ISTANBUL - Hürriyet
77-year old Turkish furniture producer and retail firm Kelebek Mobilya also manufactures goods for kitchens and bathrooms. Hürriyet photo
A controlling stake in one of the most rooted Turkish brands in the furniture manufacturing and retail industry, Kelebek Mobilya, has been sold for 34.8 million Turkish Liras.
Doğtaş Mobilya, another Turkish furniture company, and the Netherlands-based International Furniture represented by Istanbul-based investment fund Turkven, acquired a 67-percent stake in the 77-year-old Kelebek Mobilya brand. “We, Doğtaş, work to be a world brand. We have made a partnership agreement to grow further,” said Doğtaş Mobilya Chairman Davut Doğan.
Kelebek Mobilya will continue its operations as a subsidiary of Doğtaş, according to the sales agreement.
Kelebek Mobilya was acquired from ENKA, a Turkish construction conglomerate, by the Özbıyık family in 2006. The family runs industrial enterprises such as Isısan, an industrial firm.
Kelebek was a pioneering company in the furniture chain store business, while Doğtaş is an emerging competitor.