HMV Ideal Ltd. (HMVideal), a unit of Crosby Capital (8088.HK), remains bullish about HMV’s financial performance, saying the music and video retailer has a 100,000-strong Hong Kong client base willing to buy CD and DVDs despite the trend toward online music.
There is strong demand for high-quality products such as high-definition videos and gramophone records in Hong Kong, Crosby Capital chief executive Kelvin Wu told a media tour Friday.
He said Crosby’s fashion brand VISS and media business VS Media Co. enjoy synergy with HMVideal.
Ivy Wong, chief executive of HMVideal, said indie bands are welcome to perform in the outdoor venue of its new store.
In December, Crosby Capital acquired a 60 percent stake in HMV New Entertainment & Lifestyle Ltd. for HK$46.8 million.
It also agreed to subscribe to 1,000 shares of the company for HK$10 million, boosting its stake in the unit to 64.54 percent.
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