US tariffs boost NZ wool carpet export opportunity
A 50% tariff slapped by the US on goods from India last month has opened an opportunity for New Zealand wool carpets exports to North America.
The $1.1 billion Brooklyn Tower will be home to hundreds of the city’s elite and will stand at 327 metres when it opens later this year, making it one of the world’s tallest residential buildings.
The new contract will see Bremworth supply over 3,000sqm of wool carpet for the 93-storey skyscraper.
The contract marks one of the company’s largest ever installations of its natural fibre product in the US.
The North American deal is the highest profile commercial contract for the company since Bremworth’s wool carpets were used in the refurbishment of dozens of US retail outlets owned by luxury jewellery maker Cartier.
Greg Smith, Bremworth chief executive, says the contract is a significant endorsement of the New Zealand wool industry.
“The landmark Brooklyn Tower will have 550 residential apartments with multi-million-dollar entry points and will stand over 100 metres taller than the next tallest building in this borough of New York.
“The selection of our wool carpet for this project is a testament to the quality of both New Zealand wool as well as Bremworth’s manufacturing capability and is set to help open other export opportunities in this market,” he says.
Smith says Bremworth’s New Zealand-made product commands a premium price on the US market.
He says leveraging high profile installations like the Brooklyn Tower is necessary to help the company mitigate the impact of import tariffs that reduce their competitiveness in the US.
“We know that consumers have had the last couple of years to review their interiors as they have spent more time living and working at home.
“As a result, we are seeing a conscious shift towards making their surroundings a more natural environment - as part of an enhancement to their overall health and wellbeing.”
Smith says that typically the US market is dominated by synthetic carpets meaning Bremworth’s reputation as a natural fibre manufacturer from a country renowned for its environment and high standard of farming practices creates a significant opportunity for the company.
“Our wool carpet retails at a premium in North America, when compared to plastic based synthetic carpets which make up around 95% of carpet sold in that country.
“The use of Bremworth products in high profile installations such as the Brooklyn Tower and Cartier stores provide us with a unique marketing opportunity to grow our presence and exports of New Zealand wool in this lucrative market,” he says.
