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Hisense still bets on Sharp to penetrate the US market

Hisense, which bought Sharp America with US$23.7 million in 2015, still holds the licenses of Sharp brands in America even after the Foxcon’s acquisition of Sharp, the leader in the Chinese TV market said today.

Hisense, which sells TVs with both Hisence and Sharp brands in the United States, emphasized the Sharp brand license rights in America after new Sharp chief executive Tai Jeng-wu was reported to plan to cancel licensing deals for the Sharp brand on various consumer electronics. Tai was appointed as Sharp’s new CEO as Foxcon completed the acquisition in a US$3.9 billion deal announced recently.

Sharp and Foxconn aim to regain overseas brands with “various efforts”, according to reports from the Wall Street Journal and Japanese media.

Hisense has not been contacted to discuss altering the terms of its licensing agreement with Sharp yet, said the Qingdao-based home appliance giant.

“Hisense has successfully resuscitated the Sharp TV brand in the Americas and has no intention of ending its agreement with Sharp early,” Hisense said in a statement.

Hisense has made the Sharp TV brand relevant again in the Americas with the introduction of 27 TV models with new technologies on curved screen and HDR (high dynamic range).

In 2015, Hisense acquired licensing rights to the Sharp name for use on TVs it is now marketing in North and South America.

Hisense is eying to increase overseas revenue to between US$3.5 billion and US$4 billion this year from US$3.2 billion last year as it taps investment on research and unveil products with latest technologies including naked-eye 3D TV, smart transport and medical system, Lin Lan, Hisense’s executive vice president, told Shanghai Daily in April.


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