Natuzzi and Vietnamese Truong Thanh Furniture Corporation (TTF) plan to cooperate in the APAC region. A non-binding agreement to this effect was recently signed. It does not include Greater China. Within the scope of the agreement, TFF plans to acquire a stake of up to 20% in Natuzzi Singapore. The Natuzzi sales company was founded in April 2020 and is expected to commence operations this year. Currently, Natuzzi holds 93% of the company’s shares; the remaining 7% are owned by Richard Tan.
Tan has managed Natuzzi’s activities in Asia since the company was founded in 2001. Natuzzi Singapore is focused on sales of furniture and upholstered furniture products in this region. The company was founded within the scope of a restructuring concerning sales activities in Asia, which became necessary following the mid-2018 conversion of the Chinese subsidiary Natuzzi Trading Shanghai Co. Ltd. into a joint venture with Kuka Furniture. TTF specialises in the production and sale of furniture. Should the companies involved fail to reach an agreement by 31 May, the provisional agreement will cease to be valid.