The group Italian Design Brands expands, adding a new name to its already extensive portfolio of furniture and lighting firms. The new entry is Turri, a historic specialist in premium furnishings, becoming the 11th controlled affiliate of the group founded in 2015.
IDB has reached an agreement to acquire 51% of Turri, to be implemented by the end of 2023. Andrea Turri, the second generation at the helm of the company, will be the minority partner while remaining in charge of the firm as its CEO.
With the full-year consolidated sales of Turri (28.1 million euros in 2022), IDB surpasses the level of 300 million euros of turnover. Through this operation – carried out by IDB with its own resources, for about 5 million euros – the group strengthens its position in the “Core High-End Design Furnishings” market.
“This new partnership, the first post-quotation and post-entry in the capitalization of IDB by Tamburi Investment Partners S.p.A., will allow us to strategically consolidate our presence in markets like the Middle East and Africa, where Turri has an important and prestigious client base. At the same time, it will permit the brand to benefit from our distribution network, making further gains in Europe, currently the primary market for our group,” says Andrea Sasso, Chairman and CEO of IDB.
Turri and its design stand out for exceptional know-how in the creation of totally customized furniture, mostly produced for luxurious residences all over the world, based on experience accumulated since 1925 – when Pietro Turri founded the company from a simple crafts workshop in Carugo, in the province of Como. When Pietro’s son Andrea Turri entered the management, he moved towards internationalization and expansion of the range of products, combining classic styling with more modern but equally refined lines.
“The pact with IDB allows us to look at the future with greater optimism, relying on the support of a listed group that can bring new resources, know-how and long-term strategic vision – says Andrea Turri. – With this agreement, keeping faith with Turri’s corporate mission, and with the same attitude that has enabled us to gain an outstanding position on the luxury market, we intend to guide the company towards continuous growth of the brand.”
