Category: Vestel

In the face of losses, falling sales and increased competition Vestel is having to restructure their business quite significantly to combat £2.6 billion of debts.

Turkish company Vestel has been downgraded by Fitch from a B+ to B- with a negative outlook, following a not-so-great 2024 for the company but the reasoning for this is interesting and, for us in the UK where Vestel make tons of stuff, surprising. 

Brace yourselves for yet more rebranded machines as Turkey’s Vestel Appliances has announced new investment works to establish a new washing machine and dryer factory in the Aegean province of Manisa for around 70 million euros.

Rumours are swirling over the future of the Sharp brand’s future after a report in the Japanese Nikkei newspaper indicated that that Sharp were looking to talk to Vestel about buying back the license.

We got a heads up this morning in a press release that Vestel have appointed a new managing director for the UK although we have no idea why the previous MD left the company.

One of Turkey’s leading producers of home appliances Vestel has shut down its plant in the Russian city of Alexandrov due to the economic crisis of its northern neighbor last year.

Some days ago we reported that Vestel had reached an agreement to use the Sharp brand under license in Europe, including appliances and it has now been revealed that Paul Molyneux who was appointed as the person set to run this.

Vestel White Goods reported a net loss of 1.7mn (£604K) in 4Q11 (4Q10: TRY 4.8mn loss, 3Q11: TRY 3.9mn profit), thus worse than the expectation of a TRY 9.7mn net profit and the consensus estimate of a TRY 7mn net profit.

Vestel has confirmed that the Servis brand to become available via the retail channel from early 2012 in the UK.

Hurriyet reports that Vestel, the Turkish appliance manufacturer, has bought four brands previously owned by the now defunct Antonio Merloni company of Italy. It seems that the Servis name may once again rise from the ashes.