PBN Fastest Growing Companies 2023
$25 million to $75 million No. 1. John Matouk & Co.
CEO (or equivalent): George Matouk Jr.
2022 revenue: $74.5 million
2020 revenue: $49 million
Revenue growth: 51.9%
EVERY DAY AT JOHN MATOUK & CO., the marriage of technology and automation with artisanship and craft is on display, as workers manufacture luxury bed and bath linens for clients across the globe.
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Lavish flat sheets, bottom sheets, duvet covers and coverlets are the perfect collision of inspiration and function. High-end bath towels, robes, shower curtains and a variety of other bathroom accessories add opulence to ordinary routines. Delicate table linens and bespoke solutions let customers’ imaginations run wild.
The Fall River-based manufacturer sells its luxury products to interior designers and directly to consumers through its website, luxury department stores such as Bloomingdales and Nordstrom, and independent retailers. It also supplies commercial quality linens to posh hotels nationwide and nearby at the Ocean House in Westerly and Castle Hill Inn in Newport. Ninety-eight percent of sales are generated in the U.S. and Canada. Additionally, Matouk’s business extends to Latin America, the Caribbean and the Middle East.
Matouk’s revenue grew 51.9% in 2022 compared with 2020 for two reasons. The company increased interest in home furnishings and the domestic manufacturer’s ability to take advantage of that demand, CEO George Matouk Jr. said. The manufacturer had a large inventory of raw materials on hand at its headquarters, minimizing any supply chain issues.
“In this case, we proved that being a manufacturer domestically, in the market where our customers operate, is a real competitive advantage,” Matouk said. “It provides flexibility that importers cannot match, particularly in times of trouble.”
Matouk, who took over the business from his father, George Matouk Sr., in the early 1990s, runs the company with his wife, Mindy. She serves as creative director. In a way, the family has come full circle. Matouk’s grandparents, John and Maude, founded the business in 1929 and ran it together.
“We look at the third generation as everybody at Matouk right now, not just us,” George Matouk Jr. said. “We just happen to have the last name Matouk.”
Matouk had to make changes to meet increased demand. The company worked with five staffing agencies and more than doubled its team from 135 employees to 285. Most of Matouk’s new recruits came from the local community. Once they were employed for three months and proved they could contribute on an ongoing basis, they transitioned from contract to full-time employees.
“One of the agencies we worked with placed a recruiter on-site who interacted with us every day and got to know the organization very well,” Matouk Vice President of Human Resources Kathleen Agostinelli said. “Over time, they were able to recruit to the Matouk culture.”
The positions filled ranged from labor and manufacturing to fulfillment, material handling, maintenance and engineering. Matouk officials worked “heroically” to find qualified people to come to, and stay, at the manufacturer, Matouk said.
“But we would’ve never been in a position to do that if we didn’t have an environment that our employees valued,” he said. “We believe that all of our employees should have a positive and inspiring place to work.”
To keep workers safe and continuously working throughout the COVID-19 pandemic, Matouk became a two-shift operation; historically, it had one shift. It also leased an additional 25,000 square feet in the building adjacent to its existing 90,000-square-foot factory at 925 Airport Road. Matouk also has an office in New York, manufacturing operations in the Philippines, and contract manufacturing in western Europe and India.
Even though domestic manufacturing is a large part of Matouk’s business, it’s also dependent on a functioning global supply chain for materials, fabrics and machinery, Matouk said.
During the pandemic when the global supply chain was disrupted, the company, Matouk said, spent heavily on air freight that it never would have considered but had to in order to grow its market and keep customers happy.
“That commitment sacrificed profitability but enabled us to capitalize on the market opportunity that existed,” Matouk said. “Over time, as the supply chain has normalized, we’ve gone back to more regular boat shipments and fewer air shipments.”
