Turkish CE manufacturer Vestel has reached a strategic brand licence agreement with Toshiba Visual Solutions Corporation centred on the production and sales of Toshiba branded consumer TVs in the European market. The partnership will come into effect after obtaining consents of the authorities in line with the relevant applicable law and under this agreement, Vestel will be responsible for the production, sales, marketing, and supply chain functions in the European market for Toshiba branded TVs while working closely with Toshiba research, development and quality assurance resources.
Toshiba and Vestel’s partnership will build on years of collaboration and the proven success which has enabled Toshiba to deliver quality products and a high reputation in European countries during past years. Based on Toshiba’s brand heritage, design and engineering capabilities, and Vestel’s manufacturing expertise and supply chain network, the two companies have outlined ambitious growth plans for the European consumer TV market with aims to exceed Toshiba’s previous market position. To achieve this goal, Vestel will set up an experienced sales and product management team to support the business and establish a local presence in key markets with the aim of establishing a broad distribution in the European consumer market.
“With this strengthened partnership, we look forward to maximising Toshiba’s potential for further growth and market reach,” commented Turan Erdogan, CEO Vestel Group of Companies. “Already a renowned and trusted household name with a reputation for high quality, Toshiba will be positioned as our premier TV brand for Europe. We’ll be working hard to consolidate this market position, drawing on our manufacturing strength to collaborate with Toshiba on future product designs and developments.”