Royal Philips Electronics has announced that Philips will acquire US-based Digital Lifestyle Outfitters (DLO) subject to receipt of regulatory approval.
DLO designs, markets and distributes accessories, including docking stations, FM transmitters, cables and cases for mobile audio-visual devices such as MP3 and video players. The transaction is expected to close in the second quarter of 2007, upon which DLO will become part of the Peripherals & Accessories business unit of Philips’ Consumer Electronics division. No financial details on the transaction were disclosed.
Between 2003 and 2006, sales in Philips’ Peripherals & Accessories business unit more than doubled. According to Phillips, peripherals and accessories are among the fastest growing and higher-margin product categories in consumer electronics today, with retailers increasingly looking to offer these products as part of a complete consumer electronics portfolio to their customers. Within peripherals and accessories, Philips sees the mobility, audio and PC domains as strategic growth areas.
DLO realised sales of approximately $100m in 2006, mainly in the United States, and is expected – upon closing of the deal – to make a positive contribution to operating margins in Philips’ Peripherals & Accessories business unit. In mobility, the global market for accessories around MP3-players exceeded $4bn in 2006, and currently enjoys annual growth of more than 10%.
DLO is a privately held company and operates from Charleston, South Carolina and Raleigh/Durham, North Carolina. ‘By teaming up with Philips, DLO will be able to expand outside of the United States, capitalising on Philips’ global distribution network with key retailers,’ commented Jeff Grady, president and CEO of Digital Lifestyle Outfitters.
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