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ELKO highlights of 2018

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2018 was a successful and event-filled year, so it is hard to choose just a few to highlight the growth of ELKO Group, but the following points are a good selection of the most important milestones of ELKO Group’s business development.
In 2018 many companies in Latvia celebrated their 25th anniversary, which allowed to look back and evaluate what has been achieved, and to set new targets. As part of the celebrations ELKO hosted ELKO MeetUP – the region’s largest IT partner conference, bringing together around 600 clients, vendors and manufacturers from around the world. The CEO of ELKO Group, Svens Dinsdorfs, sums up the event: «In the IT industry, both the digital side and the involvement of people are equally important, and we should be able to find a balance between the two.» You can read more about the event, the outcomes, and see videos of the lectures here.
In 2018 ELKO carried out a number of purchase transactions, the most significant of which was the acquisition of the Absolut trading house in Russia. This allowed for ELKO to offer household appliances and electronics to a new market. The Polish market grew, while in Slovakia WESTech acquired shares of the retailers Arašid and MP3.sk, thereby expanding its portfolio of games, consoles, mobile phones and phone accessories.

In 2018 ELKO also managed to strengthen its position in the Baltic and other markets by diversifying the supply of products, for example by launching the distribution of small household appliances which will continue in 2019. Mobile phones remain a key business sector – ELKO offers both a wide range of the world’s best-known brands as well as “rising stars” like Xiaomi. In view of growing demand, last year a variety of phone accessories, smartwatches and e-mobility products were added to the selection.
During the past 25 years both volume and efficiency have increased every year. Geographical expansion and acquisition of new markets, product expansion and successful performance in existing markets have allowed ELKO to grow faster than the market as a whole, and to reach a turnover of USD 1.6 billion in 2017; a significant increase in turnover is also expected in 2018. In the autumn ELKO Group also carried out a full payment of bonds listed on Nasdaq Baltic.
ELKO aims to be more than just a product distributor. By combining partner knowledge and years of experience, ELKO helps clients find the most successful common denominator between their needs, the latest technology, and the best solutions. In 2018 a lot of attention was therefore devoted to developing a solution segment by opening a demo center in the Ukraine and Romania, for example. At these centers clients can learn the latest industry trends, see and try out solutions, and get advice.
In 2017 ELKO launched a new brand identity, which meant presenting newly created values, and a new company message, both externally and internally. In the process of changing visual identity, the Grow Smarter Culture was created. This was used in 2018 to improve internal processes and to implement projects, to consolidate the company’s employees, and to achieve more targeted tasks.
Last year the company’s growth was noticed and recognized by various awards and nominations. ELKO Group has entered the prestigious list of Central and Eastern Europe’s 500 largest companies – COFACE. Among six Latvian companies on the list, ELKO, in 124th place, holds the highest position. In turn, the annual award ceremony of the newspaper Dienas Bizness announced ELKO as the top holding company in Latvia.
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