Published on August 27th, 2021 | by The GC Team0
TV brand Loewe is back with a plan
German TV brand Loewe has officially announced its return to the market following its acquisition by investment company Skytec Group in December 2019.
The troubled TV manufacturer shut its operations in July of that year due to financial difficulties and the refusal of a key investor to continue to fund the ailing business. The company had entered self-administration for a second time two months earlier.
At the time of the takeover, Skytec planned to reposition Loewe as an “international premium brand for sophisticated consumer electronics”.
Now, in a newly released statement, Skytec said: “Intent on learning from any previous shortcomings having suspended operations in July 2019, the parent company plans to work closely with Loewe to turn the manufacturer into a global TV brand over the course of the next decade by employing modern technologies and savvy strategic partnerships.”
One such partnership is with Chinese state-owned electronics company Hisense which, according to Skytec, “has solidified the strength of the bond by moving onto Loewe’s lot in Kronach, Germany.”
The procurement partnership with Hisense has led to the development of a new operating platform, due to launch in September, alongside various advancements in technology to rival current competitors, including integrated platforms such as Netflix and Amazon Prime as standard.
“All new models will carry the hallmarks of traditional Loewe products, thanks to their sophisticated design credentials and ‘Made in Germany’ ethos.”
Loewe is also bolstering all core product sales with a 5-year pan-European warranty, and the UK subsidiary is housing spare parts in the region via Glasgow-based “global-wide” service partner Let Me Repair, to guarantee faster delivery times for dealers and swifter resolutions for customers.
The business now has approximately 150 people employed at its HQ in Kronach, with former management team Alan Whyte and Patricia Smith at the helm of UK operations.
The statement continued: “The UK extension will be the only European subsidiary, with renewed collaborations with major retailers such as Harrods and Selfridges already in place. The brand is now in the process of rebuilding its supply chain with dealers both old and new throughout the UK, who will benefit from local stock holding for the first time since 2007.
“We are delighted to bring Loewe back to the market with the help of Skytec Group Ltd,” said Alan Whyte. “Its leadership team is filled with strong and like-minded individuals, all of whom have Loewe’s best interests at heart. Already, we are witnessing positive changes in the company’s approach, and we look forward to a bright and prosperous future for this renowned global brand.”