From Home Furnishing Business
Nova LifeStyle Completes Factory Sale to Kuka Design
Nova LifeStyle (NVFY), parent company of Diamond Sofa and several other lifestyle brands, said it has completed the previously-announced sale of its manufacturing operations in China to Kuka Design Ltd.
Nova LifeStyle officials said the $8.5 million deal will allow the company to switch to “light asset” business model and allow it to focus on product design, brand-building, marketing and distribution.
“We are now looking forward to focusing our entire attention on designing, branding, marketing and distribution of furnishing products in North America, and developing the Company’s fast growing e-commerce segment,” said Tawny Lam, president and interim CEO.
Nova's products include brands such as Diamond Sofa, Colorful World, Giorgio Mobili, Nova QwiK and Bright Swallow International.