Spector & Co. Delivers Company Update As It Enters 2022
Robert Spector, president of Spector & Co. (PPAI 168328, S9), has issued a year-end update on the Montreal, Quebec-based supplier, going into 2022.
“As we all know, the last two years have seen world-changing events,” Spector said. “Some for the short term and some for the long term. I feel that one of our strengths has been to always look at challenges as opportunities to grow—opportunities to be more innovative, opportunities to excel, opportunities to better partner with our clients. And this year we as a team will embrace these.”
Spector’s letter highlighted the impact supply chain disruptions have had on the company as well. “Our team has reviewed our operating and cost structure over the last several months and we have no choice but to increase our prices. This is our first global price increase in the past two years, as we held our prices tight through the pandemic. We’ve tried to limit the increase and we’ve analyzed every single item and every single decorating process. Our average price increase for our entire product line will be between 10 and 15 percent. These changes will go into effect on Monday, January 10.”
Other changes at the company mentioned in the letter have led to improved production capacity to allow for quick shipping of client orders and an in-stock ratio averaging 90 percent, and due to its confidence in a rapid bounce-back in 2022, Spector & Co. has placed purchase orders giving it six months inventory for the coming two quarters. Additionally, Spector noted, “With the launch of Ora, our drinkware line, we increased our facility by 55,000 square feet. We purchased brand new material handling and decorating equipment for Ora and continue to be innovative in order to launch new ways to brand this category.”
In closing, Spector added, “We look forward to the time when we can all safely travel and meet live face to face. In the meantime, let us all welcome 2022 with open hearts and minds and be optimistic about growing our partnerships together.”