Bang & Olufsen has announced its third quarter financials, celebrating a 19% growth compared to the same period last year, with the UK seeing an increase of 37%. As well as Europe, China was another key market. Growth was particularly prominent in B&O’s ‘play’ category (41%), which is made up of portable products.
In order to keep up with demand from customers, the luxury AV and audio manufacturer plans to open three new stores in the UK, Wilmslow, Richmond and Southampton, following six openings at the end of last year. This demonstrates a strong consumer appetite for lux technology.
According to Robert Trajcevski, dealer principal of the newly opened Richmond store, it’s down to the products that the Danish retailer is in such a good position: “The brand has never been stronger and the product portfolio is second to none. The team here is thrilled to launch the new store in Richmond, having been a part of the Bang & Olufsen story in some form or another since 1970. The company is on the right path and we will be more than happy to walk arm in arm into the next 90 years.”
Tue Mantoni, CEO of Bang & Olufsen comments: “2015 marks our 90th anniversary and our latest results reflect Bang & Olufsen’s continued commitment to the technology industry and optimism going into the next financial year. As we step into a new era, with Harman acquiring the automotive side of the business and now collaborating with HP to offer ultimate sound in HP devices, we can focus on core products and the B&O PLAY offering - a brand with only 3 years under its belt that has seen a strong development. Given the popularity of recent core launches including the BeoVision Avant 4K TV and BeoSound Moment sound system, and with a strong pipeline of products in the coming year, this marks an exciting time for the company both globally and in the UK market. ”
Andrew Macer, Head of Sales UK and Ireland at Bang & Olufsen added: “The UK market remains to be important for Bang & Olufsen, with the new UK flagship store recently launched in the heart of London in Hanover Square. We have witnessed marked growth of traffic in-store and with additional stores continuing to open across the country, the importance of the local presence has never been greater. Our robust retail network already in place, and strategy for new store openings, has helped the UK to achieve its strong performance this quarter.”