Integrated retailer Steinhoff International has announced its intention to purchase a 50% equity share in Cofel, the French subsidiary of European bedding group, Grupo Pikolin.
This alliance enables Grupo Pikolin to strengthen its international presence and expand into new markets. It also brings valuable experience and know-how to the Steinhoff group, whilst strengthening its bedding product range in Europe.
Subject to approval by the relevant authorities, the project was presented to the Cofel’s Central Works Council, and will have no impact on existing structures, ensuring a fully managerial independence to Cofel.
José Antonio Gonzalez, CEO of Grupo Pikolin stated: “This strategic alliance represents an incredible opportunity to expand and capture new markets.” Danie van der Merwe, COO of Steinhoff International added: “The bedding product category has been a key focus for the Steinhoff group and Grupo Pikolin has been a trusted partner to Steinhoff for many years. Their knowledge of the bedding market and high profile brand portfolio will further support and benefit the group’s development in the bedding market.”
Speaking to Cabinet Maker today, Richard Naylor, marketing, design and development director at Steinhoff UK commented: “The alliance is attractive for both parties, and will help us to strengthen our manufacturing base in Europe. We’re pleased o be working with such a successful company.”