STAFA, SWITZERLAND – Sonova Holding AG announced that it has successfully completed the acquisition of the HYSOUND Group, first announced on August 19, 2022. As one of the leading nationwide chains of audiological care clinics in China, with around 200 clinics in over 20 provinces and more than 70 cities, the HYSOUND Group will significantly enlarge Sonova’s store footprint and direct consumer access in this fast-growing market.
With the latest move, Sonova joins rival Demant in significantly expanding its retail presence in the country. In June, Demant announced the acquisition of ShangWeng, a leading retail chain in the country with approximately 500 clinics across China.
According to the company’s news release, key highlights include:
- The HYSOUND Group’s nationwide organization and successful retail business model provides a strong platform for Sonova’s further expansion in China.
- The HYSOUND Group’s strengths are a good strategic fit with Sonova’s industry leading digital consumer engagement capabilities in China, which include strong partnerships and a large number of online followers and direct consumer interactions.
- In calendar year 2021, the HYSOUND Group generated a net revenue of approximately RMB 230 million (approximately ~$33M USD).
“I would like to extend a warm welcome to the new colleagues who are joining us from the HYSOUND Group,” said Arnd Kaldowski, CEO of Sonova. “Increasing consumer access through our Audiological Care business is one of the key pillars of Sonova’s strategy. We look forward to combining the complementary strengths of Sonova and the HYSOUND Group to expand our consumer access in the fast-growing market in China together.”
William YingWei Wang, founder & CEO of the HYSOUND Group, adds: “We are confident of the fast growth of China’s hearing healthcare market. With the support and strength of the Sonova Group, we look forward to offering further high-quality products and professional services to new and existing consumers of the HYSOUND Group.”
Source: Sonova
