Primario operatore del settore della progettazione e realizzazione di

Transcription

Giplast Group
High Level Business Review
09.02.2016
DOCUMENTO RISERVATO E NON RIPRODUCIBILE
Disclaimer
This document and any subsequent information (hereafter referred to as the “Information”) provided to the recipient, contains
proprietary, non-public Information regarding the operations and activities of Giplast Group S.p.A., its subsidiaries, its affiliated and
associated companies, collectively or individually referred to as the "Company", is provided on a confidential basis.
The Information has been obtained from the Company and other sources and has been prepared for the purpose of providing
interested parties with general information to assist them in their evaluation of the Company. No representation or warranty,
expressed or implied, is made as to the accuracy or completeness of such Information or any other written or oral communication
transmitted or made available to the recipient. Nothing contained in the Information is, or shall be, relied upon as a promise or
representation, whether as to the past or future performance of the Company. Any estimates or projections contained herein have
been prepared by, and are based on, information currently available to the Company and involve significant subjective judgments
and analysis and accordingly no representation is made as to their attainability.
Only those representations and warranties made in a definitive, written agreement, and subject to such limitations and restrictions
as may be specified therein, shall have any legal effect. Recipients of the Information are bound by any previously executed
Confidentiality and Non-Disclosure Agreement and agree that all of the Information is of a confidential nature, that they will treat in
a confidential manner, that they will not, directly or indirectly, disclose or permit their employees, agents, representatives or
affiliates to disclose any of such Information and that they will use the Information and any related Information only to evaluate
Company and for no other purpose. If either the recipient or the Company elects not to pursue this matter, the recipient shall return
or destroy this and any other copies of this Information and any other material relating to the Company that the recipient may
have received, obtained or prepared, without retaining any copies thereof and will issue a written certificate to Giplast Group
confirming compliance.
Also, Giplast Group reserves the right not to accept any proposal and to terminate, at any time, further participation in the
investigation and proposal process of any party and to modify data, documentation and other procedures without assigning any
reason therefore.
STUDIO VIENNA
Glossary
ABS
ABS (Acrylonitrile-Butadiene-Styrene) is an opaque
thermoplastic polymer material made from the monomers
Acrylonitrile, 1,3-Butadiene and Styrene. Strong and durable
even at low temperatures, it offers good resistance to heat
and chemicals and is easy to process.
B
Billion
ca.
circa
EU
European Union
EMU
European Monetary Union
e.g.
Example given
hc
Headcount
K
Thousands
M
Million
n.a.
Not applicable/available
PF
Pro forma
3
PMMA
Polipropilene Alternative Material
PVC
Polyvinyl chloride,, commonly abbreviated PVC, is the thirdmost widely produced synthetic plastic polymer, after
polyethylene and polypropylene.
PVC comes in two basic forms: rigid and flexible. The rigid form
of PVC is used in construction for pipe and profile applications
such as doors and windows.
Sales
Also Revenues
YoY
Year on Year
YTD
Year to Date
STUDIO VIENNA
Scope of Work and Sources
The purpose of this document is to
provide a high level company profile,
market description and business analysis
of Giplast SpA.
Our work commenced on the 9.01.2016. We have
been provided access to the management of Giplast.
Our interaction with the management involved several
phone calls with the CEO, Mr. Marozzi, the CFO, Mr.
Bruno Sabattini, and Commercial Director, Mr. Patrizio
Marozzi. The main source of our information are the
management accounts of the company supported by
qualitative information gathered during phone calls and
on site meetings.
The edge band market is part of the much bigger
furniture
components’
sector
and
extremely
specialized. No specific market studies are available
and we based our findings mostly on customers and
industry experts interviews
Our findings are based on selected public
information & reports, the Company’s
Business Plan and market interviews:
Market Interviews:
Ernst&Young Business Analysis July 2013
Mr. P , Client 1
Accuracy Report
Mr. D, Client 2
Italian Furniture Market Forecast Report
2016/1028, CSIL
Mr. Z, Client 3
www.fedelegnoarredo.it
Mr. M, Client 5
Ms. F , Client 4
www.repubblica.it
4
STUDIO VIENNA
Table of Content

Company Profile

Product Portfolio

Strengths, Weaknesses, Opportunities & Threats

Executive Summary

Market Overview

Italian Furniture Market Trends

Italian Furniture Export Market

European Edgeband Market

Italian Edgeband Market

Italian Edgeband Market – Key Players
Company Overview


Manufacturing Footprint

Customer Concentration

Top Ten Clients
Customer Interviews

5
STUDIO VIENNA
Company Profile
6

Founded in 1977 and headquartered in Giulianova (centre of Italy, about 100 km
south of Ancona), Giplast Group or Giplast is a private Italian company that offers
a complete range of edge banding solutions for the furniture industry

Giplast’s product range is developed and manufactured by the company and can
be grouped into PVC, ABS and specialized products. Until 2000, the Company
concentrated on its PVC core products. Gradually, the product mix shifted to
ABS material (now 95% total revenues), driven by its superior resistance and
processing ease

Since the acquisition of a key competitor, Flexi-Board in 2013, the company more
than doubled its revenues and it became the leading player in the Italian market

The acquisition of Flexi-Board was financed by the private equity fund Vertis,
which owns ca. 11% of the Company, with the rest controlled by the Marozzi
family

Flexi-Board has been restructured since and its only plant recently shut-down,
with production being transferred to Giplast plant in Giulianova. Giplast has 188
employees in Italy (175 hc) and Romania (13 hc).

Giplast operates in a small niche market estimated at approximately €65M€100M in Italy and ca. €800M in Europe. The edge banding industry is driven by
the Italian furniture industry which experienced a sharp downturn in the 20082013 period.

In 2015PF, the company recorded revenues of €30.0M with a EBITDA margin of
10,7%, making Giplast the largest edge band manufacturer in Italy

The company caters to over 700 customers, of which the first two – IKEA and
Media Profili - make ca. 25% of sales. Direct exports represent ca. 50% of
revenues; however, this percentage is likely much higher as some of Giplast’s
large customers use the Company’s edge bands in furniture sold abroad
STUDIO VIENNA
Product Portfolio
The company’s product mix is concentrated on ABS products generating 95% of revenue. The remaining 5% of products are
composed of the low-end PVC category and other products with marginal impact on the overall output such as dust seal profiles in
soft and rigid PVC. The new PMMA material is in the development phase.
PVC
PVC
Products
T-Profile Soft PVC
Flat Edge PVC
Key Feature
Manual assembly; low
end product category;
phasing out
ABS
ABS
PMMA
Flat Edge ABS Special
Flat Edge ABS HT
Deep Edge 3D
0,3-5mm thickness;
0,3-5mm thickness; low covers product
end product category; offerings from low to
high end
0,3-5mm thickness;
covers product
offerings from low to
high end
Polipropilene
Laser/Hot air
alternative material,
technology; innovative
lower price point,
high end/ high
new product
technology product
introduction
Overview
Giplast's core product
until 2000. Replaced by
more recent
technologically improved
and environmentally
friendlier products.
Available in 200 shapes
and 300 solid
colors/wood colors
Decreasing PVC
business; Available in
many colors and
finishing variations
Core business;
available in many
colors and finishing
variations
Core business; extra
glossy finishing
variants
Innovative product,
one of 3 producers
worldwide
Clients
Developing markets
where cost savings are
key
Developing markets
where cost savings are
key
Furniture producers Furniture producers
Furniture producers
Interested potential
and resellers in Europe and resellers in Europe and resellers in Europe customers: IKEA &
and US
and US
and US
Media Profili
7
ABS
Flat Edge ABS
Standard
Strategic product
that relies on nonABS raw material
STUDIO VIENNA
Strenghts, Weaknesses, Opportunities & Threats
Reputation
Client interviews revealed a well regarded company
that provides well priced, good quality products with
accessible and dynamic management.
Dependence on raw material supplier
Key raw materials supplier ‘Versalis’ limits
negotiation power and potential benefits
resulting from price swings
Management Risk
The maximization of synergies resulting from
the merger of Giplast and Flexiboard,
including the reduction of fixed costs, is
highly
dependent
on
management
effectiveness.
Furniture Market trend is positive
The edgeband niche generally follows the
furniture market trend, which has recovered
from a severe crisis and has now plateaued.
In addition, there is an increasing need for
edgebands as the lower end flat-pack
furniture market expands including an
always larger variety of furniture types.
Innovation
Customer interviews revealed that there is
room for improvement regarding more
innovative and high end products.
ABS product concentration
The company’s product mix is concentrated on
the more profitable ABS segment.
Lack of market transparency
The high fragmentation of this components’
market does not allow for a clear analysis
and measurement of trends or product use.
Sources for growth
Growth is predicated on a further push into
foreign markets and an increase in exports.
The company’s current financial profile does
not allow for the required investments.
Barriers to entry
Giplast operates in a small niche market with
a loyal customer base. For manufacturers a
change in providers implies time consuming
fine tuning of colour and material choices
and quality risks. The need for flexibility and
speed keep Asian competitors away.
Vulnerability to economic trends
The furniture market is based on
discretionary spending and is sensitive to
GDP variations
8
Low EBITDA margin
A first margin of 40% with 10% EBITDA
reflects high fixed costs. Improvements are
required.
Edgeband Market leader
Following the consolidation of the market over
the past years, which included the acquisition
of Flexi-Board, the company has positioned
itself as the market leader in Italy.
Flexibility to reach wide customer base
The company is large enough to reach
companies such as IKEA but retains the
flexibility to reach the small companies typical
of the furniture industry
Integration completed
Integration of Flexiboard seems to have
been completed successfully without
the loss of any major customers.
Large customers dependence
The combined customer base of the Flexi-Board/Giplast have
made Giplast more vulnerable to price pressure. The loss of
any large clients would mean a significant revenue decrease.
STUDIO VIENNA
Executive Summary
 The edgeband niche market is a small component of the overall furniture market that provides an indispensable product
to furniture makers. In particular, the lower-end or flat-pack furniture segment requires edgebands for virtually all their
product offerings
 Edgebands represent approximately 1% of a furniture’s total production cost
 There are few, well established players in the market that provide their products to the larger furniture manufacturers
(nine players in total in Europe, with Giplast in sixth position) and an unknown amount of small producers that engage
with equally small furniture makers. Giplast is able to engage with large and small customers through a dynamic and
flexible management approach
 Market penetration for new entrants is challenging since customers rely on relationships built over time that have proven
records of good product performance and the ability to deliver products, product changes and last minute adjustments
quickly
 The replacement of edgebands through new technologies is not expected by players in the industry in the near/medium
term
 Giplast is a well regarded company in the edgeband market. Customers value the Company for its delivery speed, good
quality and a price point that is aligned with market expectations
 Customers position Giplast’s products in the medium quality range, highlighting that there is margin for improvement in
their product range of high-end or innovative products.
 The Company’s growth potential is dependent on expansion into new markets or the development of new
products/technologies. Both strategies require significant capital investments.
9
STUDIO VIENNA
The Italian Furniture Market
 In the past, the Italian furniture market was characterized by small, artisan companies predominantly working with
wooden furniture, which over the years created the basis for the reputation of the ‘made in Italy’ design. During the past
decades, this market has been revolutionized and transformed into an extremely varied and multi faceted industry that
shifted away from wooden furniture to processed wood components aiming to expand the ‘made in Italy’ brand
internationally
 Today, mostly small and medium entities function as subcontractors for larger companies that produce components and
partly finished goods, which will be finalized and assembled by the company itself or a third party
 Despite the presence of large, multinational furniture producers, ‘micro’ companies remain a dominant presence in the
furniture market and continue to distinguish themselves for high production level levels, quality and design.
 The fragmentation of the Italian furniture market is illustrated by estimates that show more than 33,000 furniture
producers (artisan and industrial) of which 86% have less than 10 employees. In a screening of the industry, 580
players resulted to have revenues >€5M and a proven record of 5 year financial history.
 These small companies rely on small and flexible suppliers to provide them with the necessary components for the
product they produce.
10
STUDIO VIENNA
The Italian Furniture Market Trends
 During the years 2007 - 2013, influenced by the global economic crisis, the Italian furniture production decreased by over 20%.
 In 2013 a loss of 67.653 jobs had been registered (-4,3% vs 2012), the closure of 14.676 companies (-6,7% vs 2012) and a
decrease of 5,8% in imports.
 2015 signalled an end to the falling consumption of furniture in Italy. The overall signs of improvement of the Italian economy
during 2015 generated an increase in domestic demand and is expected to drive production from €14,9B in 2014 by 8% (total of
all furniture segments at constant prices).
 Furniture exports started regaining momentum in 2014 thanks to EU and especially non EU demand.
Italy Macro-economic profile, 2014-2018. (% variation)
4,0
3,0
2,0
1,0
0,0
-1,0
11
2014
2015
2016
2017
2018
Forecast Italian furniture sector, 2012-2018. (annual variation)
Gross GDP EU (28
countries)
Gross GDP EMU
(19 countries)
Gross GDP Italy
15%
General industrial
production index
-5%
Production
10%
5%
Domestic
Consumption
0%
2012 2013 2014 2015 2016 2017 2018
Exports
-10%
-15%
Imports
-20%
STUDIO VIENNA
The Italian Furniture Export Market
 During the first months of 2015, exports continued to represent the key
growth driver of the Italian furniture market.
 A growth rate of 4.7% is expected in 2015 based a weaker EUR and constant
external demand.
 The presence of Italian furniture in many countries around the world makes
the overall industry less vulnerable to singular market swings
 The first three Italian furniture destination countries are expected to remain
France, Germany and Italy, while the USA, China and Saudi Arabia present
double digit growth rates.
Giplast Revenues 30.09.2015*
01%
28%
Italy
Europe (excl. Italy)
Other countries
70%
Furniture Exports by Destination Country,
2014-2015.
% share
2014
Variation
14/13
Variation
14/15
(Jan-Jul)
France
15,1%
0,8%
1,8%
Germany
11,0%
0,0%
4,1%
Great Britain
9,3%
11
17,6%
USA
7,9%
15,0%
26,0%
Russia
7,4%
-8,7%
-25,2%
Switzerland
5,3%
-2,2%
2,9%
Spain
2,9%
13,8%
20,4%
Belgium
2,5%
-0,9%
-1,7%
China
2,5%
28,2%
18,5%
Saudi Arabia
2,0%
16,0%
45,8%
EU28
53,1%
3,3%
6,6%
Extra EU28
46,9%
3,2%
5,4%
100,0%
3,2%
6,1%
WW
*Revenues include Giplast and Flexi-Board
12
STUDIO VIENNA
The European Edgeband Market
 In 2014 the European edgeband market was estimated at €770M. It is dominated by two large multinational companies that
retain 65% of the market.
 Giplast positions itselt 6th in the overall European Market and is the market leader in Italy.
 Vertical integration characterizes the market. Eg: Rehau, Surteco, Romaplastik as part of the Swiss Egger Group, Sitech as
part of Mauro Saviola Group (this Italian group integrates several national and international companies focused on wood,
chemical and furniture).
 Smaller companies distinguish themselves through their flexibility to adjust to a customers specific needs
2014 Estimated European Market
€770M
.
Sitech; 2% .
.
Giplast; 4%
Plastivar;
1%
MKT;
9%
BVR; 1%
Surteco, also a German multinational, that divides its total revenues of
€400M into Edgebands 30%, Foils 21%, Decorative Printing 13%,
Release Papers 17%, Skirtings 5%, Technical Extrusions 3%, Other 5%
Romaplastik is a Turkish company with revenues of €50M and 400
Rehau; 35%
Probos;
10%
Roma
Plastik; 9%
Surteco;
30%
Italian Companies
13
.
Rehau Group is a large German multinational that generates €2.8B in
revenue with 20,000 employees across the globe producing windows &
doors; building technology; automotive (60% of revenue); furniture
solutions; hoses, profiles and seals;
employees. It manufactures ABS, PVC, PMMA, melamine, and aluminum
edging products.
Probos Plasticos, a Portuguese company produces, supplies, and exports
protective, functional, and decorative thermoplastic edgings for the
furniture industry. The company was recently sold to private equity firms:
Portuguese fund Explorer and Spanish fund N+.1
MKT a German, medium-sized company, active on an international level,
produces thermoplastic edge bandings for the furniture industry and is the
number three in the German market.
STUDIO VIENNA
The Italian Edgeband Market
 In 2014 the Italian edgeband market was estimated at €65M-€100M where Giplast is the market leader followed by
Sitech.
 Approximately 50% of the overall furniture market is composed of furniture that requires edgebands (ranging from 90%
for kitchen and bathroom furniture to close to 0% for upholstered or garden furniture).
 Giplast’s clients can be found in all product segments except upholstered furniture and office furniture, thus tapping into a
segment estimated at €7.7B
The Italian Edgeband
market of ca. €65M €100M is divided between
4 major players and an
unknown amount of small
companies
Total Italian furniture
production 2014 Segmented by
product type
€14.9B
Kitchen
Estimated relevant
Italian furniture
market segmented
by product type
Others
€7.7B
Others;
23%
Giplast; 30%
BVR; 11%
Office
Upholstered
Estimated Italian
Edgeband Market
€65M - €100M
Sitech; 25%
Plastivar;
11%
Others: divided between bedroom
furniture (20%);
1
2 dining ad living rooms
3 (16%); outdoor, bedroom and occasional (29%); non upholstered seats (8%),
furniture parts (29%).
14
STUDIO VIENNA
The Italian Edgeband Market – Key Players
In 2012-2013 a few events reshaped the Italian edge banding market giving it its current shape:
 One of the company’s key competitors, Corbetta FIA Srl stopped manufacturing operations in Italy (and sold the remaining
distribution network to the German MKT), leaving market share to be gained by Giplast
 Sitech, the former market leader, went through turbulent times as its holding company, Mauro Saviola Group, underwent a
series of restructuring events
 The acquisition of 100% of Flexi-Board by Giplast Group
The combination of these events propelled Giplast to become the market leader of ABS and PVC edge banding solutions in Italy.
.
ITALIAN COMPETITORS 2014 (€M)
€ 29,0
€ 19,2
Giplast
Sitech
€ 7,7
€ 7,7
Plastivar
BVR
Competition in this niche segment in Italy is intense. As the Italian market continues to contract innovation, scale / efficiency, and
competitive product offerings are key.
There are many other very small producers in the market which in turn supply very small furniture producers which are not
represented in this analysis.
All products have to comply with UNI EN ISO 9001/08 regulations
15
STUDIO VIENNA
Company Overview
Manufacturing Footprint
Giplast’s headquarters are located in Giulianova (TE). The location will continue to absorb Flexi-Board personnel as the
company’s integration proceeds.
Galati (Rumania) Giplast Balkans
(80% Giplast, 20% local partner)
Storage of raw materials, manufacturing of Storage of raw materials, manufacturing of Storage and product distribution &
Activities
all product lines, stockage
all product lines, stockage
sales office in Bucarest
Circa 124 employees of which 22
Circa 51 employees of which 11 specialized,
Workforce
13 employees
specialized, 102 non-specialized
40 non-specialized
Rental property 39.000 m2 of which 14.000 m2 covered
15.000 m2 of which 7.000 m2 covered
Operations
5 days/week; 3 shifts
5 days/week; 3 shifts
Capacity
The combined capacity of both plants is of 50tons/day
Single color ABS products and PVC sheet
Products
Complete product range in ABS and PVC edge bands destined for the eastern
european market
Location
Giulianova (Giplast Group)
Luzzara (Flexi-Board)
At the end of 2015 the total headcount of the group was 188 which, during 2016 with the complete
closure of Luzzare, will decrease to 143.
Total Giplast Group Headcount
300
200
182
187
195
188
181
31/12/2014
30/06/2015
30/09/2015
31/12/2015
31/03/2016
143
100
0
16
31/12/2016
STUDIO VIENNA
Company Overview
Customer concentration
€12,6M
100%
43%
€5,3M
43%
 Ikea
Monguzzi
0%
Total Revenue 1H2015
100%
€7,2M
55%
high
 On average, top 13 clients
represent ca. 57% total revenues
and generate 50% of margins
24%
34%
a
49%
50%
23%
 Media Profili
 The company enjoys
overall margin of 41.7%
26%
32%
% Margin Distribution
Gross Margin/Sales
€2,6M
33%
Users
 Larger clients leverage their scale
and negotiating power to reduce
prices thus increasing pressure on
margins
 Resellers generate higher margins
than users because resellers
purchase the product unpackaged
and uncut yielding in little or no
waste or scrap material
50%
45%
40%
Resellers
0%
Total Revenue 1H2015
17
Gross Margin/Sales
STUDIO VIENNA
Customer Interviews
Summary
Customer interviews highlighted the following aspects:
 Giplast is a well known and well regarded company in the edgebanding sector with recognition found within
a range of customers: from large furniture manufacturers to small edgeband distributors for the southern
part of the country
 All these customers confirmed that Giplasts products priced in line with the market. This aspect is one of
the key discriminating points for a customer when choosing a supplier.
 Speed and flexibility in adjusting to a customers requests was also listed as a valuable characteristic of the
company. This ability distinguishes Giplast from its large multinational competitors.
 Efficient service delivered through accessible customer support was mentioned during every customer
interview
 Customers perceived Giplast’s products within the low/medium to medium end products and there were no
quality complaints.
 One of the company’s largest customers highlighted that Giplast has room for improvement as far as their
range and high end and technological advances are concerned.
18
STUDIO VIENNA
Customer Interviews
Client 1 (1/5)
Client 1 is one of four large Italian subcontractors for low cost furniture retailers. The company employs approximately
500 people with revenues over €100M in 2015. It acquires industrial size composite wood panels and prepares them
for resale to the end-user (packaged and finished with instructions). Typical customers are large flat-pack furniture
producers.
Virtually all of this furniture type requires edgeband finishing.
 The company’s edgeband suppliers include, among others, Giplast which supplies about 50% of their edgeband
needs
 Larger customers sometimes request a particular finishing leaving the subcontractor little choice regarding the type
of edgebands to be used. However, usually when choosing among edgeband competitors quality and price are the
key differentiators.
 Giplast positions itself in the medium price and quality range.
 When looking for particularly high-end quality products areas such as highly glossy materials or virtually wood type
finishings Client 1 showed some reservation regarding Giplast’s ability to deliver.
 Client 1 appreciates the flexibility and good service that Giplast provides.
Client 1 estimates that edgebands represent a few percentage points (1-5%) in the overall cost of producing their
furniture range. A small segment of furniture finishing is accomplished through 3D technology, which does not need
edgebands.
Comments on the Edgeband market:
The edgeband market is composed of a few major players, led in Italy by Giplast. However, there are many other small
producers that are ‘pulverized’ across the country. In Italy large multinational edgeband producers cannot reach the
SME furniture manufacturers, these tend to be loyal to equally small suppliers.
Among final users there is a clear trend towards a furniture type that requires edgeband or other technology that
finishes composite wood furniture. There are no signs that this need for edgeband finishing will change or decrease in
the future.
19
STUDIO VIENNA
Customer Interviews
Client 2 (2/5)
The Client 2 group is the largest manufacturer of kitchens in Italy. Established in 1967 in B, the business today
employs 500 staff that manufactures ca. 60,000 new kitchens every year generating revenues of approximately €155M
in 2015. 70% of Client 2’s kitchens are exported.
 Approximately 90% of Client 2’s production requires edgebands.
 The company acquires edgeband products from Giplast since 2009.
 Today 55% of Client 2’s edgeband need is supplied by Giplast. The remainder is imported from Rehau and/or
Surteco.
 Given the low (ca. 0.6%) percentage that edgebands represent in the total manufacturing cost of a kitchen, the most
important characteristic this furniture maker requires from a supplier is quality and delivery speed. Giplast
distinguishes itself for its timeliness and quality of its products, however:
 The product range that Giplast offers is limited, therefore reducing the scope of products that Client 2 purchases.
 When choosing a supplier quality supersedes price.
Comments on the Edgeband market:
There are no strong competitors in the Italian market. Client 2 never purchases edgeband finishing from Asian
suppliers because of their concern about quality guarantee. There are no signs that edgeband finishing demand will
change or decrease in the future.
20
STUDIO VIENNA
Customer Interviews
Client 3 (3/5)
Client 3 is a small Italian company with revenues of approximately €15M/year, that provides finished wood panels to
xxxxxxx in USA. Xxxxxxxx is an OEM manufacturer of affordable, contemporary, Italian furniture. It manufactures
finished wood panels in Italy, other components in Asian countries, then assembles and distributes to the American
market from North Carolina, USA. From the unfinished panel to the ready to use component, Client 3 produces
finished wood panels exclusively for export to the US. The company has no competition.
 Giplast provides approximately 90% of the ‘medium-low’ end ABS edgebands, which for them comprises about
8% of total furniture costs.
 Client 3 values Giplast’s speed and flexibility to adjust to new requirements. The price range is aligned with
competition and they are satisfied with the product quality.
 Giplast distinguishes itself from large multinational competitors through its fast response time,
accessible management, reasonable prices and flexibility.
21
STUDIO VIENNA
Customer Interviews
Client 4 (4/5)
Client 4 is a French company that designs and manufactures flat pack furniture for the home that is sold in 70
countries. With revenue of ca. €170M in 2015 and around 800 employees, the company produces and designs
almost 3 million products.
All of the company’s product range (bedroom, kids room, kitchen, bathroom, living room) requires edgebands.
 Approximately 60% of the company’s edgebands are provided by Giplast.
 The company’s supplier selection process has 3 stages including a request for samples, followed by a trial
period and a company inspection. It does not differentiate by production/revenue size.
 In comparison to other suppliers Giplast distinguishes itself in quality, price and delivery time.
 Price/Quality performance is good and Client 4 places Giplast’s products quality range at a medium-high level
 For Client 4, Giplast is the first reference company also regarding new technological developments.
22
STUDIO VIENNA
Customer Interviews
Client 5 (5/5)
Client 5 is a small edgeband distributor for southern Italy with revenues of approximately €3M per year.
The company receives large ‘mother rolls’ of edgebands, divides them and supplies them to small furniture makers
or furniture-product related stores. None of these products are exported and customer loyalty is high.
 Giplast provides 70% of this reseller’s ABS product range
 Giplast distinguishes itself for its flexibility and ability to adjust to the resellers’ need for specific product types,
limited quantities and delivery speed. In addition, the direct interaction with the provider is valued.
 The price range is aligned with other suppliers
Comments on the edgeband market:
The high end range of edgeband products are used more frequently in the northern part of Italy, while in the less
affluent southern market the product generally aligns itself to the lower end.
As customers are small, volumes required are generally minimal making this part of the market unattractive to
multinational edgeband providers.
23
STUDIO VIENNA
Appendix
Product description
24
STUDIO VIENNA

Primario operatore del settore della progettazione e realizzazione di

Transcription

Similar documents

romberger 10SKLI 80566221

`Tyci Tavoli series of tables` product card

“ Sawdust runs through my veins. I am doing what I was meant to do.”

kustaa saksi

Kingsley-Bate

Mar - Cedarcroft Home

Euro Furniture Tri-Fold_M.indd

Wallpaper City Guide Hamburg

KASALA FURNITURE

Designer Recruitment PDF