Nova Lifestyle Inc. (NASDAQ: NVFY) stock plunged by -27.38% at last close while the NVFY stock price continues to fall by 6.57% in the after-hours trading. Apparently, Nova Lifestyle has not released any news regarding this downfall in NVFY share price. Nova LifeStyle is a well-known, forward-thinking designer and distributor of modern lifestyle furniture, specializing in matching couches, dining room furniture, cabinets, office furniture and associated components, bedroom furniture, and different accessories. Nova Brands and Diamond Sofa are two of Nova LifeStyle’s product lines.
Recent Past Development
On June 21, 2021, Nova LifeStyle announced that Diamond Sofa, a completely owned subsidiary of Nova Lifestyle, has amazingly displayed a new design line at the High Point Market furniture trade event, which took place from June 5th to 9th.
Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle commented,
The firm uses the event as a unique opportunity to showcase their product ranges and engage with buyers from all around the world. Throughout the pandemic, they have been very engaged in their sales and marketing approach, communicating and visiting with devoted current and new customers such as Nebraska Furniture Mart, Regency Furniture, El Dorado Furniture, and Slumberland, to mention a few. Also mentioned that he is very pleased with their overall strategy from a few years ago, which saw NVFY shift to higher margin products and their continued inventory buildup, which allows them to fulfill orders in a timely manner and remain competitive, despite the significant delay in shipment and raise in freight charges due to the Covid-19 Pandemic.
The High Point Market (which was once the International Home Furnishings Market and the Southern Furniture Market), hosted in High Point, North Carolina, is the largest global home furnishings trade show, at over 10 million square feet of exhibit space spread across 180 buildings and over 2000 exhibitors.