Shares in integrated retailer Harvey Norman Holdings Limited (ASX: HVN) are back in red to start this trading week, down 1.8% to $3.54 at the time of writing,
Harvey Norman operates across Australia, New Zealand, Asia, Slovenia, Croatia, Ireland and Northern Ireland, with bad press from Irish analysts detailed in Channelnews today after losses begin to mount from struggling Irish operations.
According to analysts quoted in Channelnews, Harvey Norman’s business in Ireland has rapidly deteriorated in 2018 as consumer demand has slipped.
The bad news for Harvey Norman comes as online retailer Kogan.com Ltd’s (ASX: KGN) share price has pushed up 2.5% to $9.35 at the time of writing after an announcement that Kogan will enter the Australian whitegoods and kitchen appliance market with its own range of products.
Kogan will sell fridges, washing machines, dryers, dishwashers, ovens, cooktops and rangehoods as part of the new supply and logistics agreement.
Kogan’s news is likely to hit Harvey Norman and JB Hi-Fi Limited (ASX: JBH) where it hurts with JB-Hi-Fi shares also down 1.5% to $23.81 at the time of writing.
Kogan.com is a bona fide disruptor in the ASX retail space. On the topic of disruptors - check out these 3 Revolutionary Aussie Companies to Back for 2018
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.