LOS ANGELES - Nova LifeStyle, Inc. says its Italian designed and manufactured furnishing lines were used to in staging a real estate development in Chong Qing, China. Its furniture outfitted the model home at the evelopment, which is built in an Italian style.
Based in Commerce, CA, publicly traded Nova LifeStyle manufactures some home furnishings in the U.S., such as mattresses, which it is selling through franchised outlets in China. Formerly known as Sevens Industries, it was renamed in 2011.
Reporting net earnings of $3.6 million on $46 million in sales in its most recent nine-month SEC filing (for the period ending Sept. 30, 2012), Nova Lifestyle built a furniture factory in Dong Guan, China for IKEA, totalling 161,460-square-foot, adjacent to its own existing furniture production facility. At the time it was announced, Nova LifeStyle said the factory would generate between $20 million and $25 million in new sales in 2013. The total construction cost is $6.16 million; Nova LifeStyle projected $3.84 million remained to complete the construction as of Sept. 30, 2012.
"Nova Lifestyle will remain focused on other 'Made in the USA' products we can sell in China where the possibilities really are unlimited and we have a jump on competition with our own growing distribution network in place," said chairman Jeffrey Wong.
In its latest CHing Qing venture, Nova LifeStyle, Inc. says it plans to assisting clients with the creation of an integrated home furnishing solution.
The Company expects the value potential for this market to grow dramatically over the next few years as its brands continue to gain global recognition for their innovative contemporary design as well as extraordinary value and durability characteristics.
Have something to say? Share your thoughts with us in the comments below.