Vestel announce strategic partnership with Toshiba
It would seem that you can't keep a good brand down for long and less than two years after leaving the European TV market Toshiba are back thanks to a strategic deal with Turkish giant Vestel.The deal was announced today at IFA and Vestel will form a strategic brand license agreement with Toshiba Visual Solutions Corporation, a wholly owned subsidiary of Toshiba Corporation in Japan. The deal is centred on the production and sale of Toshiba branded consumer TVs in the European market. The partnership will come into effect after obtaining consent from the relevant authorities and replaces the previous deal between Toshiba and Compal Electronic of Taiwan.
Under the terms of the deal Vestel will be responsible for the production, sales, marketing, and supply chain functions in the European market for Toshiba branded TVs while working closely with Toshiba research, development and quality assurance resources. The announcement doesn't come as a massive surprise because Toshiba is a respected brand name in the TV market and the company had a close relationship with Vestel previously.
Toshiba and Vestel’s partnership will build on years of collaboration and the proven success which has enabled Toshiba to deliver quality products and a high reputation in European countries in the past. Based on Toshiba’s excellent brand heritage, design and engineering capabilities, and Vestel’s world-leading manufacturing expertise and supply chain network, the two companies have outlined ambitious growth plans for the European consumer TV market with aims to exceed Toshiba’s previous market position.
To achieve this goal, Vestel will set up an experienced sales and product management team to support the business and establish a local presence in key markets with the aim of establishing a broad distribution in the European consumer market. Vestel Group of Companies CEO Mr. Turan Erdogan commented, “With this strengthened partnership, we look forward to maximizing Toshiba’s potential for further growth and market reach. Already a renowned and trusted household name with a reputation for high quality, Toshiba will be positioned as our premier TV brand for Europe. We’ll be working hard to consolidate this market position, drawing on our manufacturing strength to collaborate with Toshiba on future product designs and developments.”
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