Pioneer Corp. said Thursday it has reached an agreement to form a "strategic" alliance with major Chinese home electronics retailer Suning Appliance Co. to boost sales through the Chinese company's extensive marketing networks in the fast-growing country.
Pioneer hopes annual sales of its audiovisual products in China will exceed ¥10 billion in three years as it relies on the business knowhow of the Nanjing-based company.
Under the new contract, Pioneer will also grant Suning a license to use the Pioneer brand for the sale in China of flat-screen TVs that the two partners will codevelop.
Suning runs some 900 stores in major Chinese cities, according to Pioneer.