Mitre 10 New Zealand Secures Brand Ownership
Mitre 10 New Zealand Secures Brand Ownership and Enters Strong Growth Phase
Mitre 10 (New Zealand) Limited is about to enter a new phase of its development, with the acquisition of full ownership of its brand names, the appointment of a new chief executive and aggressive plans for growth.
The organisation announced today it had acquired full ownership of the Mitre 10 brands for New Zealand. This action followed the sale of 50.1% of Mitre 10 Australia to Metcash Trading Limited. Metcash have an option to acquire the remaining 49.9% by 2013.
Started in New Zealand in 1974, Mitre 10 New Zealand is a completely separate company from Mitre 10 Australia and, as a co-operative, is wholly owned and operated by Kiwi families. It is substantially larger than its nearest competitor, with a total of 110 stores nationwide, 3,500 staff and sales approaching $1 billion a year.
Mitre 10 NZ previously used the name under registered user agreement from brand owner, Mitre 10 Limited which, following the Australian deal, no longer exists.
The Chairman of the Mitre 10 New Zealand Board, Martin Dippie, who was closely involved in the negotiations with Mitre 10 Limited, said: “We’re very pleased to now have full ownership of the Mitre 10 brands for New Zealand. This will ensure Mitre 10 New Zealand remains in control of its own destiny now and in the future.”
Dippie also announced the appointment of John Hartmann as the co-op’s new chief executive. “John is a former COO of HD Supply, a leading American wholesale distribution company, and prior to that worked for Home Depot – the world’s largest home improvement retailer.
“His expertise will be invaluable in leading Mitre 10 New Zealand as we enter our next major growth phase. We are very proud of our past successes but know we have to consistently innovate to remain as New Zealand’s No. 1 home improvement retailer.”
He said the co-op’s expansion plans included a major roll-out of new Mitre 10 Mega stores across the country.
“Mitre 10 Mega was launched here in New Zealand in 2004 and has been phenomenally successful. Our 23rd Mega will open before Christmas in Mount Wellington in Auckland, and we expect to have at least another 10 open by the end of 2011.”
The Mitre 10 brand has become a New Zealand icon over the past 36 years and, last year, won the title of the Readers Digest Most Trusted Retail Brand in the country.