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| Italy's Natuzzi to expand in India furniture market |
| Press Trust of India / New Delhi Mar 11, 2011, 15:48 IST |
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The only global furniture company to list on Wall Street, Italy-based Natuzzi Group plans to expand its India business in a big way by opening 14 outlets by the end of the 2011 calender year.
The company, which entered the country with two outlets at Bangalore and Delhi 6 months back, plans to open 12 more sales points in major cities like Gurgaon, Kolkata, Hyderabad and Mumbai, besides Delhi and Bangalore, by the end of the 2011 calender year, Natuzzi Group Global CEO and Chairman Pasquale Natuzzi told PTI today.
The 50-year-old company has three quality furniture brands -- Natuzzi, Italsofa and Editions.
Giving details of its network, he said it has 640 Natuzzi sale points worldwide, including 293 Natuzzi stores and 347 Natuzzi Galleries, in most important international cities, including Athens, Rome, Milan, London, Paris, Madrid, New York, Melbourne, Sidney and Shanghai.
Asked about the focus on India, Pasquale Natuzzi said his company sees the country as strategic market as it is witnessing a real estate boom, which has created huge demand for the company's quality furniture.
Natuzzi Group's India Country Manager, Nitin Bahl, said the country would expand its network in India in phases.
Asked about the prospects for the company in view of competition from local furniture manufacturers and others, Bahl said, "Since our products are of superior quality and available at reasonable prices ranging from Rs 3.5-10 lakh for five seats of sofa of Natuzzi brand and Rs 1.5-3 lakh for five seats of Italsofa, we are sure to capture large market here."
"Besides, we give 10 years' warranty on frames and two years guarantee on covers," Bahl said.
The group CEO said that once demand for Natuzzi's products exceeds $20 million in India, the company will open a manufacturing centre for Italsofa and Editions, manned by engineers from Italy, in the country.
At present, the Natuzzi products are shipped from Italy, whereas products under the other two brands -- Italsofa and Editions -- are sourced to India from China.
He clarified that the furniture manufactured in China is also overseen by Italian technicians.
Natuzzi is the largest Italian furniture company, with a 2008 turnover of $666 million, and is a world leader in leather upholstery, with an 8% market share.
In 1993, Natuzzi Group became the only foreign furniture company to list on Wall Street.
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