Natuzzi S.p.A. Accelerates Its Branded Retail Expansion in the Asia-pacific Region by Signing a Partnership With a Leading Listed Home-furniture Player
11 Maio 2022 - 6:11AM
Business Wire
Natuzzi S.p.A. (NYSE:NTZ) is one of the most renowned brands in
the production and distribution of design and luxury furniture,
which is present globally in 110 markets with an extended retail
distribution made of 651 monobrand stores in addition to more than
500 Natuzzi galleries. Asia Region is one of the most attractive
opportunities for the future growth of Natuzzi.
In China, Natuzzi has been already carrying on a successful
strategy to develop its business through a partnership signed in
2018 with Kuka, a leading listed Group in the furniture sector, in
which Natuzzi holds a 49% stake. During 2021, the Chinese
partnership closed the year with significant growth: revenues of
€96.3 million, + 55.2% vs 2020. It now operates 340 mono brand
stores of which 84 were added in 2021.
In the rest of APAC, Natuzzi S.p.A. distributes its products in
10 countries, that include South Korea, Australia, Japan, Taiwan,
Thailand, Indonesia and Singapore, through 25 monobrand stores.
To accelerate the commercial expansion in the Rest of APAC
region, Natuzzi S.p.A. signed a partnership with Truong Thanh
Furniture Corporation (“TTF”), a leading listed company in the
furniture sector, located in Vietnam. TTF is already an active
partner of Natuzzi to produce upholstery in Vietnam for the North
American market. TTF in addition plays a key role in the production
of furniture for leading furniture names in the USA. Following the
finalization of this partnership, TTF acquired a 20% stake in
Natuzzi Singapore PTE. LTD (“Natuzzi Singapore”), a controlled
subsidiary of Natuzzi S.p.A., for a total cash consideration of
$5.4 million already paid in favor of Natuzzi Singapore. As a
result, Natuzzi S.p.A. currently owns 74.4% of Natuzzi Singapore,
whereas the other minority shareholder, Mr. Richard Tan, owns 5.6%
of the share capital. In addition, Natuzzi S.p.A. maintains the
majority of the board of Natuzzi Singapore.
The partnership in Natuzzi Singapore will aim at fostering the
commercial development both in the branded retail and in the
contract business, as well as strengthening its industrial
platform.
Mr. Mai Huu Tin, Executive Chairman of TTF, commented: “Natuzzi
S.p.A. is a partner with whom TTF has already started a very
important journey in the production of upholstery. We are convinced
now more than ever that there is enormous potential in joining
forces to further develop our industrial presence in the region
but, above all, the retail-branded commercial operations.”
Antonio Achille, CEO of the Natuzzi Group, commented: “I confirm
my satisfaction for the joining of Mr. Mai Huu Tin, Executive
Chairman of TTF, in this long-term project which has been started
by our Chairman and Founder Pasquale Natuzzi. Mr. Tin and I are
aligned in sharing the vision and the potential of the Natuzzi
products in the Rest-of-APAC. With this joint venture we have
reinforced our presence in the region to develop the distribution
of the Natuzzi brands and exploit the potential in the contract
segment, a very interesting opportunity in the Region. The JV will
also explore alternative solutions to increase our production
capabilities in Vietnam, so to become the Group’s industrial hub
covering the unbranded part of the business of our North American
operations going forward.”
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About Natuzzi S.p.A.
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. (“Natuzzi”
and, together with its subsidiaries, the “Group”) is one of the
most renowned brands in the production and distribution of design
and luxury furniture. With a global retail network of 651
mono-brand stores and 563 galleries as of December 31, 2021,
Natuzzi distributes its collections worldwide. Natuzzi products
embed the finest spirit of Italian design and the unique
craftmanship details of the “Made in Italy”, where a predominant
part of its production takes place. Natuzzi has been listed on the
New York Stock Exchange since May 13, 1993. Always committed to
social responsibility and environmental sustainability, Natuzzi
S.p.A. is ISO 9001 and 14001 certified (Quality and Environment),
ISO 45001 certified (Safety on the Workplace) and FSC® certified
(Forest Stewardship Council).
To learn more about Natuzzi, please visit
https://www.natuzzigroup.com/en-EN/ir/presentation.html
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version on businesswire.com: https://www.businesswire.com/news/home/20220511005513/en/
For information: Natuzzi Investor Relations James
Carbonara | tel. +1 (646)-755-7412 | james@haydenir.com Piero
Direnzo | tel. +39 080-8820-812 | pdirenzo@natuzzi.com
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