Published on January 17th, 2020 | by The GC Team0
Comeback planned for troubled German brand LOEWE
Investment company Skytec, which took over the LOEWE brand in December 2019 following the German manufacturer’s bankruptcy and closure of its Kronach operation in July last year, is to reposition LOEWE as an “international premium brand for sophisticated consumer electronics”, and will present the first products under new management at IFA 2020 in September this year.
In a statement labelled “Skytec sets the course for the future”, the investment firm said: “After successful discussions with the city of Kronach, LOEWE now takes over 25,000 square metres at the traditional company headquarters and at the same time hires the first 45 employees to restart.
“With these personnel, the construction of the new company headquarters in Kronach begins and from here the further expansion into international markets will be coordinated. With a view to retail, the new management is working hard to restore the supply chains so that from April 2020 onwards most of LOEWE’s well known LOEWE portfolio can be offered again, thus ensuring planning security for the partners. A team of initially nine experienced sales employees will start looking after existing and establishing new trading partnerships in February.”
Skytec said it is receiving “extensive support” from suppliers and technology partners such as LG Display and other manufacturers of panels and key components. Support also comes from Chinese company Hisense, which also offered to take over the long-troubled German business.
“After the takeover of LOEWE, we very quickly sought contact with suppliers and industrial partners and received extremely positive feedback and comprehensive support for our plans,” said Vladislav Khabliev, CEO of Skytec.
“We want to get started quickly with the development of new products at the traditional location in Kronach. Until these are ready for the market, we will continue to maintain most of the previously known portfolio in the TV segment and in other areas,” said Aslan Khabliev, CEO of the newly founded LOEWE Technology GmbH.
“This means planning security for the trade. But end customers can also continue to rely on the LOEWE brand because the supply of spare parts is guaranteed.
“Our goal is to reposition LOEWE as an international premium brand for sophisticated consumer electronics.”