This week, GN Hearing signed a strategic partnership agreement with EarWay, a new Chinese retail chain composed of four leading hearing aid dispensers, who will be our partner in establishing our Beltone business in China. EarWay has an extensive network of over 110 shops spread over the four Chinese provinces of Sichuan, Shandong, Jiangsu and Guangdong.
To officially seal the deal, the four founding shareholders of EarWay visited GN’s headquarters at Ballerup to sign the agreement, together with CEO Anders Hedegaard, CFO Marcus Desimoni, SVP, International Sales Bjørn Strømboe Petersen and Tony Zhao, GN Hearing’s General Manager in China.
Big potential in high-growth market
Commenting on the deal, Anders Hedegaard said, “We are very excited about partnering with EarWay. This is the most significant step we have ever taken in the Chinese market, which has a huge and highly attractive potential for us. Over the past six months, we have built a very competent team in China under the management of Tony Zhao, and we are well set to develop a strong and mutually beneficial collaborative relationship with our new partner.”
Speaking on behalf of EarWay, President Wang Xiaogang referred to the good timing of the agreement, saying, “The Chinese market for hearing aids is growing very fast currently, and we have a great opportunity to tap into this favorable development with our agreement now in place. In China, we all know the Danish fairy tale author Hans Christian Andersen, and we believe this will be the first step in our own Danish fairy tale.”
Over the past two years, GN Hearing has been leading the growth in China, which is one of the fastest growing markets in the world with double-digit growth rates every year. General Manager Tony Zhao comments on the new agreement, “EarWay is the most professional retail chain within hearing aids today in China with a very strong management team and good quality service team. We share the same vision of further developing the Chinese market with ultimately life-affirming end-user experiences. Their choice of GN as their strategic partner shows their high recognition and confidence in our innovation, execution and team. The signing of this agreement also represents a big leap towards our strategic goal.”
Lars Otto Andersen-Lange
Group Media Relations Manager
Tel: +45 24 84 87 82
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