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JB Hi-Fi

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JB Hi-Fi
Company typePublic
IndustryRetail
FoundedKeilor East, Victoria, Australia (1974; 50 years ago)
FounderJohn Barbuto
HeadquartersSouthbank, Victoria, Australia
Number of locations
316
Key people
Products
RevenueIncreaseA$8.92 billion (2021)
IncreaseA$743.1 million (2021)
IncreaseA$506.1 million (2021)
Total assetsIncreaseA$1.106 billion (2020)
SubsidiariesThe Good Guys
Websitejbhifi.com.au Edit this at Wikidata

JB Hi-Fi Limited is an Australian consumer electronics and home appliances retail company. It is publicly listed on the Australian Securities Exchange. Its headquarters are located in Southbank, Melbourne, Victoria.[1]

The company has 316 stores across both countries, including 197 JB Hi-Fi and JB Hi-Fi Home stores in Australia, 105 Good Guys stores in Australia and 14 JB Hi-Fi stores in New Zealand.[1]

History

A JB Hi-Fi store at Stockland Rockhampton Shopping Centre, in Rockhampton, Queensland

1974–1999

JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto (JB) in 1974.[2] Barbuto sold the business in 1983 to Richard Bouris, David Rodd and Peter Caserta, who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity. It was subsequently floated on the ASX in October 2003.[3]

2000–2009

In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.[3]

On 13 December 2006, JB Hi-Fi acquired the Hill and Stewart chain of 11 electronics stores selling and operating in New Zealand for NZ$17.5 million (A$15.3 million).[4] JB Hi-Fi later established stores under their own JB Hi-Fi brand in 2007, and closed all Hill and Stewart stores in 2010.[5][6]

2010–2019

In 2010, there were 10 JB Hi-Fi in New Zealand. In 2011, there were 13.[7]

On 22 September 2015, a man with Down Syndrome was refused entry into a JB Hi-Fi store in Brisbane, Australia, after being confused for another person who had been banned from the store. The resulting media attention resulted in CEO Richard Murray publicly apologising to the family.[8]

On 13 September 2016, JB Hi-Fi announced its acquisition of The Good Guys, for $870 million, the acquisition resulted in JB Hi-Fi group enlarging its share of the Australian home appliances retail market to 29% and growing its share of the consumer electronics retail market to 24%.[9]

In August 2018, JB Hi-Fi was ranked as the equal 7th largest consumer electronics and home appliance retailer in the world.[10]

2020–present

On 28 April 2021, it was announced that Richard Murray, JB Hi-Fi's CEO of seven years, would be leaving his role at the end of August to work alongside trader Solomon Lew at the latter's company Premier Investments. Terry Smart, the head of The Good Guys, was announced as Murray's replacement on the same day.[11]

References

  1. ^ a b "Annual Report 2021" (PDF). JB Hi-Fi. JB Hi-Fi. Retrieved 28 March 2022.
  2. ^ "About us". JB Hi-Fi. Retrieved 14 August 2017.{{cite web}}: CS1 maint: url-status (link)
  3. ^ a b "About Us". JB Hi-Fi. 2002. Archived from the original on 16 February 2007. Retrieved 16 February 2007.
  4. ^ "JB Hi-Fi buys NZ chain for $15m". The Sydney Morning Herald. 12 December 2006. Retrieved 7 July 2017.
  5. ^ "JB boss discusses Hill and Stewart closures in New Zealand". Appliance Retailer. 12 January 2010. Retrieved 9 July 2019.{{cite web}}: CS1 maint: url-status (link)
  6. ^ Slade, Maria (14 January 2010). "Closing time for Hill and Stewart after 60 years". APN News & Media. New Zealand Herald.
  7. ^ Newton, Gary (9 August 2010). "JB Hi-Fi reports loss in NZ but continues to expand". Allied Press. Otago Daily Times.
  8. ^ "JB Hi-Fi sorry for refusing man with Down syndrome entry into Brisbane store". ABC News. 22 September 2015.
  9. ^ "JB Hi-Fi announces Good Guys takeover worth $870m". ABC News. 13 September 2016. Retrieved 9 July 2019.{{cite web}}: CS1 maint: url-status (link)
  10. ^ "How JB Hi-Fi moves up global retail ladder". Appliance Retailer. 20 August 2018. Retrieved 25 August 2018.{{cite web}}: CS1 maint: url-status (link)
  11. ^ Powell, Dominic (28 April 2021). "JB Hi-Fi boss to lead Solomon Lew's Premier Investments". The Sydney Morning Herald. Archived from the original on 28 April 2021. Retrieved 28 April 2021.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=JB_Hi-Fi&oldid=1113589513"