The Australian and New Zealand operations of high-end Danish audio equipment and television maker Bang & Olufsen have been acquired by Emerald Group Investments, which operates the LK Boutique luxury watch and jewellery outlets in Melbourne and Sydney and is aiming to capitalise on strong growth in the luxury market in Australia.
Bang & Olufsen has nine retail stores in Australia and one in New Zealand and the local business has been sold by the Danish parent as it undergoes heavy restructuring on a global scale.
Emerald Group Investments chief executive officer James Kennedy said on Tuesday the luxury end of the market in retail in Australia was growing strongly as confidence accelerated among high net-worth individuals, while the middle-market was being squeezed.
(Source: The Sydney Morning Herald Online )
