Media Markt and Saturn, together Europe’s number one consumer electronics retailers, already own 800 outlets in 16 countries, but General Manager Roland Weise reckons there is opportunity for a 1000 outlets in China alone.
At the end of last year, Media-Saturn signed a joint venture agreement with the Chinese partner Foxconn Technology Group to expand their reach into the Chinese market. Under the joint venture agreement, Metro Group holds 75 percent of the shares and Foxconn 25 percent. Media-Saturn is responsible for the strategic leadership and the operations of the joint venture.
As an experienced local partner, Foxconn - the world's most trusted end-to-end green product service provider - will support Media-Saturn in its market entry. This coming October the first Media Market will open its doors in Shanghai. Weise estimates the sales opportunity in the Shanghai region at 5 billion Euro - approximately equivalent to the entire turnover of the company in Switzerland. That should be enough to support 40 outlets in Shanghai alone. Media-Saturn also expects growth in Russia, the Philippines and Malaysia. (September 9th, 2010)
Sources: Capital, Heise