Apparently, the high end TV brand Loewe is making a comeback. Last June, the German manufacturer Loewe, a brand specialez in high-end TV sets, filed for bankruptcy. A takeover was then envisaged by both the Chinese HiSense and the Cypriot firm Skytec Group, which ended up finalizing the takeover at the end of December.
Today the group announced its plans for its new subsidiary. Already owner of the brands Blaukpunkt and Sharp (which however is shared with Foxconn), and supported in its approach by the creditors of Loewe, it was finally Skytec Group which took control of the German manufacturer at the end of December. A month later, the firm’s intentions became clear.
During its talks with Loewe leaders and the Bavarian authorities, Skytec had promised to keep the production site at Kronach, the stronghold of Loewe in Bavaria, and even to take over a hundred employees of the German group. At the same time, Skytec must also create a research and development center in Kronach. A proposal that had also been put on the table by HiSense, without success.
We learn a little more today about the plans of the Cypriot group, in particular through statements by Vladislav Khabiliev, its CEO. The firm wants to capitalize on the reputation of Loewe and its heritage (the brand has been manufacturing televisions since the end of the 1920s).
Perhaps more ambitious, Skytec plans to reorient Loewe towards the consumer electronics market internationally, and to target the premium sector. It is expected from the company to focus on the concept of “German quality “. Even if it means offering products made elsewhere than Germany.
Because if the Kronach site will indeed be preserved, it will only be there for marketing and commercial purposes. The production of future Loewe products will be relocated to Asia to reduce costs.
This reorientation should in particular allow Loewe to return to the front of the stage as of the next edition of the IFA, the annual consumer show that takes place in Berlin. The brand might also make an appearance on the MWC 2021 to present a range of smartphones. Next year, this time at IFA 2021, Loewe is also expected to annonunce a whole range of household appliances, from washing machines to dishwashers and refrigerators.
“We are thrilled to write a new chapter in the success of LOEWE and to expand the brand internationally in premium segments for sophisticated consumer electronics. LOEWE is the go-to brand for consumers valuing independent style and iconic, timeless design. We will further develop this approach with luxury designer labels and premium automotive brands. Synergy with history and future is essential. LOEWE has successfully reintroduced traditional materials to their products which meld seamlessly with state-of-the-art technology”said Vladislav Khabiliev in a press release.
