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HomeINDUSTRY INSIGHTVodafone NZ takes full ownership of their retail stores

Vodafone NZ takes full ownership of their retail stores

Vodafone

Vodafone has purchased the remaining 50 percent stake in its New Zealand retail stores from joint venture partner Milllenium Corporation.

The purchase marks that Vodafone New Zealand will take full ownership of the retail side of the company.

This comes after a 26-year-long partnership with Millennium Corporation.

In 2019, they previously increased their shareholding from 25 percent to 50, creating the joint venture governed by three directors from each company.

The stake, purchased for an undisclosed amount, will see 52 of Vodafone’s retail stores across the country sold to Infratil and their Canadian partners Brookfield’s Asset Management who own Vodafone New Zealand.

Read more: Vodafone NZ sold to private investors for $3.5 billion.

“The partnership was always set up with a view that at some point in the future, as our customer care and omnichannel strategy evolved, Vodafone may bring it back in house,” says Jason Paris, Vofafone New Zealand Chief Executive.

Both companies will continue to work together in partnership in areas including value-added supply chain to retail, enterprise and online.

Vodafone Millennium Corp
Ajay Sharma, Director Millennium Corporation and Vodafone NZ CEO Jason Paris

Paris says that the joint venture first came about to “bolster our retail capabilities and provide customer excellence when we did not have in-house capability to do so”.

He adds that the partnership was a “huge success”, with Millennium Corporation helping build the retail capabilities of the company.

“While Vodafone takes the next step in its retail journey, we will be focusing on upweighting our activity in the private equity space, including a suite of new growth opportunities with our portfolio companies, that combine our connected digital technology, branded retail and supply chain, logistics and transport services,” says Ajay Sharma, Millennium Corp and Vodafone Joint Venture Director

After a six-month transition, the company will take full ownership of their retail stores.

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Bernadette is a content writer across SCG Business titles, The Register and Idealog. To get in touch with her, email bernadette.basagre@scg.net.nz