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Gome Acquires BF Electric
January 30, 2008 |
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| Category: Gadgets & Electronics
Chinese electronics retailer Gome has not slowed its acquisitions following the buyout of its competitor Dazhong for CNY3.65 billion last year. The retailing giant has now acquired another local electrical retailer BF Electric Inc. in Datong, Shanxi.
A representative from Gome told local media at a press conference that Gome had completed the acquisition of BF Electric, but the person did not disclose the detailed amount they had spent on the transaction. With the acquisition, Gome has easily taken an advantageous position in Datong's home appliance market. The company said that it would retain the brand of BF Electric and operate dual brands of Gome and BF Electric.
BF Electric is an important electrical appliance chain enterprise in Datong. The company has achieved annual sales of more than CNY300 million for five consecutive years and accounted for over 70% of Datong's electrical appliance sale market. Gome entered Datong three years ago, but it had not had much impact on the local market until the acquisition of BF Electric.
Gome has been engaged in mergers and acquisitions in the home appliance industry of China in recent years. It has acquired more than ten electronics retailers including Black Swan of Heilongjiang, Golden Sun in Changzhou and Dazhong in Beijing.
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