EXCLUSIVE: Philips Audio Gets New Global Distributor After Gibson Collapse
Three weeks after US Company Gibson Brands and Gibson Innovations, was placed into administration Philips have cut a new global distribution deal with TPV Technology.
Previously Philips audio was marketed and sold exclusively by Gibson Brands who during the last 12 months did little if any marketing for the European brand.
In Australia the brand has been distributed in the past by Powermove who after the loss of Philips, and Klipsch brands and questions marks hanging over their distribution of Toshiba TV’s has resorted to laying off staff.
recently we exclusively revealed that both the Onkyo and Pioneer audio brands were set to be distributed globally by Chinese Company TCL. Both brands were previously licensed to Gibson Innovations.
ChannelNews understands that several distributors are vying for the rights to sell and market the Philips audio range in Australia. The Philips TV range is already distributed by Tempo.
Philips said that earlier this week they signed a letter of intent with Hong Kong based TPV Technology Limited to distribute and market the Philips sound range worldwide.
The brand license agreement will kick in on June 1, 2018 until December 31, 2023.
The Company said that the deal could be renewed automatically, subject to the terms of the agreement.
The financial details were not disclosed.
Until recently, Gibson Innovations was responsible for sales, marketing and distribution of Philips-branded audio and video products and accessories worldwide.
Philips said in a statement “Since its parent company Gibson Brands filed for Chapter 11 in the US on May 1, 2018, and its affiliates subsequently took similar steps in other countries, Philips explored several scenarios regarding the continuity of Philips-branded audio and video products and accessories”.
“TPV has been a trusted partner of Philips for more than a decade. The brand license agreement for audio and video products and accessories will complement TPV’s existing brand license agreements with Philips, for example for TVs and monitors”
