Mission Statement, Vision, & Core Values (2024) of MillerKnoll, Inc. (MLKN)

An Overview of MillerKnoll, Inc. (MLKN)

General Summary of MillerKnoll, Inc.

MillerKnoll, Inc. is a global leader in the furniture industry, formed from the merger of Herman Miller and Knoll in 2021. With a rich history dating back to 1905, the company is renowned for its innovative designs and commitment to sustainability.

The company offers a wide range of products, including office furniture, seating, and workspace solutions, catering to various markets from corporate to educational environments. As of 2024, MillerKnoll reported total sales of approximately $3.34 billion, reflecting a substantial increase over previous years, as the demand for quality furniture solutions continues to rise.

Key product categories include:

• Office Desks
• Chairs and Seating
• Collaborative Workspaces
• Accessories and Décor

Company's Financial Performance

In the latest financial report for Q2 2024, MillerKnoll posted record-breaking revenue figures, generating $1.7 billion in sales, marking a 15% increase from the previous quarter. The main drivers of this growth included:

• Office Furniture Sales: $1.2 billion
• Seating Solutions: $350 million
• Workspace Solutions: $150 million

The company also reported an increase in its gross margin to 36%, showcasing effective cost management strategies and pricing power in a competitive market.

Introduction to MillerKnoll as a Leader in the Industry

MillerKnoll stands out as one of the foremost companies in the furniture industry, recognized for its innovative designs and commitment to sustainability. Its products are used in notable projects, including major corporate offices and educational institutions, reinforcing its reputation as a leader.

The company’s focus on research and development, along with a commitment to quality and customer satisfaction, has positioned it well in a competitive marketplace. To understand further how MillerKnoll continues to excel, readers are encouraged to explore more about its strategies and innovations.

Mission Statement of MillerKnoll, Inc. (MLKN)

Mission Statement Overview

The mission statement of MillerKnoll, Inc. reflects its dedication to innovation, sustainability, and high-quality products. It serves as a guiding principle for the company, steering its long-term goals and objectives within the furniture and design industry. In 2024, MillerKnoll aims to strengthen its market position and address consumer needs through strategic initiatives and commitment to excellence.

Core Component: Innovation

At the heart of MillerKnoll's mission statement is a commitment to innovation. This component drives the company to continuously evolve its products and services to meet changing consumer demands and industry trends.

For instance, MillerKnoll invested approximately $50 million in research and development in 2023, leading to the launch of several innovative product lines that emphasize modularity and adaptability.

Core Component: Sustainability

Sustainability is another vital pillar of MillerKnoll's mission statement. The company is dedicated to minimizing its environmental impact and promoting sustainable practices across its operations.

As of 2023, MillerKnoll has reduced its carbon footprint by 30% compared to 2020 levels. Furthermore, over 75% of its products are made from recycled or sustainably sourced materials. This commitment is reflected in their goal to achieve zero waste in manufacturing facilities by 2025.

Core Component: Customer Commitment

The final component of MillerKnoll’s mission statement is its unwavering commitment to customer satisfaction. This aspect emphasizes the need for high-quality products and exceptional service to enhance the customer experience.

MillerKnoll has achieved a customer satisfaction rate of 92% in recent surveys and has been recognized for its service excellence in the furniture industry. In 2023, the company reported an increase in customer engagement, with 40% growth in its online platform usage.

Vision Statement of MillerKnoll, Inc. (MLKN)

Vision Statement Overview

The vision statement of MillerKnoll, Inc. (MLKN) emphasizes the company's commitment to design, innovation, and sustainability. As of 2024, its vision reflects goals aimed at enhancing business operations and societal impact.

Design Innovation

MillerKnoll aims to lead in the design of modern workplace solutions. The company's research indicates that 70% of employees believe that an effective workspace boosts productivity. With a projected investment of $15 million in R&D for 2024, the focus is on creating adaptable and functional products.

Sustainability Goals

The vision of MillerKnoll is heavily tied to sustainability, aiming to achieve a 30% reduction in carbon emissions by 2025. In 2024, the company plans to utilize 50% more recycled materials in its product lines.

Global Market Reach

MillerKnoll's vision includes expanding its presence in international markets. In 2023, the company's revenue from global sales reached $1.2 billion, with a goal to increase this by 20% in 2024, targeting emerging markets in Asia and South America.

Employee Engagement and Culture

MillerKnoll's vision places strong emphasis on employee engagement, aiming for a 90% employee satisfaction rate in 2024. The company plans to implement new training programs with an expected budget of $5 million aimed at fostering innovation and inclusivity.

Technological Advancement

The vision for technological advancement includes increasing the adoption of smart office technologies. In 2024, MillerKnoll plans to invest $10 million in smart technology integration across its product lines.

Core Values of MillerKnoll, Inc. (MLKN)

Innovation

Innovation is a core value that drives MillerKnoll's commitment to creating cutting-edge designs and solutions that transform spaces and enhance user experiences. This value is crucial as it fosters creativity and adaptability in a competitive market.

MillerKnoll has demonstrated its commitment to innovation through various initiatives, such as:

• Launch of the HAY collection, which showcases unique designs and materials, contributing to a projected revenue increase of $50 million in 2024.
• Investing $10 million in R&D for sustainable materials and technologies to develop eco-friendly products.
• Partnership with technology firms to integrate smart office solutions, leading to a 25% increase in product functionality as reported in customer feedback.

Sustainability

Sustainability reflects MillerKnoll's dedication to environmental responsibility, ensuring that its products and practices minimize ecological impact. In 2024, this value is instrumental in attracting eco-conscious consumers.

Examples of sustainability initiatives include:

• Achieving a 50% reduction in carbon emissions across manufacturing processes since 2020.
• Introduction of a circular economy program, with a target to recycle 100,000 office products annually.
• Certification of 90% of its products with Environmental Product Declarations (EPDs) and Cradle to Cradle certifications.

Inclusivity

Inclusivity is a core value that emphasizes the importance of diverse perspectives and backgrounds within MillerKnoll's workforce and customer base. This fosters a culture of belonging and innovation.

Commitments to inclusivity are evident through:

• Establishing a Diversity, Equity, and Inclusion (DEI) Council that has set a goal of 40% of leadership positions held by underrepresented groups by the end of 2024.
• Implementing training programs that reach over 5,000 employees annually.
• Community engagement initiatives that support minority-owned businesses, with over $2 million allocated in partnerships and sponsorships in 2023.

Quality

Quality signifies MillerKnoll's unwavering commitment to excellence in every product it designs and manufactures. This core value not only ensures customer satisfaction but also enhances brand reputation.

Demonstration of quality commitment includes:

• Achieving a 98% customer satisfaction rating based on feedback collected through post-purchase surveys.
• Implementation of stringent quality control measures, resulting in a 15% decrease in product returns over the past fiscal year.
• Investment of $8 million in advanced manufacturing technologies to maintain high standards of craftsmanship.

Collaboration

Collaboration underscores the importance of teamwork both internally among employees and externally with partners and clients. This value is vital for driving effective solutions and fostering long-term relationships.

MillerKnoll showcases its commitment to collaboration through:

• Formation of cross-functional teams that have improved project delivery times by 30% in 2023.
• Engagement with over 200 design firms and architects for co-creation of innovative workspaces.
• Hosting quarterly collaboration events, drawing participation from more than 1,000 industry professionals to share insights and best practices.