Business news: Danish brand Hay has acquired a majority stake in lighting and interiors company &tradition.
Hay co-owners Mette Hay, Rolf Hay and Troels Holch Povlsen purchased 50 per cent of &tradition's shares and will join the company's board of directors.
Anders Holch Povlsen, son of Troels and CEO of fashion chain Bestseller, gained a further 25 per cent of the shares. &tradition founder Martin Kornbek Hansen owns the remaining 25 per cent and will remain chief executive officer.
Danish company &tradition collaborates with designers like Lex Pott, who designed these colourful vessels
&tradition, which was founded in 2010, is a Danish company that regularly collaborates with a large number of designers including Luca Nichetto, Samuel Wilkinson and Jaime Hayón. Speaking to Dezeen, Rolf said &tradition had approached Hay about a sale. He said they decided to proceed as they felt the brand had strong products, plus a thriving presence in southern Europe.

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While the Hay owners will now sit on the board of directors, &tradition will remain a distinct entity with its own art direction, management and products.
Rolf hopes that Hay will be able to help &tradition reach a bigger market. He also intends to continue &tradition's practice of reissuing classic Danish pieces ? something he supports but doesn't wish to pursue with Hay.
While the Hay owne...