The furniture retailer XXXLutz, based in Wels, is continuing its expansion course: As announced today, Monday, XXXLutz has bought the Swiss furniture chain Lipo from the South African Steinhoff Group. The furniture discount store has 23 furniture stores.
Lipo specializes in affordable furniture, interior design and housewares. The name remains even after the takeover. Nothing was announced about the purchase price. The purchase is subject to the approval of the antitrust authorities.
Lipo is not unknown in Austria. Like Kika / Leiner in the past, the furniture discounter also belonged to Steinhoff. In 2017, Steinhoff wanted to enter the discount business with Lipo in this country as well and compete with XXXLutz with its Mömax and Möbelix lines. In the end, there were only two locations, just a year later Kika / Leiner was under so much financial pressure that both lipo stores closed again. Shortly afterwards, Kika and Leiner went to Rene Benko’s Signa Holding.
As a result of the acquisition, the XXXLutz Group is now represented with over 370 furniture stores in 13 countries and employs more than 25,700 people. With an annual turnover of 5.34 billion euros, the company from Wels is one of the three largest furniture dealers in the world.
Source: Nachrichten
