We learned on Friday that Samsung is set to bring in record profits this quarter, but that analysts do not believe smartphone-driven profit growth will be sustainable in the coming years. In order to counteract increasing market saturation, Samsung might be looking into buying a stake in Best Buy, one of the largest electronics retailers in the United States. Speaking with The Korea Times, Samsung vice chairman Lee Jae-yong said that he “recently met with senior executives at Best Buy and discussed pending business issues.”
This discussion came shortly after reports began circulating that Samsung would be looking to acquire a piece of the struggling retailer. Samsung has already partnered with Best Buy to open “Samsung Experience Shops” that have been rolling out in Best Buy stores all around the country. HMC Securities analyst Kim Young-woo believes that Samsung’s decision to increase the subsidies it pays to Best Buy is “a strategic move to help the retailer and also increase the exposure of its products.”
UPDATE: Representatives from Samsung and Best Buy got in touch with BGR via email to offer the following statement:
“In the past few days, there have been reports that ‘Samsung is considering to acquire stakes in Best Buy’. Please take note that these rumors are not true. There have been no talks whatsoever regarding stock acquisition of either company.”
