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Italian premium leather furniture manufacturer, Natuzzi, officially signed the joint venture agreement with Kuka on March 22.
The joint venture agreement is aimed at expanding the Natuzzi’s retail network in Mainland China, Hong Kong and Macau. As previously reported by ILM, Natuzzi and Kuka will own a 49% and a 51% stake, respectively, in the joint venture, which will see the distribution of Natuzzi Italia and Natuzzi Editions branded products through a network of single-brand directly operated stores and franchised operated stores in the Chinese territory, as well as through online stores. Under the agreement, the wholly-owned Chinese subsidiary, Natuzzi Trading (Shanghai) becomes a joint venture.
Jason Furniture (Kuka) is one of the largest upholstery furniture manufacturers and retailers in China, with three major manufacturing bases in the country and more than 3,000 mono-brand stores in China and overseas.