Elevating the luxury tech market in Cyprus: the journey of Bang & Olufsen and Prestigio Plaza collaboration and future opportunities for their alliance in the region
In the context of the media campaign surrounding the opening of the new Prestigio Plaza store, Michael Huber, the General Manager of Prestigio Plaza, recently conducted an interview with Future Media, a global media platform. In this discussion, he shared insightful perspectives on the partnership between Bang & Olufsen and Prestigio Plaza. He highlighted how this collaboration is transforming the luxury tech market in Cyprus, redefining standards and setting new benchmarks. Below are the key takeaways from the interview.
- Timeline of collaboration.
Prestigio Plaza formed a partnership with Bang & Olufsen in Cyprus as part of ASBIS Group’s strategy to enhance luxury retail offerings. Officially launched in 2022, Prestigio Plaza serves as an Authorized Reseller and Installer, bringing Bang & Olufsen’s iconic products to the Cypriot market. This collaboration combines local expertise with the brand’s global reputation and has expanded to include luxury stores in Kazakhstan and South Africa, with plans for further international growth.
- Cyprus: a rising hub for tech luxury brands.
Cyprus is emerging as a compelling destination for luxury brands, particularly for those like Bang & Olufsen, who seek to capitalize on the island’s unique market dynamics. The local consumer landscape is discerning, characterized by an appreciation for quality and exclusivity that mirrors other established luxury markets. There is a notable surge in demand for bespoke, high-end home cinema and multi-room solutions, along with the seamless integration of advanced audio-visual technologies. To meet these evolving consumer needs, Bang & Olufsen together with Prestigio Plaza are committed to delivering turnkey installations complemented by exceptional customer service.
- Challenges of the luxury tech segment in Cyprus
The luxury tech sector in Cyprus faces unique challenges primarily due to its limited consumer base, necessitating a precision-driven marketing strategy to effectively target and engage the appropriate demographic. Furthermore, the intricacies involved in sourcing and logistics in this region can pose significant hurdles that are typically less pronounced in larger markets.
- Smart-home as the main trend in Cyprus
The future of smart homes is driven by seamless integration and a wide array of opportunities. Bang & Olufsen is poised to take the lead in this evolution by offering products that merge advanced technology with luxury design. Their solutions—including multi-room audio systems and home theater setups—enhance both functionality and aesthetics, ensuring they remain at the forefront of the smart home trend, particularly in the realm of sound.
Read the full interview in the Future Media