Paper Source Acquires 30 Papyrus Stores, Expanding Their Presence Amidst U.S. Retail Closures
Paper Source is a premier paperie offering unique fine and artisanal papers, invitations and announcements, personalized and distinctive gifts, gift wrap, greeting cards, custom stamps, and an exclusive collection of envelopes and cards
*Portfolio company of TriArtisan Capital Partners, the predecessor to TriArtisan that was founded by Rohit Manocha and Gerald Cromack in 2002
- Rebrand will take place in 60 days with doors opening as early as March 2020 and balance opening in April
- Focused on key markets, like Manhattan, where the company will take over 9 Papyrus doors
- Brand will feature the best of growth categories, like cards and gifts, while also maximizing on the brand's exceptional service model
- Acquisition will create more than 300 new jobs across store fleet and distribution center
Paper Source, a premier lifestyle brand and gift retailer, today announced their acquisition of 30 shuttered Papyrus stores, growing their footprint to over 165 stores by early 2020. The acquisition of Papyrus doors allows the company to bring their unique experience to new communities while expanding in key markets, like Manhattan, growing their fleet by 22% during a time many retailers are closing doors.
"Like Papyrus, we believe in embracing life's moments," said Winnie Park, CEO of Paper Source. "We want to honor that mission while also bringing the best of Paper Source to customers who value our mix of product and experience."
Paper Source, a 37-year-old lifestyle brand, was founded on its namesake – artisanal papers gathered by the founder's worldly pursuits – and the focus on paper paved the way to a proprietary color palette and numerous innovations, each adding to the wonder and vibrancy of the brand. Selling more than 10 million cards annually, the company has worked with over one thousand niche makers to curate their exclusive selection of greeting cards and stationery.
Since 2015, the company has seen double-digit growth in card and gift categories, which is largely due to their commitment to design and curation. Over 65% of the assortment is exclusive to Paper Source with their designs, exclusive colors and product innovations being central to the brand's success. But, at the heart of this growth is a commitment to customer experience.
"We have created an experience that focuses on unique products and services you can't find anywhere else," says Park. "Our stores are a respite – we are a happy place where you can discover new products and we are a destination for creating something personal. We try to make it fun for anyone who walks through the doors."
This unique experience has caught the attention of influencers and media. Designers like Neil Lane and Rifle Paper Co. have developed exclusive lines with the brand. Additionally, digital darlings like Paperless Post, ELOQUII and Artifact Uprising have tapped Paper Source for the incredible tactile experience available in its growing store fleet. The store locations are so distinct that Freeform built out the set of "Wrap Battle" to look like a Paper Source store featuring many of its products in the holiday production.
The company plans to bring the best of this mix to the new Papyrus doors. The conversion and rebrand is expected to take within three months with a first wave of doors opening as early as March 2020.
* Portfolio company of TriArtisan Capital Partners, the predecessor to TriArtisan that was founded by Rohit Manocha and Gerald Cromack in 2002.