Sonova is expanding in China. The hearing solutions specialist has agreed to acquire the Chinese chain of audiological care clinics Hysound. Hysound has around 200 clinics in more than 20 provinces and 70 cities. In 2021, the group generated net revenue of approximately 32 million Swiss francs, which represents double-digit sales growth, according to a company statement.
“China is by far the largest high-growth market globally, which is particularly attractive due to their aging population,” commented Sonova CEO Arnd Kaldowski. “We project that the rapid growth of their middle class will strongly increase today’s very low hearing instrument penetration in the next five to 10 years.” He continued that the Hysound Group, with its rapidly growing traditional retail business, represents the perfect platform to further accelerate Sonova’s participation in China’s audiological care segment.
William YinWei Wang, founder and CEO of Hysound, said that his company would be able to leverage Sonova’s capabilities in omni-channel consumer engagement. He added that Hysound was “particularly attracted” by Sonova’s combination of digital engagement with brick-and-mortar clinics.
The transaction is expected to close in the second half of FY2022/23, subject to regulatory approval.
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