Steinhoff expects to grow market share as vertical business model aids progress

5th March | retail | Furniture conglomerate Steinhoff says it expects to up its market share in the UK as rivals flounder in the current downturn. The South African company, which owns large swathes of the UK furniture retail and manufacturing sectors, believes its vertical model means it is well placed to maximise existing operations, while at the same time mopping up empty retail sites as they become available.

Steinhoff’s UK interests include retailers Bensons for Beds, Harveys and Sleepmasters, as well as a number of upholstery and bed manufacturers.

Chief executive Marks Jooste said the UK market is challenging but it expects to grow second half sales and make further inroads into the UK sector by picking up empty sites and the increasing use of its own manufacturers to supply its retail chains.

Suppliers such as Sprung Slumber and Relyon have seen external orders fall but Steinhoff owned retailers are picking up the slack. The firm also owns a foam conversion company and Unitrans, a logistics supplier.

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