INDIANAPOLIS (June 12, 2003) - Best Buy, the nation's leading retailer of technology and entertainment products and services, and Klipsch Audio Technologies, maker of the nation's number one specialty loudspeaker brand, reported today that high-performance Klipsch Synergy Series loudspeakers and home theater systems have begun shipping to all of Best Buy's stores across the United States.
According to executives for both companies, the new retail relationship brings premium quality audio to the thousands of home entertainment possibilities Best Buy offers consumers.
Klipsch, which currently controls 9.2 percent of the total U.S. home loudspeaker market and 17.7 percent of the audio/video specialty market (SOURCE: NPD Techworld), is one of America's oldest speaker brands and is known primarily within traditional "audiophile" or serious audio enthusiast circles.
Fred Klipsch, chairman and owner of Klipsch Audio Technologies, explained that this is the first time the Klipsch home loudspeaker brand has ever been available outside of the company's core business of distributing to independent, boutique-style retailers. He said consumer shopping habits have changed over the last few years and having a solid presence with the Synergy Series at Best Buy stores nationwide will help to continue the 20 percent annual growth Klipsch has experienced since the turn of the century.
"Klipsch Synergy Series loudspeakers deliver the power, detail, and emotion that consumers would expect from a premium brand," Klipsch said. "We believe Best Buy is an excellent retailer who will expose new customers to the Klipsch sound experience and increase future demand for high-quality, premium audio products."
John Maskel, audio business team leader at Best Buy, said early Synergy Series sales at about 400 Best Buy stores are very promising, considering neither Klipsch or nor Best Buy has started promoting the availability of the loudspeakers. Starting June 15, however, Klipsch will be part of a national television commercial and will appear on the cover of the Best Buy advertising circular, which reaches 140 million households in the U.S.
"Best Buy is committed to bringing customers complete solutions to their audio and video needs," said Maskel. "The addition of the Klipsch line to our product mix demonstrates this commitment. It increases the variety of solutions we can offer customers who are looking for top quality systems for their home theaters."
About Best Buy Stores:
Best Buy Stores, owned and operated by Minneapolis-based Best Buy Co., Inc. (NYSE:BBY), is the nation's leading specialty retailer of technology and entertainment products and services. Best Buy was founded in St. Paul, Minn. in 1966. Best Buy Stores reach an estimated 300 million consumers per year through more than 550 retail stores in 48 states and online at BestBuy.com. For more information about Best Buy, visit the virtual pressroom at http://onlinepressroom.net/bestbuy.