Harman Middle East projects USD 200 million revenues from the Middle East in FY ’10-‘11
Harman Middle East, a market leader in home, professional and car infotainment in the Middle East, announced that it is expecting to secure USD 200 million in total revenues from the Middle East for FY ’10-’11, which covers the period from July 2010 to June 2011. The bullish projection, which represents a 40 per cent increase over the last year, follows the major increase in its turnover in FY ’09-’10, wherein the company achieved 72 per cent growth given a steady demand for its products and its expansion into Qatar, Bahrain and Saudi Arabia. Underlining its innovative legacy in providing excellence in AV technology, the company is gearing up to further strengthen its retail operations in the region to reach its objectives for the current financial year.
The previous fiscal year has also witnessed the opening of five new Harman ME stores in the Middle East, thereby underscoring the strong demand for the company’s products in the region. Its Projects Division has secured several audio visual implementation and integration projects like Emaar, Meydan, Jumeirah Group in FY ’09-‘10, and is expected to continue to be the key driver for the company’s success in FY ’10-’11. Furthermore, the company revealed that the mid-segment category, which includes products ranging from AED 2,000 to AED 10,000, contributed 60 per cent of the revenues in the last financial year, while its range of iPod and iPhone docking systems emerged as a key product category in the region.
“The growth we have achieved in the Middle East during our previous financial year underscores the effectiveness of our strategy, the world-class quality and appeal of our products and the region’s importance as a key market for us,” said Amit Malani, President, Harman Middle East. “Motivated by this major success, we are gearing up to take on an extensive regional retail expansion plan within the next three to five years, which will involve the unveiling of the latest next generation technologies in home, professional and car infotainment, as well as new initiatives to deliver increased value to our customers.”
At present, Harman ME has three key business lines which contribute to its success - ‘Retail’, ‘Distribution’ and ‘Projects Division’. As the retail arm of the company, ‘harman house’ is home to a power-packed line-up of some of the world's leading audiovisual brands, including Harman Kardon, JBL, Infinity, Samsung, AKG, Becker and MAFCO; while ‘Projects Division’, which has been a key driver of Harman ME’s growth during the previous financial year, deals with all AV systems integration and implementation for large projects such as hotels, cinemas and residential developments. Harman brands are known to power over 70 per cent of the world's recording studios, more than 75 per cent of cinemas worldwide built in the last 20 years, and are incorporated in premium cars such as BMW, Land Rover, Rolls Royce, Mercedes Benz, Lexus and Mini Cooper.
“As the region recovers from the recession, our focus is to further enhance our portfolio and add more value to our offerings to help us achieve the goals we have set for this year. Given the wide range of products on hand, our mission is to offer our customers a highly-defined, state-of-the-art sound and audio visual experience. We have full confidence that this current fiscal year will lead us to further growth, amidst excellent prospects driven by rising local demand and the proven quality of the brands we carry,’ concluded Malani.
With strong distribution ties with all major retailers in the UAE, Harman ME deals with Harman Kardon and JBL products, which collectively account for 60 per cent market share among products priced at more than USD 500 in the UAE. The company offers a wide rage of products, including home theatres, multimedia systems, wired and wireless headphones, plasma and LCD TVs, car audio and navigation, among others, within its retail arm ‘harman house’. Further, the company’s flagship showroom in the Dubai Mall, which encompasses 16,000 sq. ft. and is the largest audio visual showroom in the mall, has contributed significantly to its growth.