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<SEC-DOCUMENT>0000950123-09-041917.txt : 20091106
<SEC-HEADER>0000950123-09-041917.hdr.sgml : 20091106
<ACCEPTANCE-DATETIME>20090909095629
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-041917
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATUZZI S P A
		CENTRAL INDEX KEY:			0000900391
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALY
		STATE:			L6
		ZIP:			70029

	MAIL ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALTY
		STATE:			L6
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATUZZI INDUSTRIES SPA
		DATE OF NAME CHANGE:	19950823
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">September&nbsp;8, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>VIA EDGAR AND FACSIMILE</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ms.&nbsp;Cecilia Blye<BR>
Chief, Office of Global Security Risk<BR>
Division of Corporate Finance<BR>
U.S. Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Natuzzi S.p.A.<BR>
Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2008<BR>
Filed June&nbsp;29, 2009<BR>
<U>File No.&nbsp;1-11854</U></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Ms.&nbsp;Blye:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We refer to your letter setting forth some comments from the Staff (the &#147;<U>Staff</U>&#148;) of
the Division of Corporation Finance of the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;)
concerning the annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2008 (the &#147;<U>20-F</U>&#148;)
of Natuzzi S.p.A. (&#147;<U>Natuzzi</U>&#148; or the &#147;<U>Company</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This letter sets forth Natuzzi&#146;s response to the Staff&#146;s comments. For ease of reference, we
have included the Staff&#146;s comments in italicized text prior to each response.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>General</U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note a November&nbsp;2008 news article in which the general manager of Acropole, a Syrian
furniture store, is quoted as saying that he recently began importing Natuzzi furniture from
Italy. We also note statements on the website of Lebanon&#146;s Citi-Furniture that Natuzzi
supplies them and that Citi-Furniture operates two showrooms in Syria. Finally, we note that
your 20-F does not include discussion of Syrian-related operations.</I></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Syria is identified by the U.S. State Department as a state sponsor of terrorism, and is subject
to U.S. economic sanctions and export controls. Please describe to us the nature and extent of
your past, current, and anticipated contacts with Syria, whether through affiliates,
distributors, or other direct or indirect arrangements. Your response should describe any
products and services you have provided to Syria, and any agreements, commercial arrangements, or
other contracts you have had with the Syrian government or entities controlled by that
government.</I></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
September&nbsp;8, 2009<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Response</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Prior to 2008, Natuzzi had no commercial contacts or any other direct or indirect arrangements
with Syria, whether directly or indirectly through affiliates or distributors. In 2008, during its
participation in International Furniture Fairs (&#147;IFFs&#148;), which are regularly held trade
exhibitions for the furniture industry in several cities in Europe (<I>e.g.</I>, Cologne, Germany or
Milan, Italy), Natuzzi received purchase orders for certain pieces of <I>Natuzzi </I>brand and <I>Italsofa</I>
brand furniture from Al Jaroudi Bros. (&#147;<U>AJB</U>&#148;), the owners of the Acropole store highlighted
in the above-mentioned press report. Based on the standard operating procedure at the IFFs,
Natuzzi invoiced AJB for the merchandise orders and only delivered the furniture after the invoices
had been paid by AJB. In 2008, Natuzzi invoiced AJB and collected amounts totaling <FONT face="'Times New Roman',times,serif">&#128;</FONT> 46,362
(comprised of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 26,807 for <I>Italsofa </I>brand furniture and <FONT face="'Times New Roman',times,serif">&#128;</FONT> 19,555 for <I>Natuzzi </I>brand furniture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During IFFs in Europe for 2009, Natuzzi again received purchase orders from AJB and
additionally received a very small order from another Syrian company. As of September&nbsp;1, 2009,
Natuzzi has invoiced and collected payment from AJB for <I>Italsofa </I>brand furniture in the amount of <FONT face="'Times New Roman',times,serif">&#128;</FONT>
30,141. As of such date, Natuzzi has invoiced but is still awaiting payment (and therefore has
made no merchandise deliveries) from the following entities for the following amounts: (i)&nbsp;from
AJB, a total of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 30,330 (<FONT face="'Times New Roman',times,serif">&#128;</FONT> 12,438 for <I>Italsofa </I>brand furniture and <FONT face="'Times New Roman',times,serif">&#128;</FONT> 17,892 for <I>Natuzzi </I>brand
furniture); and (ii)&nbsp;from the other Syrian company, a total of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 2,818 for <I>Natuzzi </I>brand furniture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Aside from the above-mentioned orders, whose lack of materiality on both a quantitative and
qualitative basis will be discussed in more detail in the response to Comment 3, Natuzzi has had no
other commercial contacts with Syrian individuals or companies. In addition, Natuzzi has not had,
nor has any plans to have, any commercial contacts with the government of Syria or with any
entities controlled by that government. To the best of Natuzzi&#146;s knowledge, AJB and the other
Syrian company are independent dealers who are not controlled by, owned or otherwise related to the
government of Syria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Natuzzi further notes that the demand for quality, designer goods of the type Natuzzi produces
is increasing in Syria, and Natuzzi may consider opportunities to increase its sales volume of
furniture and related products in the future. In any event, Natuzzi does not expect that its sales
or activities in Syria will constitute a material portion of its total sales or assets in the
foreseeable future. If Natuzzi&#146;s activities or sales in Syria were to change materially from their
current levels, Natuzzi will evaluate its disclosure obligations under the federal securities laws
of the United States, taking into account the quantitative and qualitative considerations set forth
in the response to Comment 3 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">With respect to sales of Natuzzi furniture by Citi-Furniture (as mentioned in the press
article referenced by the Staff in its comment), the Company notes that its current policy is to
sell its products to entities in a particular country that will only sell such products within such
country. To the best of Natuzzi&#146;s knowledge, there are no Lebanese entities (including
Citi-Furniture) presently acquiring Natuzzi products in Lebanon and reselling them in Syria.
Furthermore, Natuzzi has no reason to believe that its current sales to Citi-Furniture are intended
for sale in Syria in light of the fact that all merchandise purchased by Citi-Furniture is
delivered to Lebanon and not to Syria or elsewhere.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
September&nbsp;8, 2009<BR>
Page 3

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note from disclosure throughout your 20-F that you conduct operations in the Middle East,
a regional reference generally understood to encompass Iran and Sudan. Those countries also
are identified by the U.S. State Department as state sponsors of terrorism, and are subject to
U.S. economic sanctions and export controls. Please describe to us the nature and extent of your
past, current, and anticipated contacts with Iran and Sudan, whether through affiliates,
distributors, or other direct or indirect arrangements. Provide the same types of information
regarding any contacts with those countries as is requested in the foregoing comment regarding
contacts with Syria.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Response</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Similar to the discussion of Syrian contacts from the response to Comment 1 above, Natuzzi&#146;s
contacts with Iran in the past have been limited to receiving purchase orders at IFFs in Europe and
then delivering merchandise upon payment of the respective invoices. In the past three fiscal
years (2006, 2007 and 2008), Natuzzi has received purchase orders at IFFs for the following amounts
(in Euros) from Iranian furniture dealers and has delivered furniture to such entities upon payment
of the respective invoice:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Brand of Furniture</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Total</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Natuzzi
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">160,437
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">127,299
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65,508
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">353,244</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Italsofa
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">123,678
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71,615
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">118,812
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">314,105</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><B>Total</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">284,115
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">198,914
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">184,320
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">667,349</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During IFFs for 2009, Natuzzi received purchase orders from only one Iranian furniture dealer.
As of September&nbsp;1, 2009, Natuzzi has invoiced but is still awaiting payment (and therefore has
made no merchandise deliveries) for a total of <FONT face="'Times New Roman',times,serif">&#128;</FONT> 87,547 (<FONT face="'Times New Roman',times,serif">&#128;</FONT> 43,752 for <I>Italsofa </I>brand furniture and
<FONT face="'Times New Roman',times,serif">&#128;</FONT> 43,795 for <I>Natuzzi </I>brand furniture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Aside from the above-mentioned orders, whose lack of materiality on both a quantitative and
qualitative basis will be discussed in more detail in the response to Comment 3, Natuzzi has had no
other commercial contacts with Iranian individuals or companies. In addition, Natuzzi has not had,
nor has any plans to have, any commercial contacts with the government of Iran or with any entities
controlled by that government. To the best of Natuzzi&#146;s knowledge, all of the Iranian entities to
whom Natuzzi has sold furniture since 2006 are independent dealers who are not controlled by, owned
or otherwise related to the government of Iran.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Natuzzi does not anticipate any material change in its contacts with Iran in the foreseeable
future. If Natuzzi&#146;s activities or sales in Iran were to change materially from their current
levels, Natuzzi will evaluate its disclosure obligations under the federal securities laws of the
United States, taking into account the quantitative and qualitative considerations set forth in the
response to Comment 3 below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Natuzzi has not had, does not have, and does not anticipate having any contacts with Sudan or
with any Sudanese entities.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
September&nbsp;8, 2009<BR>
Page 4

</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please discuss the materiality of any contacts with Iran, Sudan, and Syria, and whether
those contacts constitute a material investment risk for your security holders. You should
address materiality in quantitative terms, including the approximate dollar amounts of any
associated revenues, assets and liabilities for the last three fiscal years and any subsequent
period. Also, address materiality in terms of qualitative factors that a reasonable investor
would deem important in making an investment decision, including the potential impact of
corporate activities upon a company&#146;s reputation and share value. As you may be aware,
various state and municipal governments, universities, and other investors have proposed or
adopted divestment or similar initiatives regarding investment in companies that do business
with state sponsors of terrorism. Your materiality analysis should address the potential
impact of the investor sentiment evidenced by such actions directed towards companies that
have operations associated with Iran, Sudan, and Syria.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Response</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As described in more detail below, Natuzzi does not consider its interests in and
dealings with individuals or companies in Syria and Iran, either individually or in the aggregate,
as constituting a material investment risk for its security holders, notwithstanding the fact that
Syria and Iran are included in the U.S. State Department&#146;s list of state sponsors of terrorism (as
discussed in the response to Comment 2 above, Natuzzi does not have any contacts of any kind with
Sudan and therefore the following response will focus solely on Iran and Syria). Natuzzi has
considered both quantitative and qualitative factors in reaching this conclusion. Furthermore, in
making this assessment, Natuzzi is aware of, and has taken into account, the types of divestment
policies referenced by the Staff in its above Comment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Materiality Standard</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In a May&nbsp;8, 2001 letter from then-Acting SEC Chairman Laura Unger to U.S. Congressman Frank
Wolf, dealing with this issue, Unger noted that &#147;the Supreme Court has held &#091;in <U>TSC Industries,
Inc. v. Northway, Inc.</U>, 426 U.S. 438, 449 (1976)&#093; that information is material if a reasonable
investor would be substantially likely to consider that information significant in making an
investment decision.&#148; In addition, a memorandum from David Martin, Director of the SEC&#146;s Division
of Corporation Finance, informing Acting Chairman Unger&#146;s letter and also dated May&nbsp;8, 2001, states
that, &#147;&#091;i&#093;n assessing materiality, the SEC staff takes the view that the reasonable investor
generally focuses on matters that have affected, or will affect, a company&#146;s profitability and
financial outlook&#148; and that &#147;&#091;i&#093;f it is reasonably likely that U.S. governmental sanctions will be
imposed on the company as a result of its operations in a particular country, this risk would need
to be disclosed if the sanctions were likely to have a material impact on the company.&#148; Natuzzi
notes that the webpage for the Office of Global Security Risk on the SEC&#146;s website states that the
SEC is &#147;committed to maintaining the materiality standard as the basis for our disclosure-based
approach.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">As explained below, in both quantitative and qualitative terms, Natuzzi believes that its
activities with regard to Syria and Iran do not represent, either individually or in the aggregate,
a material investment risk for its security holders.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
September&nbsp;8, 2009<BR>
Page 5

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Quantitative Considerations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Based on quantitative considerations, Natuzzi does not believe that its activities in and
contacts with Iran and Syria constitute a material part of its operations. In the past three
fiscal years (2006, 2007 and 2008), Natuzzi&#146;s total net sales totaled <FONT face="'Times New Roman',times,serif">&#128;</FONT> 735.4&nbsp;million, <FONT face="'Times New Roman',times,serif">&#128;</FONT> 634.4
million and <FONT face="'Times New Roman',times,serif">&#128;</FONT> 666.0&nbsp;million, respectively. The chart below illustrates the amount of sales for
each of Iran and Syria (in Euros) as well as the percentage of Natuzzi&#146;s total net sales accounted
for by sales to Iran and Syria in the past three fiscal years:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Three-year</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Country</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Average</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Iran
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">284,115
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">198,914
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">184,320
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">222,450</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Percentage of Total Net Sales
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.039%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.031%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.028%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.033%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">Syria
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46,362
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15,454</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Percentage of Total Net Sales
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.0%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.007%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.002%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><B>Combined Sales</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">284,115
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">198,914
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">230,682
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">237,904</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Combined Percentage of Total Net Sales</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.039%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.031%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.035%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.035%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Considering that the combined sales for Iran and Syria have never exceeded one-tenth of one
percent of Natuzzi&#146;s total net sales in any of the prior three years (or, indeed, at any point in
the Company&#146;s history), Natuzzi does not believe that its activities in and contacts with Iran and
Syria constitute a material part of its operations. Furthermore, Natuzzi has no subsidiaries in
either Iran or Syria, and the Company does not presently have any assets, liabilities or projected
revenue (other than as discussed in the responses to Comments 1 and 2) associated with either Iran
or Syria.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%"><I>Qualitative Considerations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">With respect to qualitative considerations, the Company does not believe that a reasonable
investor would consider Natuzzi&#146;s interests and activities to be a material investment risk, either
from an economic, financial or reputational point of view, given their extremely limited extent and
nature. Aside from the immaterial value of these interests and the minimal extent and nature of
these activities, Natuzzi is not a U.S. person and it does not import any goods or services from
Iran or Syria into the U.S. or export or reexport any goods or services from the U.S. to Iran or
Syria. Therefore, there are no U.S. sanctions to which Natuzzi would be subject as a result of its
very limited Iranian and Syrian interests.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
September&nbsp;8, 2009<BR>
Page 6

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Notwithstanding the fact that Iran and Syria are included on the U.S. State Department&#146;s list
of state sponsors of terrorism, Natuzzi believes that these extremely limited interests and
activities in Iran and Syria could not reasonably lead to any perception on the part of customers,
investors, employees, creditors or the public that such activities would materially affect
Natuzzi&#146;s business, financial results or its reputation. For instance, Natuzzi notes that many of the
divestment initiatives to which the Staff alludes are targeted at companies who do business
directly with the governments of Iran, Syria or Sudan, or who do business in areas that may benefit
such governments, such as oil extraction and production or the manufacture and sales of weapons or
weapons technologies. As stated above, Natuzzi does not do business directly with the governments
of Iran or Syria (or, to the best of the Company&#146;s knowledge, indirectly with such governments
through the furniture dealers described in the responses to Comments 1 and 2 above), and to the
extent divestment policies target specific business areas, Natuzzi&#146;s business of producing quality,
designer furniture is not one of such targeted businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Therefore, in light of the quantitative and qualitative analysis discussed above, Natuzzi does
not believe that its very limited contacts and activities in Iran and Syria constitute a material
investment risk for Natuzzi&#146;s security holders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">Per your request, the Company hereby acknowledges the following: (i)&nbsp;the Company is
responsible for the adequacy and accuracy of the disclosure in the filings; (ii)&nbsp;staff comments or
changes to disclosure in response to staff comments do not foreclose the SEC from taking any action
with respect to the filings; and (iii)&nbsp;the Company may not assert staff comments as a defense in
any proceeding initiated by the SEC or any person under the federal securities laws of the United
States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">We hope that our responses adequately address the Staff&#146;s comments. If you have questions
concerning this letter or need further assistance, please do not hesitate to contact Silvia Di
Rosa, Vice President of Investor Relations &#038; Financial Marketing for Natuzzi, at &#043;39 02 3657 9810
or our U.S. securities law counsel, Francisco L. Cestero of Cleary Gottlieb Steen &#038; Hamilton LLP,
at &#043;39 06 6952 2600.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Very truly yours,<BR></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Pasquale Natuzzi</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pasquale Natuzzi<BR>
Chairman of the Board of Directors and<BR>
Chief Executive Officer<BR>
Natuzzi S.p.A.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. Pamela Long, Securities and Exchange Commission</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ms. Silvia Di Rosa, Natuzzi S.p.A.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mr. Francisco L. Cestero, Esq., Cleary Gottlieb Steen &#038; Hamilton LLP</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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