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Since March 2022, the consumer division of headphone manufacturer Sennheiser has been owned by Swiss hearing aid group Sonova. In fact, Phonak is known for its hearing aids.
But now the group wants to build a new fourth pillar. In doing so, Sonova wants to capitalize on the high profile of the Sennheiser brand. The takeover cost Sonova 200 million euros.
Martin Grieder, head of the new group division, said in an interview with the AWP news agency that primarily through organic growth, the aim is to open entirely new client groups for the group. He stressed that the Sennheiser Consumer Division integration, completed in March 2022, is making good progress.
“We even managed to successfully launch a few new products that allowed us to gain market share.” At the factory in Ireland, Sonova has already increased productivity and initiated a cultural shift.
Grieder said Sennheiser is a good fit with Sonova because the products on the market are so complementary. With the takeover, Sonova could also enter what’s known as a “situational trial.”
This emerging market consists of customers who do not yet have a classic hearing loss. “We now have special products for anyone who still hears well but has trouble following a conversation, for example, in a noisy restaurant.”
With this step, Sonova is by no means exhausting itself with the famous Phonak hearing aids: “People diagnosed with hearing loss now wait an average of seven years to purchase a hearing aid. And now we want to address exactly this customer group,” said Grieder.
The executive also did not rule out whether the company would soon be launching so-called OTC (over-the-counter) hearing aids under the Sennheiser brand. “With the new Consumer Hearing division and the Sennheiser brand, if Sonova sees this as an attractive business, we have an opportunity to enter the OTC market,” he said.
When it comes to future growth, the head of the Sennheiser Consumer Division wants to do it organically first and foremost. “Of course, we do not rule out that one or the other may be interesting in the medium and long-term future. But we’re talking more about small purchases.”
Otherwise, they want to put purchasing on the right track, move forward with integration, and increase profitability year after year. “In particular, we’re aiming for a double-digit EBITA margin, which is currently in the single-digit range, as we’ve communicated before.”
When it comes to supply chains, Sonova experienced bottlenecks in this department until mid-2022. «Chips were sometimes not available. Fortunately, this is now resolved and we no longer have any delivery issues,” Grieder said.
However, due to inflation, prices had to be increased or will be increased from April 1, 2023. Meanwhile, in the first half of 2022/23, the consumer hearing business with Sennheiser headphones generated 133.0 million sales.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
