Pioneer Corporation today announced a new agreement with the major Chinese appliance retailer Suning, in an effort to strengthen its strategic business in China.
In November 2009, Pioneer concluded a strategic alliance agreement with Suning Appliance Co., Ltd. to expand its home electronics business in China's rapidly growing economy.
Through the alliance, Pioneer plans to expand number of models in its AV product lineup as well as the number of stores displaying these products in China. Pioneer said that the models would be more than double the current number, and the number of stores displaying models would be more than 1,000 by 2014.
Pioneer will also extend its strategic alliance as well as the flat-screen TV brand alliance by five to ten years. The company's flat-screen TV sales goal for 2015 is 1 million units.
In addition, responding to the growing demand for digital cameras, Pioneer will offer its Pioneer Brand digital cameras in China through Suning's sales channels. The company's goal is to sell 500,000 units by 2015. Pioneer's digital cameras will be manufactured by an ODM, taking advantage of the company's partnership with Asia Optical Group.
Pioneer aims to achieve annual sales by its home electronics business in China of 40 billion yen within three years.