

DESCRIPTION

MillerKnoll designs, manufactures, and sells furniture across office, healthcare, education, and home settings. The company's portfolio is anchored by two flagship brands — Herman Miller and Knoll — alongside over a dozen others including Design Within Reach (DWR), HAY, Muuto, and Holly Hunt. MillerKnoll operates through three segments: North America Contract (~54% of revenue), International Contract (~20%), and Global Retail (~30%). The contract business sells seating, systems, storage, and textiles to corporations, healthcare systems, government agencies, and educational institutions, primarily through independent dealers. The retail business sells design-forward home furnishings to consumers and trade professionals through owned stores, eCommerce, and wholesale channels. Independent dealers are the dominant sales channel overall, accounting for roughly 54% of sales. Profitability is driven by volume leverage over a largely fixed cost base, pricing actions, and channel mix — retail carries structurally higher gross margins than contract. Key raw material inputs include steel, aluminum, plastics, and particleboard. MillerKnoll's growth strategy centers on expanding its retail store footprint (targeting 10–15 new U.S. locations in FY26), broadening product assortment, growing the Knoll brand internationally, and investing in resilient verticals like healthcare. Roughly 17–19% of U.S. cost of goods sold is imported, creating tariff exposure that management is mitigating through price increases, surcharges, and supply chain adjustments.

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