May 15 (SeeNews) - Austrian furniture retail chain XXX Lutz has opened its first store in Serbia, the government of the autonomous province of Vojvodina said.
XXX Lutz opened the store on May 14 via its Serbian unit Lesnina XXXL, following a 20 million euro ($22.4 million) investment, the government of the autonomous province of Vojvodina said in a statement on Tuesday.
"Lesnina's arrival means the return of an old, well-known brand to our market, but under a new ownership structure and ambitious development plans. There is no efficient market without healthy competition, and our goal is to find as many Serbian furniture manufacturers as possible in this company," Serbian trade minister Rasim Ljajic said, as quoted in the statement.
Lesnina XXXL has hired a total of 150 workers to operate the new store, which will cover an area of 20,000 square metres, the Vojvodina government said.
The entire capital of Lesnina XXXL is owned by the Slovenian subsidiary of XXXL Lutz, LES-MMS trgovska druzba.
($ = 0.892131 euro)