Sydney-based distributor Panmi has been dumped as the distributor of Segway electric bikes.
According to industry sources, the Chinese Company, who has an extensive range of products listed at JB Hi-Fi, has hired a Country Manager and is set to establish their own subsidiary in Australia.
The move is a major blow to Panmi, who struggled to launch their Xiaomi smartphones in Australia and are now facing a loss of millions in revenue, with the popular Segway bikes which sell up to $6500 moving to a direct supply model.
The normally vocal CEO of Panmi George Saad, who is well known for making commitments and then breaking them, has been remarkably quiet on the issue. So has Marketing Director Andrew Tyler, who has not returned our calls.
ChannelNews understands that the business is “desperate” to identify a replacement brand to fill the void left by the loss of Segway.