The consumer electronics & home appliances market turns a new page
- The deal between Public and MediaMarkt commences and enters the implementation stage which will lead to the creation of a new joint company.
- Public further strengthens its position in the market and MediaMarkt maintains and further consolidates its presence in Greece.
- The company’s goal is to create a strong governance network, which meets the Customers, Shareholders and the Market’s expectations, and at the same time ensures the long-term economic value, integrity and lasting collaborations, principles both brands represent.
- Consumers, employees and partners of the two chains will obtain multiple benefits
Athens, December 2, 2019 – Today, the deal between Public and MediaMarkt which will lead to the creation of a new joint company, enters its implementation stage.
The agreement will benefit the market and consumers overall, leading to the creation of the largest retailer of electronic devices, entertainment & culture products as well as home appliances in Greece and to the transformation of the consumer electronics sector.
This agreement secures and further strengthens MediaMarkt’s presence in Greece, retaining a great number of jobs in the retail sector. At the same time, the Public-MediaMarkt joint venture will have significant benefits for partners and vendors of both brands, providing expanded opportunities for growth. It is towards this direction the new partnership has decided to further enhance the presence of top-quality brands the consumer asks for, with emphasis on companies/manufacturers represented in the Greek market either through their own offices or through distributors. Product portfolio expansion is a strategic priority which will be implemented by both brands.
Τhe new company’s vision is the development of an innovative retail model which will create the retailer of tomorrow. In this new era, the goal is to constantly improve consumers’ lives in and outside the home by offering the largest portfolio of top products and advanced services, along with a unique omnichannel consumer experience.
Christos Kalogerakis, who as of today assumes the role of the CEO of the new company encompassing the two brands: “Through the collaboration of two powerful brands, Public and MediaMarkt, we are introducing a new retail model which is based on our unique offering to the consumer as well as the high value creation for our partners and employees, who will benefits from the synergies we are creating.”
The collaboration between Public and MediaMarkt will create the largest omnichannel retailer of consumer electronics and entertainment products in Greece and Cyprus. The new company’s turnover for 2019 is expected to exceed €460 million. It has 67 brick-and-mortar stores and 4 online stores (www.public.gr, www.public-cyprus.com.cy, www.publicbusiness.gr, www.mediamarkt.gr) in Greece and Cyprus, with a combined base of 100 million visitors.
Emphasizing on multichannel retailing supported by an extensive network of brick-and-mortar stores, the expanded range of products and services sold at the best value-for-money ratio, and the public marketplace platform – the only platform of its kind in Greece – the company’s goal is to give consumers the best shopping experience at the best prices.
Two brands – One Team
The employees of the new company housing these two strong brands will become part of a large, highly competitive company with a solid economic basis which can shape the retail market of the future. This new partnership offers employees major career growth opportunities in the long term.
The incorporation of the two companies’ activities will be carried out smoothly and with complete respect to consumers, employees, vendors and partners of Public and MediaMarkt.
PricewaterhouseCoopers Business Solutions S.A. (PwC) acted as Exclusive Financial Advisor to Media Saturn Holding GmbH for the transaction.
Deloitte Greece S.A. acted as Exclusive Financial Advisor to Olympia Group/ Public for the transaction.