One of the largest furniture retailers in the world, the Austrian group XXXLutz announced that it was taking over 50% of the shares of the Black Red White Group – a Polish furniture manufacturer. Thus, both companies establish a strategic partnership. The details of the contract are not known and the acquisition is yet to be approved by the relevant competition authorities. The value of the transaction was also not disclosed.
370 furniture stores in 13 countries
The XXXLutz Group, with an annual turnover of 5.34 billion euros, is one of the three largest furniture retailers in the world – it operates over 370 furniture stores in 13 countries. In addition, it already has 24 online stores in the distribution channels XXXLutz, Moebelix and Moemax. The Group has been a trading partner of Polish furniture exporters for many years.
“The goal is a strategic partnership”
Black Red White is the largest Polish furniture group, a manufacturer and distributor of furniture and home furnishings, with approx. 20 percent. share in the Polish furniture market. The BRW Group exports its own products to over 50 countries around the world, has over 700 foreign trade points and over 400 on the Polish market.
After finalising the transaction, the Black Red White Group will continue its activities with the current management, and above all, it will manage furniture manufacturing companies independently and autonomously.
“The XXXLutz Group and the BRW Group have agreed to establish a strategic partnership to be successful together, especially in the Polish furniture retail market. The goal is to operate in the long term with opportunities for international growth,” comments Thomas Saliger, XXXLutz Group spokesman, quoted in the company’s press release.
Black Red White is not the only firm in Poland that has been sold recently. Maybe a new sales season in Poland?
Source: BusinessInsider
