With this transaction, IDB continues to complete its coverage of Furniture positioning segments within its target market, namely the “Core High-End Design Furnishing market”. The Group will also complement Turri’s strong know-how in creating totally custom furniture products, primarily intended for prestigious luxury residential projects around the world.
Andrea Sasso, Chairman & CEO of IDB, states, “We are thrilled to welcome to our Group a historic brand like Turri, which has constantly evolved over the years while remaining faithful to the craftsmanship and tradition that have always distinguished it. This new partnership, the first one post-listing and post entry in IDB’s capital of Tamburi Investment Partners S.p.A., will strategically allow us to consolidate our presence in markets such as the Middle East and Africa, where Turri has an important and prestigious customer base and, at the same time, will allow the brand to benefit from our distribution network to further strengthen itself in Europe, currently the first market for our Group.”
Andrea Turri, CEO of Turri, says: “The agreement signed with IDB allows us to look to the future with greater momentum, strengthened by the support of a listed Group that will provide us with new resources, know-how and long-term strategic vision. With this agreement, faithful to Turri’s corporate mission and with the same attitude that has made it possible for us to achieve a prominent position in the luxury market, we intend to guide the company toward continued brand growth, turning our gaze in particular to areas that today offer enormous potential, such as the world of contract and retail in the European and American markets. I am thrilled to have found in IDB a partner who shares our values and mission and with whom I am sure we will be able to be strengthen our position in new markets, enhancing even more the craftsmanship and excellence that have always distinguished our products.“
