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Metro enters Chinese electronics market
By Joyce Pan |
January 6, 2010, Wednesday
|
Online Edition
Online Edition
GERMANY'S Metro Group has set up a joint venture with Taiwan Foxconn Technology Group in a bid to enter the mainland's consumer electronics market, hoping to further extend its strategic position in China.
Metro holds 75 percent of the shares and Foxconn takes the balance. The first Media Markt store, Germany's largest consumer electronics retail brand, ise expected to open in Shanghai this year and Metro sees a potential 100-plus stores in and outside Shanghai in the next five years, the company said on its Website.
Media Markt is Metro's second sales division after self-service wholesale Metro Cash & Carry entered the Chinese market 14 years ago.
"The Chinese market offers excellent growth opportunities for Metro Group and is of an outstanding strategic importance to us. We are excited to tap this market together with our strong joint venture partner Foxconn," said Eckhard Cordes, CEO of Metro Group.
Metro Group and its sales division Media-Saturn signed a joint venture agreement with its Chinese partner at the end of last year. The parties have started setting up their headquarters in Shanghai. Preparations for the first stores are well under way, according to the statement.
China is the 17th country in which Media-Saturn will operate.
Metro holds 75 percent of the shares and Foxconn takes the balance. The first Media Markt store, Germany's largest consumer electronics retail brand, ise expected to open in Shanghai this year and Metro sees a potential 100-plus stores in and outside Shanghai in the next five years, the company said on its Website.
Media Markt is Metro's second sales division after self-service wholesale Metro Cash & Carry entered the Chinese market 14 years ago.
"The Chinese market offers excellent growth opportunities for Metro Group and is of an outstanding strategic importance to us. We are excited to tap this market together with our strong joint venture partner Foxconn," said Eckhard Cordes, CEO of Metro Group.
Metro Group and its sales division Media-Saturn signed a joint venture agreement with its Chinese partner at the end of last year. The parties have started setting up their headquarters in Shanghai. Preparations for the first stores are well under way, according to the statement.
China is the 17th country in which Media-Saturn will operate.
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