Loewe is reborn

We are pleased to hear that the bidding war for Loewe is finally over. After several offers the final winner is German investment firm Stargate Capital. Loewe can again move forward developing products with innovative technology and eye-catching designs. Tens of millions of dollars will be invested in new products, many of which will be shown at the upcoming IFA electronics show in Berlin in September.

The timing of this announcement could not have been better for this iconic TV brand as it has coincided with the Australian release of Loewe’s new Art Series TVs. The interest in this new range has been overwhelmingly positive, to the extent that many of the models in the first shipment have already sold out. But more are on their way.

The official press release from Loewe AG:

"Television manufacturer Loewe has been given a new lease of life: the sale and purchase agreement signed on March 21 came into effect today as the deal was completed. Loewe's Executive Board, the Investor Stargate Capital GmbH and the consortium of banks led by Deutsche Bank all fulfilled the conditions set out in the agreement: "Loewe can now focus firmly on the future again," said Matthias Harsch, CEO of Loewe AG. "With our new investor and our strategic technology partners we have put all the right pieces in place to do this."

Loewe will unveil its new premium brands concept at this year's IFA in early September in Berlin. The technological basis for this has already been developed and is heralding a fundamental realignment of Loewe's business model. "In Berlin, Loewe will be exhibiting for the first time as a provider of high-end home entertainment systems rather than as a pure-play TV manufacturer," said Harsch.

"Innovative technology, eye-catching design and exclusive, individual products will continue to be the hallmarks of the premium Loewe brand. We will work with the company to revive these strengths and we remain committed to the Kronach site," stressed Mark Hüsges, one of the managing directors of Stargate Capital. "I firmly believe that with our huge experience and Loewe's extended international partner network, we will be able to achieve great things in the premium segment of the consumer electronics market." The coming years will see investment totaling tens of millions of euros.

"The business operations of Loewe will be taken over by the newly founded company Loewe Technologies GmbH with retroactive effect from April 1, 2014. "This new company has a solid capital base and a sustainable business model; the turnaround of Loewe is now complete," said Loewe's CFO and head of the restructuring process Rolf Rickmeyer. "Thanks to the unwavering commitment of the investor, the constructive support of the banking consortium led by Deutsche Bank, the hard work put in by our employees, by the town of Kronach and by the temporary administrators, the Loewe restructuring plan has finally come to a successful conclusion."

presse@loewe.de