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Credit: XXXLutz

XXXLutz buys discount furniture chain Lipo from Steinhoff

The Austrian furniture group XXXLutz continues its European shopping spree Europe and takes over the Swiss discount furniture chain Lipo with more than 600 employees from its competitor Steinhoff. The acquisition includes all of the chain’s 23 furniture stores in Switzerland. Lutz announced on Monday that it had agreed not to disclose the sales price. The deal is subject to approval by the relevant antitrust authorities.

The furniture discounter Lipo belonged to Steinhoff, as did Kika/Leiner in the past. In 2017, Steinhoff wanted to enter the Austrian discount business with Lipo and thus compete with XXXLutz with its Mömax and Möbelix lines. Ultimately, only two locations remained; just one year later, Kika/Leiner was under so much financial pressure that both Lipo stores closed again. Shortly afterwards, Kika and Leiner were taken over by René Benko’s Signa Holding.

XXXLutz represented in 13 countries

As a result of this acquisition, the XXXLutz Group is now represented in 13 countries, with over 370 furniture stores and more than 25,700 employees. The Austrian company is one of the three biggest furniture retailers in the world, with an annual turnover of 5.34 billion euros.