Smallbone owner Lux Group has confirmed the acquisition of Poggenpohl, saying that it is the start of a revolution that will ‘transform the kitchen industry like Tesla did in the automotive industry”.
The purchase of Poggenpohl and all its assets, exclusively revealed by kbbreview at the start of June, is a joint venture between Lux Group and tech entrepreneur Wolf Family Office.
Poggenpohl Möbelwerke claims to be the oldest kitchen brand in the world and is known in more than 70 countries worldwide however it filed for bankruptcy at the end of April, blaming the coronavirus pandemic for a sudden drop in sales.
Lux Group is the parent company of Smallbone of Devizes, Mark Wilkinson, McCarron & Co and Brookmans. It recently unveiled its new £15m flagship showroom for Smallbone in Knightsbridge.
Serial entrepreneur and Lux Group CEO Ron Shemesh will lead the Poggenpohl project and, Lux says, ‘merge the best technology with best of class luxury offerings.’
Earlier this month he told kbbreview that he would invest over €50m in the German brand.
The Wolf Family Office, with its headquarters in Singapore, will provide support as a financial investor and also act as the German partner.
The technology arm of Wolf Family Office – RIB Software SE and Microsoft will be the strategic technology partners to deliver, they say, the ‘most advanced disruptive cloud based platform’ for the company.
This move will, they claim, “digitally transform the $100Bn worldwide kitchen industry as Tesla did in the automotive industry”.
“We are pleased that we can take this ‘Uber Brand’ to soaring new heights utilising best of class manufacturing techniques, craftsmanship, excellence in design and an innovative client experience that will shake the foundations of the industry” Shemesh said.