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Vestel

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Vestel Elektronik Sanayi Ve Ticaret A.Ş.
Company typeAnonim Şirket
BİST: VESTL
IndustryConsumer Electronics, Home Appliances, Information Technology
Founded1984
HeadquartersManisa, Turkey
Area served
Europe, Middle East, Central Asia
Key people
Ahmet Nazif Zorlu (Chairman)
Ergun Guler (CEO)
ProductsTelevisions, major appliances, digital signage displays, smartphones
RevenueIncrease US$3.90 billion (2023)[1]
Increase US$265 million (2023)
Increase US$80 million (2023)
Total assetsIncrease US$4.36 billion (2023)
Total equityIncrease US$1.42 billion (2023)
Number of employees
20,438
ParentZorlu Holding
Website[1]

Vestel is a Turkish home and professional appliances manufacturing company consisting of 18 companies specialised in electronics,[2] major appliances and information technology. Vestel's headquarters and production plant are located in Manisa, while since 1994 the company's parent conglomerate is the Istanbul based Zorlu Holding.[3]

Vestel, together with its subsidiary brands has a significant share in the European market of consumer electronics and home appliances, in particular TV sets.[4] As of 2006, Vestel was the largest TV producer in Europe with more than 8 million units sold, accounting for a quarter of the European market.[4] Vestel also has a subsidiary brand Vestfrost, used for white goods, and Luxor, used for televisions, sold in the Nordic countries. In 2014, Vestel entered the smartphone market.[5]

Most TVs produced by Vestel are sold under licensed brand names such as Toshiba,[6] Hitachi, Polaroid, JVC, Bush, Alba, Finlux and many own brand labels.

History

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Vestel, IFA 2018, Berlin

Vestel was founded in 1984 and acquired by Zorlu Group in 1994.[7]

See also

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References

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  1. ^ "Annual Report 2023" (PDF). www.vestelyatirimciiliskileri.com.
  2. ^ "Vestel founds e-mobility division and announces MCS charger". electrive.com. Retrieved 2024-11-04.
  3. ^ "History | Zorlu". www.zorlu.com.tr. Retrieved 2024-11-04.
  4. ^ a b Businessweek: "The Unknown TV Giant" Archived January 30, 2012, at the Wayback Machine
  5. ^ "Turkish company launches new model smartphone - Latest News". Hürriyet Daily News. 2015-11-17. Retrieved 2024-11-04.
  6. ^ "Vestel Ticaret signs brand license agreement with Toshiba Visual". Reuters. 1 September 2016. Retrieved 2024-11-04.
  7. ^ "Vestel Group Corporate Profile > About Us > Home > Vestel Investor Relations". www.vestelinvestorrelations.com. Retrieved 2024-09-19.
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