From Home Furnishing Business
Natuzzi and Kuka Close on Joint Venture
Leather upholstery producers Natuzzi (NYSE: NTZ) and Kuka have announced the closing of their joint venture to expand Natuzzi’s retail network in China.
As a result of the closing, Natuzzi’s, wholly-owned Chinese subsidiary Natuzzi Trading Co., Ltd. has become a joint venture in which each Natuzzi and Kuka now owns 49 percent and 51 percent stake, respectively. Kuka invested 65 million euros (about $78 million) to acquire its stake in the new entity.
The partnership is aimed at expanding Natuzzi’s retail network in China, Hong Kong and Macao. The Natuzzi Trading Co. will distribute Natuzzi Italia and Natuzzi Edition branded products through a network of single-brand directly operated stores and franchised operated stores, as well as through online stores.