EXCLUSIVE: Soniq ‘Bitter’ After JB Hi Fi Drop Brand

In a major shakeup of their TV offerings, JB Hi Fi is believed to have dumped the Soniq brand with management at the private label Company now trying to sell the brand to other retailers in Australia, the brand first appeared in Australia in 2000.

ChannelNews has been told that the retailers offered the stock that JB Hi Fi has not taken is Kogan, Target and Australia Post. An agent acting for Soniq who use to work for Pendo is offering the stock at discounted prices.

At the Hong Kong Show which is a consumer electronics and appliances manufacturers event, ChannelNews was told that the Soniq private label business is up for sale with Soniq now discounting out Soniq TV’s in Australia following the JB Hi Fi decision to terminate the relationship.

TV manufacturers who made the Soniq branded TV’s are also losers following the decision to drop the Soniq brand which insiders claim had “become too expensive”.

Senior Soniq management are believed to have offered the brand to JB Hi Fi for more than $19M.

JB Hi Fi refused the offer according to sources leaving Soniq management “bitter”.

Sources at the Hong Kong Show told ChannelNews that the Soniq  relationship with JB Hi Fi is “over” and that the Company is now open to offers from either “other distributors or a retailer direct.

ChannelNews understands that at least three retailers have been approached to sell Soniq products and all have rejected the brand.

A visit to the Soniq web site reveals that Soniq is now selling TV’s direct at discounted prices. along with several other consumer electronic products.

See here.

The Melbourne based Company took over the Pioneer warehouse and offices in Melbourne six years ago.

One executive at the show claims that the brand is set to be replaced by a major Chinese TV brand who is set to use a new name to replace the Soniq name.

ChannelNews has also been told that a major Japanese brand that is sold by several consumer electronic retailers, is considering pulling out of the Australian TV market due to poor sales and the impact of reduced margins because of discounting by several TV brands.

The manufacturer has been selling TV’s in Australia for “decades” said one executive at the Hong Kong Show.

At this stage JB Hi Fi has not commented.