German TV manufacturer Loewe continues to exist now that a group of investors, made up of German family entrepreneurs and ex-managers of Apple and Bang & Olufsen, have bought the group. Loewe will focus more on smart home entertainment and digital lifestyle products.
Loewe does not come out of the sale completely unscathed: 120 of the 550 employees in Germany lose their jobs and the company is delisted. In addition, the head office will be moved from Kronach to Munich. The development departments in Kronach and Hanover will continue to exist.
Loewe, which originated in 1923, will focus more on smart home entertainment and digital lifestyle products in addition to its TVs, without going into details about product categories. The buyers had united in the organization Panthera GmbH. The new owners want Loewe to appeal to a younger audience that has an eye for design and an affinity for technology. The strategic partnership with the Chinese technology supplier Hisense will also be strengthened. Panthera will announce more about the future plans next Monday.
An acquisition price has not been disclosed. Loewe was forced to file for bankruptcy last October.