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Jian-Guo Wang: impetuous to the crisis-ridden domestic home appliance chain – Five Star, Best Buy, Wang Jianguo – HC network appliance industry-hc360

Best Buy, five-star joint venture a year later, Best Buy vice president of China, Wang Jianguo, chairman of the five-star appliances exclusive interview with our correspondents, secret then “file”, but also a warning to domestic enterprises.

A year ago, much attention of the world’s largest home appliance chain Best Buy (BestBuy), and the fourth largest domestic home appliance chain Five Star “flash marriage”: buy 51% stake in Five Star. Concerning this “marriage” is not merely in the domestic home appliance chain one more opponent, but also because the market rules of the game this reconstruction.

Joint year, Five Star, Chairman and Chief Executive Wang Jianguo hardly received any media interviews of cooperation for both sides, outsiders still can not understand. June 26, Best Buy vice president of China, Wang Jianguo, chairman of Five Star received an exclusive interview with correspondents, to decrypt the “old file”, but also put forward advice on domestic enterprises.

Why Five Star?

005 in October, Jiangsu Yurun another private enterprises listed in Hong Kong, as chairman Zhu Yicai Yurun friends, Wang Jianguo attended the Yurun listing ceremony in Hong Kong. When a reporter asked Wang Jianguo star listed in Hong Kong, Wang laughed off the question. “It was still wavering, Five Star in the end is to the local market, or the introduction of strategic investors.” Jian-Guo Wang “China Economic Weekly” (domestic Youfadaihao 2-977) that everything depends on the future development of enterprises . “Bottleneck is always in the top of the bottle, the Chinese home appliance chain industry, the core competitiveness is not a capital market will bring in cash flow, but not to Best Buy with 40 years of management experience. This is not to get money to buy the It just may be the future development of enterprises what they need. “Jian-Guo Wang told the” China Economic Weekly “(domestic Youfadaihao 2-977).

Last April 29, five-star to get the Ministry of Commerce, Best Buy and five-star joint venture approval, Five Star’s management by the previous holding into Best Buy Holding. “Both sides in contact with for several years, but the real negotiations is a matter between a few months, talk about fast! They saw the five-star all the data, we are very understanding.” Wang Jianguo said. It is reported that during the negotiations, Best Buy employs world-class accounting firms, law firms and other intermediary agencies to conduct a rigorous five-star all-round investigation. Last year, 10 days around the Spring Festival, the two sides have been negotiating continuously in Shanghai, to the final finishing of the material how much one person.

How fancy five-star Best Buy What? Wang Jianguo said that China’s home appliance chain, the star is not the largest, but perhaps the five-star is the “most appropriate”, the so-called right, first, the two sides in contact were found, both sides have similar corporate culture, but also in practical the same style is also amazing; second is a five-star Chinese and the Chinese home appliance market; In addition, the five-star sound financial condition and growth is the best home appliance chain enterprises.

“Doing well this year”

“I am very satisfied with the cooperation of both parties a year, Best Buy has great respect for the five-star, good communication between the two sides.” Wang Jianguo said that cooperation over the past year, Best Buy did not send a person into the five-star work, “although progress foreigners entering and leaving out a lot, but they are to help our work. apart from me, the board members also include AlLenzmeier (Best Buy vice chairman), BobWillett (Department of Best Buy International CEO), Lv Weimin (Best Buy Group International senior vice president, chairman and general manager of China), they are all top-level circulation figures. ”

The process of growth are in trouble. The same year, the five-star and Best Buy also had some of the details of the differences, mainly because of cultural differences, regional differences result.

“Joint venture, the star of the procurement system into Best Buy’s global sourcing system, five-star can get Nokia, Motorola and other global suppliers in China, a strong minimum entry prices of goods; In addition, Best Buy’s management experience are all open to the five-star, five-star can eat buffet so as selectively to use.

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