Business

Vestel will produce Daewoo branded TVs and white goods for 49 countries

Vestel signed a 10-year license agreement with Posco International Corporation for the production and sales of television and white goods products under the Daewoo brand.

Vestel signed a license agreement with Posco International Corporation for the development of television and white goods products under the Daewoo brand. The license agreement covers 49 countries, including EU countries and Ruya.

The following statements were made in the statement made by the company to KAP:

“In line with the goal of further consolidating our company’s position in international markets and strengthening its strategic partnerships with global brands, Vestel Trade Inc., our 100% subsidiary, signed a brand license agreement covering the rights to develop, manufacture, sell, market and distribute television and white goods products with Posco International Corporation on 20.05.2021 for 49 countries, including EU countries, Russia, Turkic Republics and Turkey under the license of the Daewoo brand. The agreement in question will enter into force on 1 July 2021 and will be valid for 10 years. With the brand license agreement signed, it is aimed to increase the competitive power and branded sales of our Company in Turkey and export markets.”

‘WE WILL INCREASE OUR MARKET SHARE’

Vestel CEO Turan Erdogan, whose opinions were given in the written statement made by Vestel on the subject, said, “We focused on increasing our competitive advantage with our collaborations in strategic markets that support Vestel’s strength in production and exports. We reach all over the world with our technology production, products and services that direct the sectors in which we operate, and proudly carry the name of our country to 157 countries. As the export champion of the electrical and electronics sector for 23 years, we closely follow all opportunities that will increase our strength and competitive advantage in foreign markets. Finally, we signed a strategic brand license agreement with Daewoo, owned by the South Korean company Posco International Corporation. With this agreement, we will strengthen our strength in export markets. We will increase our market share in Russia and Turkic Republics, especially in Europe. With these and similar steps, we are getting closer to our target markets and expanding the scope of our contribution to our country’s economy.”

Source: Haberturk / Translated by Irem Yildiz

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