Foxconn Increases Investment In Used Smartphone Market
In an effort to increase awareness and promote environmental protection throughout the world, Foxconn is seeking to make some significant investments in used/second-hand smartphone market according to some sources. There have been claims that a Foxconn Group subsidiary recently acquired a 20% stake in a UK based mobile recovery, refurbishing and distribution specialist, Bamboo Distribution.
Through this investment, Foxconn is looking to pave its way into the mobile phone recovery and recycling market of Europe, protecting the environment by recycling old phones instead of simply throwing them away as well as creating a new revenue source.
This isn’t the company’s first foray into second-hand device market though. In September 2014, FIH mobile which is another division of Foxconn Group acquired a 30% stake in CExchange, a US based provider of consumer electronics trade-in, buy-back and recycling services. The company also made its mark in China around mid-2015 by creating a subsidiary to engage in trade-in business for smartphones, leveraging the group’s e-commerce platforms.
According to some sources, Foxconn is happy with its investment and optimistic about the future in smartphone recycling business that will also give it a leg up in improving the quality and capability of its own smartphone and components manufacturing business.