Metro eyes Media Markt with Taiwan Foxconn
By Pan Xiaoyi |
January 7, 2010, Thursday
|
Print Edition
Print Edition
GERMANY'S Metro Group plans to open its first Media Markt store in Shanghai this year in a joint venture with Taiwan's Foxconn Technology Group as it aims to increase sales in the Chinese mainland's consumer electronics market.
Metro holds 75 percent of the joint venture and Foxconn owns the balance. Metro estimates there's potential for more than 100 Media Markt, Germany's largest consumer electronics retail brand, outlets within and outside Shanghai in the next five years, it said in a statement on its Website.
The outlets are part of Metro's strategy to cement its footprint in the market following the entry of its self-service wholesale unit, Metro Cash & Carry, in the Chinese market 14 years ago.
"The Chinese market offers excellent growth opportunities for Metro Group and is of strategic importance to us," said Eckhard Cordes, chief executive officer of Metro Group. "We are excited to tap this market together with our strong joint venture partner Foxconn."
However, analysts cast doubts on the venture's prospects as the domestic electrical appliance market is dominated by domestic giants Gome and Suning.
Metro holds 75 percent of the joint venture and Foxconn owns the balance. Metro estimates there's potential for more than 100 Media Markt, Germany's largest consumer electronics retail brand, outlets within and outside Shanghai in the next five years, it said in a statement on its Website.
The outlets are part of Metro's strategy to cement its footprint in the market following the entry of its self-service wholesale unit, Metro Cash & Carry, in the Chinese market 14 years ago.
"The Chinese market offers excellent growth opportunities for Metro Group and is of strategic importance to us," said Eckhard Cordes, chief executive officer of Metro Group. "We are excited to tap this market together with our strong joint venture partner Foxconn."
However, analysts cast doubts on the venture's prospects as the domestic electrical appliance market is dominated by domestic giants Gome and Suning.
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