Steuben Glass Up For Sale
Luxury collectible glass company, Steuben Glass has been put up for sale by longtime owner Corning. Corning has owned the business since 1918 and Steuben is now the only maker of luxury lead crystal left that is still handcrafted in the United States. Unfortunately, the company, which creates a variety of special edition pieces including a most recent partnership with artist Kiki Smith, has been unprofitable for a decade, losing around $30 million over the last five years. Corning has said that the company will be unloaded this year even if they have to shut the company down. Steuben Glass generates around $25 million in annual revenue and employs 150 people. Another option Corning is considering is selling the brand name but keeping the factory in operation. A move that I think would be a shame since part of the prestige of Steuben is its heritage and tradition. Sadly the beautiful glass collectibles aren't considered fashionable and appeal mostly to an older generation. Steuben has tried to attract younger consumers through collaborations with high-profile designers such as Smith and Ted Muehling but so far that hasn't been enough to generate profitability.
