The “professional” business unit of audio equipment maker Bose has formally entered in the Philippines with local firm Versatech International as its official distribution partner in the country.
Regional executives of Bose Professional attended the formal announcement of the company’s partnership with Versatech at the latter’s showroom in Makati City.
“The Philippines market has for many years, been strategically important for Bose Professional. When considering the very impressive and consistent year on year GDP growth of over 6% per annum, our strategy is to grow our business rapidly by significantly expanding our local customer base,” said Christian Liebenberg of Bose Professional.
The total demand for loudspeakers in the Philippines in 2019 is estimated at 163,200 units, with the market forecast to grow at an average yearly rate of 20%.
As an ICT solution-based distribution and marketing company, Versatech has carried global brands for the tech market in the Philippines. It has a network of 2,000 resellers in the market.
“Versatech is proud to partner with Bose Professional. This partnership fits in line with our overarching direction to complete our company’s premier audio video distribution portfolio. Moreover, we have noticed a sizable market demand for enterprise audio and have the perfect blend of resources and capabilities for Bose to leverage in order to significantly improve its Philippine market share,” said Stephen Yu, executive vice president of Versatech.
Liebenberg added: “The current range of products within their portfolio compliments those from Bose Professional and therefore makes Versatech an obvious choice. As such, we look forward to many years of collaboration and successful business together.”