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© marcin-kempski-dreamstime.com Electronics Production | September 17, 2013

150 to leave Loewe - restructuring near completion

"Although I very much regret the redundancies, a positive earnings forecast for 2014 is essential if we are to sign up a new investor and thereby secure the continued existence of the company as a whole," said Loewe CEO Matthias Harsch.
The restructuring process of Loewe is almost complete. Besides entering into a strategic partnership with Chinese company Hisense, Loewe has taken the final steps required to adapt its cost structure. This means making approximately 150 more employees redundant.

"Potential investors are showing significant interest in Loewe AG. The company is currently negotiating with ten potential investors who have expressed a serious and long-term interest in investing in Loewe. "This strong interest is due to the market's confidence in the brand per se and to our new strategic direction based on a 'digital lifestyle' concept," said Chief Executive Officer of Loewe AG, Matthias Harsch. "We are taking our time over the search for an investor in order to find the right partner and are now focusing on a small number of particularly promising offers with good future prospects."

As part of the restructuring, Loewe has revised its brand and product strategy and given it a new focus. At the core of the change process is the move "from a TV manufacturer to an entertainment platform system provider" against a backdrop of far-reaching changes in the media landscape. "Linear TV, internet, video-on-demand services, and personal content are merging into one entertainment offering that consumers will want to be able to manage in a straightforward way in the future," said Harsch. "We will therefore evolve to become the leading premium provider of smart home-entertainment solutions."

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