August 18, 2022

Steinway, 169-year-old piano maker, will record on New York Inventory Alternate after gross sales spike throughout pandemic

Steinway, the 169-year-old piano maker, will record on the New York Inventory Alternate after gross sales spiked throughout the pandemic. 

The model, based by German immigrant Henry Engelhard Steinway in Manhattan, is the world’s finest recognized piano producer. 

Hitting the best observe: The model, based by German immigrant Henry Engelhard Steinway in Manhattan, is the world’s finest recognized piano producer

Demand shot larger throughout the pandemic as individuals stayed at dwelling and, in 2021, gross sales elevated by 30 per cent to £411.7m. 

Steinways are costly, starting from £7,000 to £85,000, however grand pianos can fetch as a lot as £260,000. 

Steinway goals to extend gross sales in China, the world’s greatest market, the place some 400,000 pianos are bought a yr in contrast with simply 30,000 within the US. 

In response to the Chinese language Musicians’ Affiliation, 30m youngsters take piano classes within the nation. 

Steinway has been owned by funding administration agency Paulson and Co since 2013. 

The corporate attracted a £754.4m takeover provide from Chinese language state-owned China Poly Group in 2018. 

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