孟圆,

张驰,

黄生, Sheng

案例企业顾家家居是我国软体家具制造业的头部企业。早在1982年，顾家家居的前身顾家工坊就已成立，以“前店后厂”的形式生产沙发；2000年，顾江生接班推出“顾家品牌”；2006年顾家家居成立。此后的10年间，顾家曾进军建材市场，但投资的失败使顾江生坚定信念：顾家未来只要做好家具这一件事情。顾江生提出“大家居战略”并树立了百亿目标。2016年，顾家家居在上海证券交易所上市。2017年，顾家将战略从“专注家居”调整为“专注软体家居的实业发展与战略投资双轮驱动”，而同年，顾家在资本市场上唯一的大动作就是以自有资金5亿元间接持有恒大地产0.16%的股权，并建立了战略合作伙伴关系。随后的2018年开始，顾家在资本市场收购动作频频：纳图兹（Natuzzi）、班尔奇、居然之家、罗福宾士（Rolf Benz）、Nick Scali、玺堡家居、卡文家居、喜临门……本案例对顾家家居及以上收购的基本信息进行了介绍。学员可以据案例材料分析为何顾家家居转变发展战略？为何从2018年开始密集开展并购活动？为什么选择这几家企业开展并购活动？顾家的并购活动达到目的了吗？这种增长方式未来是否可持续？本案例分析亦对中端品牌发展路径的设计有借鉴价值。KUKA HOME Furniture Co. Ltd. (&quot;KUKA&quot;) led China’s upholstered furniture manufacturing market. As early as 1982, KUKA Workshop, KUKA’s predecessor, produced sofas in its own factory and market in a direct-selling model. In 2000, Gu Jiangsheng took on the baton and launched the KUKA brand, and in 2006 KUKA HOME was established. In the following ten years, KUKA entered the construction materials market, but a subsequent failure made Gu confirm that KUKA HOME should concentrate wholly on furniture. Gu put forward the &quot;Big Furnishing Strategy&quot; and set a ten billion revenue goal. In 2016, KUKA HOME listed on the Shanghai Stock Exchange, and in 2017 it adjusted strategy from &quot;focusing on home furnishings&quot; to &quot;focusing on the manufacturing and strategic investment in upholstered furniture&quot;. In the same year, KUKA HOME&apos;s only major move on the capital market was investing ￥500 million of its own funds into indirect holding of 0.1602% of equity in Evergrande Real Estate Group Ltd. and they established a strategic partnership. Since 2018, KUKA HOME has made massive acquisitions on the capital market: Natuzzi, Ban Erqi, EASYHOME, Rolf Benz, Nick Scali, Xibao Home Furnishing, Kawen Home Furnishing, Xilinmen Furniture. This case sketches KUKA HOME&apos;s profile and the above referred acquisitions it has made. Based on the case materials, students can analyze the reasons behind KUKA HOME&apos;s swerve in developmental strategy, reasons for launching intensive M&amp;A activities in 2018, whether these M&amp;As contributed to fulfilling goals, and whether such a growth model could be sustainable in the future. This case also provides a reference on strategic layout of development for mid-range brands

Expansion through M&A at KUKA

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China Europe International Business School - CEIBS Institutional Repository

Expansion through M&amp;A at KUKA

Abstract

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China Europe International Business School - CEIBS Institutional Repository

Expansion through M&A at KUKA