Logo of United Electronics Co. (eXtra)
United Electronics Co. (eXtra) signed today, Dec. 5, a ten-year commercial alliance agreement with Panda Retail Co. (Panda), whereby eXtra will manage the electronics and home appliances department in Panda stores, under the brand name "Clix".
The financial impact of this partnership is expected to start showing in the first quarter of 2024, the home appliance retailer said in a statement to Tadawul.
The two parties seek to build strategic cooperation over the medium and long terms, supported by eXtra's vast experience in leading the consumer electronics sector. This is in addition to Panda’s sizeable regional foothold — being the largest retail chain in Saudi Arabia — and its wide customer base, which will help offer an unparalleled shopping experience for clients of both companies in the Kingdom.
This cooperation comes to strengthen eXtra’s strategy to tap a wider customer base Kingdom-wide, the statement added.
Last January, eXtra reached a strategic agreement with Panda to manage the latter’s electronic and home appliance unit, Argaam earlier reported.
Savola Group owns 98.87% of Panda.
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