Following reports in June that German luxury TV manufacturer, Loewe had gone bankrupt and closed down, it is now being reported that the company has been taken over by Skytec Group Ltd.
The new parent company intends to turn the manufacturer into a global TV brand with big plans for this decade.
It has already been announced that a new smartphone will be launched at Mobile World Congress next month, as well as a new range of TVs and audio solutions being unveiled at IFA 2020 later this year.
Vladislav Khabliev, CEO of Skytec said: “We are thrilled to write a new chapter in the success of Loewe and to expand the brand internationally in premium segments for sophisticated consumer electronics.
“Loewe is the go-to brand for consumers valuing independent style and iconic, timeless design. We will further develop this approach with luxury designer labels and premium automotive brands.
“Synergy with history and future is essential. Loewe has successfully reintroduced traditional materials to their products which meld seamlessly with state-of-the-art technology.”
Khabliev continued: “Loewe becomes part of our DNA as it joins the family business. We have a long-term commitment, dedicated strategic teams and expert resources. Smart investments, international sustainability partners and decades of combined experience will ensure success.
“Our plans are fierce and enthusiastic. We look forward to this defying task with great enthusiasm and excitement.”