Currys has launched a strategic review of its Greek business Kotsovolos, which it said could lead to the sale of its operations.
The electricals retailer said it believes the strength of its Greek brand and long-term track record of profitability “are not currently reflected in the group’s valuation”.
Kotsovolos, which also has an emerging presence in Cyprus, has a unified commerce platform and an expansive range of products and servicesChief executive Alex Baldock said: “Currys’ performance is robust in UK&I, where our transformation is working, and we’ve taken action to drive a profitable recovery in the Nordics.
“Kotsovolos is an excellent business with a bright future, and now is the right time to assess how best to take Kotsovolos forward to maximise value for our shareholders.”
Last month, Currys revealed its Nordic operations were being investigated by the European Economic Area regulator over a possible violation of competition rules in Norway
Category Archives: Retail suppliers
Marks Electrical sales soar in record year
Marks Electrical has enjoyed a record year as savvy shoppers researched online for better prices on large appliances.
The performance represents a record year for the group despite a strong prior year comparative of 44%, and low consumer confidence for high-value purchases during the cost-of-living crisis.
Frasers Group takes 19% stake in AO World
Frasers Group has taken an 18.9% stake in the online electricals retailer AO World in a £75m deal involving buying out shares held by Odey Asset Management
AO.com most trusted retailer
AO.com is the UK’s most trusted major electricals retailer
Recently AO.com passed the incredible milestone of 400,000 reviews on Trustpilot, and we are delighted that so many of these reviews are four and five stars – 93% to be exact
It means that when it comes to major UK electricals retailers, AO.com has the largest volume of ⭐⭐⭐⭐⭐ reviews – with more than Currys, Argos and John Lewis combine
Currys Nordic business probed by European watchdog
Currys Nordic subsidiaries are being probed by European regulator over competition infringement concerns
// The EFTA Surveillance Authority will look at whether the retailer had violated the rules while securing exclusive access to certain electric goods
Elkjøp is a leading retailer of electronic goods in the Nordics, with more than 400 stores across Denmark, Finland, Norway and Sweden, as well as franchise operations in Greenland, Iceland and the Faroe Islands.
The ESA said it was investigating whether the retailer had violated competition rules while securing exclusive access to some electric goods.
“The investigation will also look into arrangements where specific competitors have been denied access to certain electronic goods,” it said in a statement.
Last week, Currys raised its profit outlook following better-than-expected trading in the UK in the final two months of the year.
MediaWorld
MediaWorld has chosen the Lucca store as the stage for the launch of the new “Look & Feel” layout which, over the next few months, will characterize the stores in Italy and European
Currys raises profit outlook as UK beats expectations
Currys has raised its profit outlook for 2022-23 after better-than-expected trading in the UK in the final two months of the year.
The electricals retailer had previously lowered its guidance in March due to the weak performance of its Nordics business, but said today it now expected to report a year to April 29 adjusted pre-tax profit of £110 to £120m.
This is ahead of previous guidance of around £104m, but down from the £186m made in 2021-22.
The appliance for rent takes off in Spain
The Cecotec retailer offers vacuum cleaners, smartphones, televisions, electric scooters or refrigerators for rent for a few days or monthsIt’s called Cecorent and it’s the first pay per use service in the household appliances sector in Spain. Online on the website of the Cecotec retailer, robot vacuum cleaners, televisions, smartphones, refrigerated electric scooters can be rented for a certain number of days (the minimum is 4) or months with no obligation to purchase them and guaranteed by insurance that covers any damages
There are no delivery and collection costs. Anyone who decides to buy the appliance after trying it is entitled to a discount on the list price.
MIDEA HAS LAUNCHED A NEW LINE OF BUILT-IN APPLIANCES IN PARTNERSHIP WITH MONDO CONVENIENZA
Midea has launched a new line of built-in appliances under the Midea brand in partnership with the important furniture chain, Mondo Convenienza. Designed to adapt to all the needs of the contemporary kitchen, Midea ovens, hobs, refrigerators and dishwashers are designed by conceiving each product as part of a single ecosystem, in which each line is united by the same aesthetic language for the benefit of functionality that every family can find in their own home.Mondo Convenienza is an Italian company specialized in the large-scale distribution of furniture and furnishing accessories
Fnac Darty strengthens in Portugal
Fnac Darty announces that it has entered into an agreement with MediaMarktSaturn, a subsidiary of Ceconomy, with a view to acquiring 100% of its activities in PortugalElectronics retailer MediaMarkt Portugal operates 10 stores and a webshop, recording sales of EUR 140 million in the financial year 2021-2022.
For its part, Fnac Darty operates 35 Fnac stores in Portugal, as well as six PC Clinic centres, one Nature et Decouvertes outlet and the Fnac.pt website, for a 2022 turnover of EUR 370 million. With this acquisition, Fnac Darty will further boost its number two position in Portugal. The transaction is subject to the approval of the Portuguese Competition Authority, and Fnac Darty aims to complete the deal by summer 2023.
WHITEGOODSNOW 