Steinway & Sons Makes Major Expansion in China

The Steinway & Sons company has found a lot of potential market in China making a bold move to accept take over from China Poly Group Corp, a State-owned conglomerate among other interested companies. The company which was established in 1853 by German immigrant Henry Engelhard Steinweg in Manhattan has found massive success in Europe and the USA selling numerous musical instruments while establishing themselves as the best piano maker i9n the world. The journey of transition to the Asian company has not come easy as the company has had to invest heavily in China since making its intentions in 2014.

Steinway & Sons Company which is controlled by the Paulson and Co, an affiliate company of hedge funds was purchased by John Paulson in 2013 for an approximate of $512. Since then, the company has made considerable efforts to penetrate the Chinese markets due to the potential which ultimately led to the recent deal with China Poly Group. The latest intentions were made clear after the company opened its Asian Headquarters in Shanghai after establishing their first outlet in Beijing.

For several years now, the company has engaged the endorsements of contemporary Chinese performing pianist Lang Lang to sell the brand and to reach the Chinese audience easily. Lang Lang is the calibre of musicians who could be considered one of the best in the world especially in the genre of Jazz music.

Lang Lang

Lang Lang

Moreover, the talent he possesses is outstanding and is respected across all genres including in other countries far from China and Asia. As an inspiration to many Chinese children and amateur pianist aspiring to make it with their talent, he has the influence to reach many people as well as inspire many people to use the Steinway & Sons piano which he uses in all is performances.

The potential seen by the company is realistic and bright as the Company CEO in China Wei Wei puts it when she says that the sales are going to double in a matter of time. Statistics show that there are 50 million children in China who are learning to play a musical instrument with a massive chunk of them preferring to use a piano over other tools. Therefore, the potential of future sales growth of the signature Steinway product the piano is yet to be unravelled as more aspiring pianist become prospective clients.

In the past, the piano sales in China for the past 20 years since the company set foot in the country had been from event and concert performers, institutions and artists for use in public events. Some of the examples of Steinway pianos featuring in major public performances in China was D-274 serial number 451728 – one of the rarest Steinway pianos ever created which was just recently brought to the Middle Kingdom for the first time in then history.

d274 451728

Model D-274 no 451728

However, in the recent past, the trend has changed, and the larger percentages of buyers are now households who buy the pianos for personal use and entertainment as well as for their kids for training and talent growth. This eventuality posses a vast advantage in sales for the company as it seeks to increase the niche of the piano presence in China which is still low as compared to its neighbours such as Japan.

The future of Steinway & Sons Company is still bright as it expands its outstanding products and services to China. The double-digit growth of the country in the sale of musical instruments is also an opportunity to explain and this moment is the right timing for the company. Music enthusiasts in China and abroad can now only hope that they will continue to maintain the excellent quality standards of the company for the Chinese people to enjoy what people from other countries have already experienced for more than a century.