(Sharecast News) - UP Global Sourcing announced the opening of a new showroom in Paris on Monday as part of its drive into the continental European market.
The London-listed company, which trades as Ultimate Products and oversees a brand portfolio including Salter and Beldray, said the 16,500 square-foot showroom was located in the Homexpo Paris complex, where the anchor tenant is French home furnishing supplier JJA.
Positioned near Paris Charles de Gaulle airport, the location was ideal for welcoming existing and potential clientele from France and the wider Europe region.
In its commitment to boost the showroom's functions and foster growth, Ultimate Products said it had formed a fresh sales team in Paris to complement its existing international sales forces based in Germany and Poland.
Historically, Ultimate Products enjoyed significant success with its Cologne showroom, which spearheaded its robust market presence in Germany, accounting for about 30% of its European sales.
The firm said it aspired to mirror France's success and market penetration.
As it stood, European countries contributed roughly 30% of Ultimate Products' total revenue, even though the brand's penetration in the continent remained lower than in the UK.
In the UK, where the company boasts a sale of £1.72 per capita, an impressive 80% of households own at least one product from the brand's portfolio.
"I am massively excited to have opened a European showroom in Paris, which I am confident will help us grow our presence in the sizable French market," said chief executive officer Simon Showman.
"Our products are already present in most UK households, and I firmly believe that they will be just as attractive to retail partners and consumers in France, as well as the wider European market more generally.
"I would like to extend a warm welcome to our new team in Paris, who will be invaluable in helping us to achieve our ambitious growth plans."
At 1200 BST, UP Global Sourcing Holdings shares were up 1.92% at 118.74p.
Reporting by Josh White for Sharecast.com.
Up Global (UPGS)