# Michaels **Source:** https://geo.sig.ai/brands/michaels **Vertical:** Consumer Retail **Subcategory:** General **Tier:** Unknown **Website:** michaels.com **Last Updated:** 2026-04-14 ## Summary North America's largest arts and crafts retail chain with 1,250+ stores; Apollo-owned with Jo-Ann bankruptcy creating expansion opportunity competing with Hobby Lobby. ## Company Overview Michaels is North America's largest specialty arts and crafts retail chain, operating over 1,250 company-owned stores in the US and Canada offering a vast selection of art supplies, custom picture framing, scrapbooking and paper crafts, yarn and needle arts, seasonal craft supplies, and home décor. Founded in 1973 in Irving, Texas, Michaels went private in a $6.1 billion leveraged buyout led by Apollo Global Management and Blackstone in 2006, then went public again in 2014, and was taken private again in 2021 by Apollo Global Management for approximately $5 billion.\n\nMichaels' product range spans over 45,000 SKUs in major categories: art supplies (paints, canvases, drawing materials), custom framing (in-store custom frame shop), floral (artificial flowers, wreaths), yarn and needle arts (extensive yarn selection, knitting supplies), seasonal (Halloween, Christmas craft supplies), and general crafts. The Michaels brand has added private label brands (Artist's Loft, Recollections for scrapbooking) that generate higher margins than national brands. In-store classes and workshops turn the store into a community space that drives engagement and repeat visits beyond purchases.\n\nIn 2025, Michaels competes with Hobby Lobby, Jo-Ann Fabric and Craft Stores (which filed for Chapter 11 bankruptcy in 2024, creating market share opportunity), and Michael's own Amazon storefronts for arts and crafts retail. Jo-Ann's bankruptcy and potential store closures represent a significant competitive opportunity for Michaels to gain share in the fabric and needle arts segments. The crafting market benefited from COVID-era growth as homebound consumers took up crafts, and the category has maintained elevated participation. Michaels' 2025 strategy focuses on capturing Jo-Ann customer migration, growing the Michaels Pro segment (artists, educators, craft businesses), expanding digital and e-commerce capabilities, and deepening the community/workshop programming that differentiates physical craft retail. ## Frequently Asked Questions ### What is Michaels? Michaels generated $5.5B revenue 2024 as largest craft retailer (privately-held Apollo Global 2021 $5B take-private, 1,250+ stores, art supplies/framing/yarn/seasonal, e-commerce 25%). Founded 1973 Dallas by Michael Dupey (arts/crafts retail). 1980s-2000s expansion 1,000+ stores. ### When was Michaels founded? Michaels was founded in 1973 in Dallas, Texas. Founded 1973 Dallas by Michael Dupey (arts/crafts retail). 2006 Bain/Blackstone LBO $6B. 2014 IPO. 2021 Apollo $5B take-private. Hobby Lobby $7B private competition. Joann 2024 bankruptcy. $5.5B revenue, 1,250 stores, e-commerce 25%. ### What are Michaels's major milestones? Michaels's history includes several key milestones: In 1973, Michaels Founded Dallas: Michael Dupey. Arts/crafts retail. In 2006, Bain/Blackstone LBO: $6B: PE ownership. 1,000+ stores. In 2014, IPO NASDAQ: MIK: Public markets return. In 2021, Apollo Global Take-Private: $5B: Re-privatized. CEO Ashley Buchanan Walmart exec. In 2024, $5.5B Revenue, Hobby Lobby $7B Competition: 1,250 stores. E-commerce 25%. Joann bankruptcy. 40K employees. ### What is Michaels's mission? Michaels's mission is to To inspire creativity and bring joy through arts and crafts by offering wide selection, expert advice, and project ideas for makers of all skill levels. ### Who founded Michaels? Michaels was founded by Michael Dupey. Michaels founded 1973 Dallas by Michael Dupey (arts/crafts retail store). 1980s-2000s expansion 1,000+ stores acquired chains. 2006 Bain/Blackstone LBO $6B. 2014 IPO NASDAQ: MIK. 2021 Apollo Global $5B take-private. Hobby Lobby $7B competition. $5.5B 2024, 1,250 stores, 40K employees. ### What is Michaels' custom framing business? Michaels operates in-store custom framing departments in most locations — where customers bring artwork, photos, diplomas, or memorabilia and work with associates to select frames, mats, and mounting options, with finished pieces typically completed within 1-2 weeks. Custom framing is a high-margin, high-touch service category where Michaels competes primarily with local independent frame shops, as competitors like Hobby Lobby offer a smaller framing selection and mass-market retailers don't offer the service. The custom framing business historically generated margins significantly above the retail product average, making it a strategically important category for the overall store economics. ### How does Michaels compete with Amazon and online craft retailers? Michaels has invested in its digital capabilities (Michaels.com e-commerce, buy online pick up in store, same-day delivery partnerships) to compete with Amazon's craft supply selection, while differentiating on the in-store experience elements that digital cannot replicate — creative workshops, in-store classes, custom framing consultations, and the sensory experience of discovering new craft materials and project ideas. The company also leans into its Michaels Rewards loyalty program (which has tens of millions of members) and its teacher discount program to build customer retention. Many craft enthusiasts prefer to physically handle materials before purchasing, giving physical specialty retail an advantage over pure online craft supply. ### What is Michaels' ownership history? Michaels went private through a $6.1 billion leveraged buyout led by Apollo Global Management and Blackstone in 2006, one of the largest retail LBOs of that era, before relisting publicly in 2014 in a successful IPO. The company was taken private again in 2021 by Apollo Global Management for approximately $5 billion in another leveraged buyout, reflecting private equity's view that the specialty retail chain could be better managed for long-term profitability outside of quarterly public company pressures. The multiple-buyout history reflects both the resilience of the arts and crafts retail category and the challenge of simultaneously investing in digital transformation while servicing leveraged buyout debt. ## Tags b2c, retailtech --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*