The partnership will see Vestel take responsibility for production, sales, marketing, and supply chain functions in Europe for Toshiba TVs, while working closely with Toshiba research, development and quality assurance resource.
Announcing the deal at German trade show IFA, Vestel said that the two companies have ambitious growth plans for the European consumer TV market and aim to exceed Toshiba’s previous market position.
Vestel will set up a sales and product management team to support the Toshiba business and will establish a local presence in key markets in a bid to establish broad distribution.
“With this strengthened partnership, we look forward to maximising Toshiba’s potential for further growth and market reach,” said Vestel Group CEO, Turan Erdogan.
“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.”