SANTERAMO IN COLLE, Bari, Italy, May well 11, 2022–(Business enterprise WIRE)–Natuzzi S.p.A. (NYSE:NTZ) is a single of the most renowned manufacturers in the output and distribution of structure and luxurious household furniture, which is existing globally in 110 markets with an prolonged retail distribution designed of 651 monobrand merchants in addition to extra than 500 Natuzzi galleries. Asia Location is a single of the most attractive chances for the long term development of Natuzzi.
In China, Natuzzi has been currently carrying on a profitable tactic to produce its organization by way of a partnership signed in 2018 with Kuka, a main shown Team in the furniture sector, in which Natuzzi retains a 49% stake. For the duration of 2021, the Chinese partnership shut the calendar year with significant development: revenues of €96.3 million, + 55.2% vs 2020. It now operates 340 mono brand retailers of which 84 ended up added in 2021.
In the rest of APAC, Natuzzi S.p.A. distributes its products and solutions in 10 international locations, that contain South Korea, Australia, Japan, Taiwan, Thailand, Indonesia and Singapore, via 25 monobrand outlets.
To accelerate the professional growth in the Relaxation of APAC area, Natuzzi S.p.A. signed a partnership with Truong Thanh Furnishings Corporation (“TTF”), a major mentioned company in the furniture sector, located in Vietnam. TTF is previously an lively spouse of Natuzzi to develop upholstery in Vietnam for the North American market place. TTF in addition performs a important job in the creation of furniture for primary home furnishings names in the United states. Subsequent the finalization of this partnership, TTF obtained a 20% stake in Natuzzi Singapore PTE. LTD (“Natuzzi Singapore”), a controlled subsidiary of Natuzzi S.p.A., for a total funds thought of $5.4 million previously paid in favor of Natuzzi Singapore. As a result, Natuzzi S.p.A. at this time owns 74.4% of Natuzzi Singapore, whereas the other minority shareholder, Mr. Richard Tan, owns 5.6% of the share cash. In addition, Natuzzi S.p.A. maintains the vast majority of the board of Natuzzi Singapore.
The partnership in Natuzzi Singapore will goal at fostering the industrial enhancement equally in the branded retail and in the agreement small business, as properly as strengthening its industrial system.
Mr. Mai Huu Tin, Government Chairman of TTF, commented: “Natuzzi S.p.A. is a partner with whom TTF has by now commenced a very crucial journey in the output of upholstery. We are certain now a lot more than ever that there is great likely in becoming a member of forces to even further acquire our industrial existence in the area but, over all, the retail-branded professional functions.“
Antonio Achille, CEO of the Natuzzi Team, commented: “I ensure my gratification for the joining of Mr. Mai Huu Tin, Government Chairman of TTF, in this lengthy-term undertaking 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 and solutions in the Rest-of-APAC. With this joint undertaking we have bolstered our existence in the location to acquire the distribution of the Natuzzi brands and exploit the probable in the deal segment, a very appealing chance in the Location. The JV will also take a look at alternative remedies to improve our generation capabilities in Vietnam, so to grow to be the Group’s industrial hub masking the unbranded portion of the company of our North American functions likely ahead.“
About Natuzzi S.p.A.
Launched in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. (“Natuzzi” and, jointly with its subsidiaries, the “Team”) is 1 of the most renowned brands in the manufacturing and distribution of layout and luxurious household furniture. With a global retail community of 651 mono-brand name shops and 563 galleries as of December 31, 2021, Natuzzi distributes its collections around the globe. Natuzzi products embed the best spirit of Italian style and the unique craftmanship specifics of the “Made in Italy”, wherever a predominant aspect of its manufacturing takes place. Natuzzi has been outlined on the New York Stock Exchange due to the fact May 13, 1993. Often committed to social duty and environmental sustainability, Natuzzi S.p.A. is ISO 9001 and 14001 certified (Good quality and Setting), ISO 45001 accredited (Safety on the Workplace) and FSC® qualified (Forest Stewardship Council).
To learn more about Natuzzi, remember to visit https://www.natuzzigroup.com/en-EN/ir/presentation.html
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