American furniture manufacturer Herman Miller has announced plans to buy contemporary furniture retailer Design Within Reach as part of its ongoing efforts to become "a premier lifestyle brand".

In an official statement Herman Miller said it would acquire approximately 84 per cent of Design Within Reach (DWR) for $154 million (£90.1 million) in cash.

The furniture brand said that DWR had become "the largest and fastest growing retailer of Herman Miller's furniture designs" and would be a key part of the company's strategy to diversify beyond manufacturing.

"The addition of DWR is a transformational step forward in realising our strategy for diversified growth and establishing Herman Miller as a premier lifestyle brand," said Brian Walker, Herman Miller's chief executive officer.

The purchase will result in the creation of a new consumer arm for Herman Miller, while DWR will continue to operate as a retail business led by current CEO John Edelman and president John McPhee.

"In addition to enhancing Herman Miller's brand visibility, we gain access to DWR's growing and exclusive product portfolio and proven development capabilities," said Walker. "We are acquiring a complete consumer-focused infrastructure and an experienced and committed leadership team and workforce that truly values Herman Miller’s design legacy. That leadership team will skillfully advance our consumer business while DWR gains new resources to further their growth plans."

DWR was founded in 1998 by Rob Forbes, who wanted to create a shop that made the furniture by Modern designers that he had been able to find in Europe accessible to US customers without having to wait months for delivery.

It has since become one of North America's biggest retailers of furniture by named designers and design-led brands, with 38 shops around the US and Canada and large e-commerce and mail-order operations.