Dutch electronics major Bang & Olufsen has as appointed Shreyans Group as its master dealer for the country, a move aimed at expanding its business in India.
Shreyans Group, which retails and distributes luxury brands such as Ducati, Ferrari and Maserati among others in India, plans to double the number of B&O stores to 10 by next year.
“India is a strategic market with plenty of young consumers. Our master dealer will start distribution of wide range of audio and video systems in the country from.
The group will remain responsible for investments, training, promotion and expansion of retail outlets here,” said Danny F. Espersen, vice president, B&O while launching new Beolit 12, a audio system.
“We plan to invest Rs. 25 crore to open another five stores by 2013. Our expansion strategy will focus on Tier-II towns as well,” said Ashish Chordia, chairman, Shreyans Group.
Bang & Olufsen was founded in Struer, Denmark, in 1925 by Peter Bang and Svend Olufsen, two innovative, young engineers devoted to high quality audio reproduction.
Its current product range includes audio and video systems for home as well as for cars.
B&O set up its first franchise in India in 2005 and has five stores in New Delhi, Mumbai, Chennai and Bangalore.