Kogan puts $1M bet to JB Hi-Fi

Published on Mon, 07/03/2011, 01:21:23

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Kogan Technologies’ founder and CEO Ruslan Kogan has challenged JB Hi-Fi CEO Terry Smart to a $1 million bet that on March 14 2014 there will not be any Apple hardware products sold at JB Hi-Fi stores.

In a blog post, Ruslan said if Apple doesn’t pull its sales at JB Hi-Fi by March 14 2014, he will donate $1 million to JB Hi-Fi. 

“If you’re a JB Hi-Fi shareholder, there are some things you have to know. While they have been a great company over the past 10 years or more and have significantly improved the Australian retail landscape, they are about to lose over 50 per cent of their business to the Internet,” Kogan wrote.

This challenge comes after Kogan announced at an IT conference that about 30 per cent of JB Hi-Fi sales were Apple products and related accessories and that when Apple decides to eliminate third party distribution networks, it will be putting JB Hi-Fi’s sales at risk.

But, Smart refuted the claim saying it was incorrect.

“If Mr Smart is going to stick his head in the sand, he should at least give his investors the facts so they can make up their own minds. I urge Mr Smart to accept the bet and to be more transparent with the people whose money he is charged with managing,” Kogan said.

The contract for the bet can be viewed here.

RetailBiz has tried to contact JB Hi-Fi but did not hear from the company at the time publication.
 


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