China 2015: BRAND PROFILE | 75. Suofeiya
Known as a maker and marketer of bedroom wardrobes, Suofeiya opened the first of an estimated 100 kitchen cabinet stores in 2014. And it launched its first “custom home” flagship store, featuring storage solutions, in Guangzhou.
In a related development Suofeiya entered a joint venture with the French brand SALM as part of a strategy to expand the Suofeiya product line to include a wide range of storage furniture, such as wine cabinets and bookcases. The company continued to expand its dealer network in lower tier cities.
Net income increased 29 percent to $16 million on a 35 percent revenue rise to $136 million in the first half of 2014. For the full year 2013, net income rose 45 percent to $40 million on a 50 percent revenue rise to $288 million. Founded in 2003, Suofeiya is traded on the Shenzhen Stock Exchange.