Dr. Eckhard Cordes, CEO of the German business group Metro, has announced that the company will introduce Media Markt, an electronics store brand operated by Metro Group, into the Chinese market in 2010.
Cordes said the group has signed a memorandum of understanding with the Chinese Foxconn Technology Group to set up a joint venture, which will operate retail stores in mainland China, and the first Media Markt electronics store in China will be opened in Shanghai next year.
Cordes said Metro is optimistic about the Chinese market. At present, the group has opened 38 wholesale stores in China and it will continue to enhance the management of these stores this year while increasing investments in the Chinese market.
As one of the world's leading business groups, Metro has 290,000 employees across the world. Affected by the global financial crisis, its net profit in 2008 declined, but its total sales still increased from EUR64.2 billion in the previous year to EUR68 billion, a year-on-year increase of 6.1%.