Furniture: Conforama Takes 60% Stake In Italian Emmezeta Group - PPR

Conforama, the home furnishings subsidiary of the Pinault-Printemps-Redoute (PPR) group, has announced that it has taken a 60% stake in its Italian competitor Emmezeta, and believes it has thus become the world number two in the furniture sector. Conforama aims to take full control of Emmezeta by 2003, according to Serge Weinberg, Chairman of the PPR Board. By signing a purchase option for the Emmezeta group, Conforama has secured a major position in Italy, Europe's second market for furniture, worth Euro 11.6 billion, compared to a French market worth 8.7 billion. Emmezeta will keep its name, which enjoys wide customer recognition, and will continue its on-going sponsorship of the Venice football team. A family business created in 1970, Emmezeta has 14 shops in Italy and one in the Croatian capital Zagreb. It plans to open a further nine outlets by 2003 with turnover anticipated to rise by this date to FF6 billion.

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