The implementation of the agreement starts today Public - MediaMarkt to create a new, joint retail company.
ΟAccording to the official announcement, this agreement, overall beneficial for the market and the consumer public, creates the largest retailer of technology, entertainment, culture and home appliances in Greece, transforming the electrical and electronic goods sector.
The cooperation of the two partners ensures and further strengthens the presence of MediaMarkt in the country, resulting in the retention of many jobs in the retail sector. At the same time, the new company that will emerge from Public's partnership with MediaMarkt significantly benefits partners and suppliers by providing them with expanded development opportunities.
Public - Media Markt Agreement: The product range is expanded to both brands
"In this direction, we aim to further strengthen the presence of branded brands that the consumer is looking for in MediaMarkt stores, with emphasis mainly on manufacturers-companies operating in the Greek market, with their own offices or through distributors.
The expansion of the product range is a strategic priority that will be implemented in both brands ", it is emphasized in the announcement for the new company that will result from the merger Public - Media Markt. At the same time, the new company will further strengthen the common, customer-centric philosophy of the two brands, according to which the consumer is always treated with respect and conditions of absolute transparency, with honest information regarding prices and real discounts during discount / offer periods.
The vision of the two partners is the development of an innovative retail sales model, which will shape tomorrow's retailer. In this new era, the goal will be the continuous improvement of the consumer's life inside and outside the home, through the offer of the widest range of top products and unsurpassed services, but also a unique multi-channel experience.
Kalogerakis (CEO Public - Media Markt): We are introducing a new retail model
Mr. Christos Kalogerakis, who from today assumes the position of CEO in the new company that will include both brands, said: "With the cooperation of two very strong brands -Public and MediaMarkt- we are actually introducing a new retail model, which is based on the offer of the most complete proposal for consumers and at the same time on the creation of value for our partners and employees, who will benefit in many ways from the synergies that arise ".
The collaboration between Public and MediaMarkt leads to the creation of the largest omnichannel retailer of household / consumer electrical, electronic and entertainment items in Greece and Cyprus. The new company, with a total turnover that is expected to exceed 460 million Euros in 2019, has 67 physical and 4 online stores (www.public.gr, www.public-cyprus.com.cy, www.publicbusiness.gr, www.mediamarkt.gr) in Greece and Cyprus, while its consolidated base has 100 million visitors.
Emphasizing the multi-channel trade, supported by the dense network of its stores, the expanded range of products and services in the best value for money but also the unique for the Greek data Public Marketplace platform, the company's goal is to offer the consumer the best shopping experience at the best price.
Two chips - One team
The employees of the new company, which will host the two strong brands, are now becoming part of a large, very competitive company, with a stable financial base and the power to shape tomorrow's retail. The new scheme offers long-term opportunities for employees to develop personally and professionally.
The process of unification of the activities of the two partners will be done in a smooth way and always with absolute respect for the consumers, the employees and the associates of Public and MediaMarkt.
PricewaterhouseCoopers Business Solutions SA (PwC) acted as the sole financial advisor to Media Saturn Holding GmbH for the transaction. Deloitte Greece acted as the exclusive financial advisor of Olympia Group / Public for the transaction.
Press release - Source
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