Steinway, 169-year-old piano maker, will list on New York Stock Exchange after sales spike during pandemic
Steinway, the 169-year-old piano maker, will list on the New York Stock Exchange after sales spiked during the pandemic.
The brand, founded by German immigrant Henry Engelhard Steinway in Manhattan, is the world’s best known piano manufacturer.
Hitting the right note: The brand, founded by German immigrant Henry Engelhard Steinway in Manhattan, is the world’s best known piano manufacturer
Demand shot higher during the pandemic as people stayed at home and, in 2021, sales increased by 30 per cent to £411.7m.
Steinways are expensive, ranging from £7,000 to £85,000, but grand pianos can fetch as much as £260,000.
Steinway aims to increase sales in China, the world’s biggest market, where some 400,000 pianos are sold a year compared with just 30,000 in the US.
According to the Chinese Musicians’ Association, 30m children take piano lessons in the country.
Steinway has been owned by investment management firm Paulson and Co since 2013.
The company attracted a £754.4m takeover offer from Chinese state-owned China Poly Group in 2018.