AV gives headphones some Gangnam Style
Firm says R&D team will work with pop star Psy to design and develop its headphone collection
The Hong Kong-listed AV Concept has appointed the South Korean pop star Psy as the exclusive global brand ambassador for its headphone brand "Soul".
Psy, real name Park Jae-sang, has seen his "Gangnam Style" video garner more than 1.5 billion hits on YouTube globally.
AV, which sells, markets and distributes electronic products, said: "The company believes the world-sweeping popularity of Psy, his extraordinary talent and wisdom in music performance, as well as his forerunning sense of music trend, perfectly align with the style of the company's headphone brand, Soul, and other AV products.
"Soul's research and development team will co-operate with Psy to design and develop the headphone collection to shake up the global market, especially the enormous Greater China market," AV said.
AV's Soul brand was a collaboration with Grammy-winning artist Chris "Ludacris" Bridges, the company said.
In its 2012 annual report, it said: "Launching an innovative marketing campaign, the company has collaborated with musicians and athletes such as the Jamaican Olympic gold medallist Usain Bolt, Spanish international footballer Cesc Fabregas and NBA superstar Dwight Howard as the brand's ambassadors, to pave the way to new markets including the European Union, South Africa and India.
"Propelled by the celebrity spotlight, Soul has established its brand image and bolstered its global presence. The company is confident this product line will become a key revenue driver."
A report by Sunwah Kingsway said AV will generate HK$229 million from its headphone business this financial year. Soul headphones made their debut in January 2011. "At this stage, we do not expect the business to generate much profits, as the company is emphasising building the brand value of Soul," Sunwah Kingsway said.
In the six months ending September 30 last year, AV's sales of consumer electronic products rose 14.2 per cent to HK$157.2 million, mainly thanks to its Soul brand, the company said. However, the company's total revenue plunged 29.5 per cent to HK$1.32 billion during this period because of weakness in the US and European economies, although its net profit jumped 571 per cent to HK$16 million.