Hungarian owners buy out Steinhoff stake in Extreme Digital


The Hungarian owners of online consumer electronics retailer Extreme Digital have reacquired a 50.4% stake in the company from South Africaʼs Steinhoff International, Extreme Digital managing director Balázs Várkonyi said today.

Steinhoff International is currently embroiled in an accounting scandal, which affected Extreme Digital, even though it is not an integrated member of the group, Várkonyi said, as cited by national news agency MTI. Várkonyi declined to reveal the price of the acquisition, which has been cleared by the Competition Office (GVH).

The companyʼs finances are stable and growth could be in the double digits this year. Extreme Digital wants to continue its expansion abroad while seeking to preserve its market share domestically, Várkonyi added. Net revenue was HUF 35 billion last year, up from HUF 33.3 bln in 2016. Nearly half of the 2017 revenue came from purchases at brick and mortar stores.

Várkonyi founded Extreme Digital with Gyula Kelemen in 2001. Steinhoff International acquired a majority stake in the company in 2015. Extreme Digital has 16 stores in Hungary and is present in eight countries.


POPIHN Raises Forecast for Fuel Consumption Energy Trade

POPIHN Raises Forecast for Fuel Consumption

Hungarian Lawmakers Ratify Finland's NATO Accession Parliament

Hungarian Lawmakers Ratify Finland's NATO Accession

BKV Recruiting Intensively HR

BKV Recruiting Intensively

Sümeg Castle Reopens History

Sümeg Castle Reopens


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.