Natuzzi to boost its presence in Greater China - leatherbiz: Leading n Leatherbiz

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Natuzzi to boost its presence in Greater China

23/01/2018
Italy-based furniture group Natuzzi has entered into preliminary agreement to form a joint venture to expand its retail network in Greater China. Its partner in this project is Hangzhou-based upholstery furniture manufacturer Kuka.

Under the terms of the agreement, Natuzzi will hand over exclusive distribution rights for its products to this new entity. For its part, Kuka will invest €65 million to sustain the expansion of the Natuzzi retail network in Greater China. Kuka will own 51% of the joint venture, with Natuzzi owning the remaining 49%. 

Reacting to the announcement, Pasquale Natuzzi, chairman and CEO of Natuzzi, said: “We have known Kuka for many years and have always admired their growth-oriented entrepreneurial spirit and approach. This historic partnership will enable Natuzzi and Kuka to become the leading player in the emerging and growing market for branded luxury home furnishings in Greater China.”

The preliminary agreement is subject to obtaining the applicable authorisations. The partners have said it will be void should they fail to reach a final agreement by March 31, 2018. 

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Natuzzi confirms turnaround with double-digit sales increase 19/05/2015
Natuzzi CEO has faith in turnaround despite sales dip 03/12/2013
Natuzzi cites market pressure for cutting 1,700 staff 03/07/2013
Sales are down for Natuzzi 28/11/2011
Natuzzi teams up with US ballet group 11/10/2011
Natuzzi expands in US 15/07/2011
Natuzzi announces new directors 03/05/2011
Pasquale Natuzzi reveals the secret of his success 01/04/2011
New Natuzzi appointments 02/03/2011

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