JB Hi-Fi

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

JB Hi-Fi Limited
TypePublic
ASXJBH
IndustryRetail
FoundedKeilor East, Victoria, Australia (1974; 47 years ago)
FounderJohn Barbuto
HeadquartersMelbourne, Victoria, Australia
Number of locations
303
Key people
Products
RevenueIncreaseA$7.918 billion (2020)
IncreaseA$483.2 million (2020)
IncreaseA$302.3 million (2020)
Total assetsIncreaseA$1.106 billion (2020)
SubsidiariesThe Good Guys
Websitewww.jbhifi.com.au Edit this at Wikidata

JB Hi-Fi Limited is a publicly-listed Australian retailer that sells and specialises in consumer goods. JB Hi-Fi has locations in Australia and New Zealand. The company (which is publicly listed on the ASX) is based in Melbourne, Victoria, with its headquarters located in Southbank.

History[edit]

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

JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974.[1] 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.[2]

As of August 2018, JB Hi-Fi is ranked as the equal 7th largest consumer electronics and home appliance retailer in the world.[3]

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 electronics retailer the Good Guys, was announced as Murray's replacement on the same day.[4]

Store formats[edit]

JB Hi-Fi stores are media, electronics and small appliances stores, which is the largest store format by store numbers.

JB Hi-Fi Games Superstore outlets only sell video game related products, including PlayStation, Xbox, Nintendo, and PC gaming.

JB Hi-Fi Music SuperStore outlets sell music related products, including CD's, vinyl records, and music DVD's.

JB Hi-Fi DVD Superstore outlets sell DVD and Blu-Ray products.

JB Hi-Fi Home stores are similar to JB Hi-Fi stores, selling electronics and small appliances. Although JB Hi-Fi Home stores are larger than traditional stores and sell large appliances. The concept was first tried in late 2012, with some existing stores being converted to JB Hi-Fi Home stores.

JB Hi-Fi Express stores is a concept store launched in October 2019, as a smaller version of the traditional JB Hi-Fi store, with a focus on mobile products, and less focus on appliances, computers or televisions. The first store opened in Southbank, Victoria.

Acquisitions[edit]

In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.[2]

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).[5] JB Hi-Fi later established stores under their own JB Hi-Fi brand, and closed all Hill and Stewart stores in 2010.[6]

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%.[7]

Controversies[edit]

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 apologizing to the family.[8]

References[edit]

  1. ^ "About us". JB Hi-Fi. Retrieved 14 August 2017.
  2. ^ a b "About Us". JB Hi-Fi. 2002. Archived from the original on 16 February 2007. Retrieved 16 February 2007.
  3. ^ "How JB Hi-Fi moves up global retail ladder". Appliance Retailer. 20 August 2018. Retrieved 25 August 2018.
  4. ^ 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.
  5. ^ "JB Hi-Fi buys NZ chain for $15m". The Sydney Morning Herald. 12 December 2006. Retrieved 7 July 2017.
  6. ^ "JB boss discusses Hill and Stewart closures in New Zealand". Appliance Retailer. 12 January 2010. Retrieved 9 July 2019.
  7. ^ "JB Hi-Fi announces Good Guys takeover worth $870m". ABC News. 13 September 2016. Retrieved 9 July 2019.
  8. ^ "JB Hi-Fi sorry for refusing man with Down syndrome entry into Brisbane store". ABC News. 22 September 2015. Retrieved 9 July 2019.

External links[edit]