Optima Corporation Limited's wholly owned subsidiary, Perth-founded specialist scooter brand Vmoto, has signed an agreement with a new distributor for New Zealand.
The agreement signifies the continued development of the New Zealand market by Vmoto.
The first order pursuant to the new distribution agreement of 110 scooters has already been shipped to
the distributor in New Zealand, who is looking to grow Vmoto's presence through the appointment of
new dealers, one of which has already appointed in Christchurch.
Vmoto currently has 8 dealers in New Zealand with the first scooter sold there in 2004. Since entering
the New Zealand market Vmoto has experienced solid growth, which under the terms of the new
distribution agreement, is expected to continue.
Three models of scooter, namely the Milan, Monza and Monaco are now sold in the New Zealand
market with the development of the brand still taking place. Vmoto's off-road range was launched
into New Zealand in March 2006 following the success of those products in Australia.
Appointment of the new distributor in New Zealand will further assist Vmoto's growth in that
market and help to increase the presence of the brand there. We feel that potential for growth in the
market is significant given the tendency to follow similar trends to Australia." Patrick Davin Vmoto
founder and Optima Director said.
This growth potential is reinforced by the minimum order quantity outlined within the new
distribution agreement. Rising fuel prices that have been a key driver behind the increase in scooter
usage in Australia are also being experienced in New Zealand.
Vmoto will look to release the Montego and Matrix into the New Zealand market at the start of next
year following on from the recent release of those models into Australia.
Importantly, Optima is also pleased to advise that the previous New Zealand Joint Venture operation,
of which Vmoto was a 50% partner, has come to end effective immediately, resulting in Vmoto once
again taking 100% control of the distribution into that mark
