Shriro Group CEO Michael Binns shows the latest, high-tech H1 camera that was a major factor in the group’s decision to acquire Swedish brand Hasselblad

Shriro has been Hasselblad's distributor in key markets of the Asia-Pacific for 45 years. It has been especially strong in developing Japan, Hong Kong and the Chinese mainland as major outlets for the company, according to Hasselblad president and CEO Goran Bernhoff.

For its part, Shriro Group benefits "by acquiring a company in very good condition, with a new, world-leading product on its way to the market," says Shriro CEO Michael Binns.

"We have long experience in marketing strong brands and we see Hasselblad as a great opportunity to expand our operations," Mr Binns said. "This acquisition will mean significant synergies between our two companies, in particular in the field of distribution."

Shriro is a 90-year-old family business with distribution rights to several worldwide brands, including names like Pioneer, Ricola, Samsung, Casio, Epson, Head and Mitsubishi Forklift. It also owns a number of "action sports" brands within the Neil Pryde group, where Shriro has been the majority shareholder for 15 years.

Commenting on the importance of branding, Mr Binns said that while brand consciousness is endemic in Asia, "you cannot assume that a good brand will last forever".

"Brands have to be nurtured and grown, and if you are expecting consumers to pay a premium then you must deliver quality, service and above all confidence, at all times," he said. "We feel we are capable of doing this with the complete range of Hasselblad products, and in particular its new, state-of-the-art medium format camera system that is soon to be released. And having been their distributors for so many years in Asia, we feel we know them very well."

Shriro Group's headquarters has been in Hong Kong since the late 1940s - four decades after it was set up in northern China by the grandfather of present chairman, Mark Shriro. Today, it has over 3,000 employees in 13 countries and regions, and an annual sales turnover of HK$2.7 billion (US$350 million).

"We continue to be attracted by Hong Kong's rule of law, low and simple taxes, good communications and infrastructure," Mr Binns said. "It is also geographically in the middle of the region where most of our business is done.

"These are all very important elements of Hong Kong's "brand" and it's essential they are kept intact."

Related links:
Shriro Group www.shriro.com
Hassleblad www.hasselblad.se
Neil Pryde www.neilpryde.com