Jackie Chan boosts Danish audio-device makers' China expansion strategy
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E-mail Xinhua, July 31, 2012
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Action movie star Jackie Chan visited the headquarters of Danish high-end audio-equipment manufacturer Bang & Olufsen (B&O), in Struer, western Denmark, on Monday, in connection with the audio makers' new expansion strategy in China.
B&O, which makes car-and-home audio systems, among others, entered a strategic partnership earlier July with Chinese luxury goods retailer Sparkle Roll and private equity fund A CAPITAL, in a bid to strengthen its brand in China's booming market for luxury goods.
Sparkle Roll is an experienced distributor of luxury cars, jewelry and watches, among others, in China, where it operates 80 boutiques and holds investments in several high-end brands.
The partnership will see the three companies develop a China-specific development plan for B&O's expansion in the China market, B&O said in a statement.
Chan hails from China's Hong Kong and is world famous for his roles in martial arts movies such as Rush Hour and Shanghai Noon.
A self-confessed user of B&O's products, Chan was invited by the Danish company to its headquarters in connection with the partnership.
According to B&O, the partnership will see the company increase its share capital by 8.35 percent, in a share issue directed solely to Sparkle Roll and A CAPITAL, with the net proceeds of around 177 million Danish kroner (29.2 million U.S. dollars) used to boost its growth in China, among other initiatives. Just three percent of B&O's sales currently take place in China.
Sparkle Roll believes B&O's strengths in cutting-edge design and technology, in tandem with the distribution network the partnership is expected to bring, will improve the Danish companies' development in the China market, it said in the statement.
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