A journalist's inquiring mind may be one of the
most important talents for a CEO who manages a billion-dollar business.
At least that is what John Makinson, Penguin Group's chairman and chief
executive, has found.
"I always ask questions," says the journalist-turned executive.
Penguin Group, the 70-year-old British publisher, is looking for additional
growth in emerging markets such as China.
John Makinson, Penguin Group's chairman and
chief executive [China Daily] |
Which means one
question on Makinson's mind is: What can Penguin do in a country where foreign
publishers aren't allowed to publish?
"We are realistic about how rapidly we will be able to grow in China until
the regulatory regime for foreign publishing companies becomes more relaxed,"
Makinson says.
"But we are committed to this market and want to participate as actively as
we can," he says.
Makinson's answer is to do three things in China: Partner with local
publishers, translate Chinese works into English for promotion in overseas
markets, and increase the sales of Penguin books to English speaking Chinese
readers and the growing expatriate community in China. Makinson pins high hopes
on the first two strategies because of their large potential over the long term.
Bronte in Chinese
Penguin Group, the publishing arm of Pearson, recently announced at the
Beijing International Book Fair a licensing deal with a local partner, Chongqing
Publishing Group, to translate the Penguin Classics into Chinese and sell under
the Penguin logo in China.
Penguin has previously sold the rights to English-language titles to Chinese
publishers. But this is Penguin's first venture in China under its own logo.
The first 10 titles include Jane Eyre, Wuthering Heights, The Hunchback of
Notre Dame and Oliver Twist. Each title will be printed at 10,000 copies and be
sold at about 20 yuan (US$2.5) each starting from November.
Although such a relatively low price, which is average on the Chinese market,
will not immediately have a big impact on the British publisher's global balance
sheet, Makinson believes the partnership will help establish Penguin's brand in
the Chinese market.
He is confident that the books will have a long shelf life because of their
quality in translation, expert forwards and annotations.
Makinson, who worked 10 years as a journalist at Reuters and the Financial
Times, has attached a modern twist to the classics publishing programme in
China. Penguin will launch a Chinese website for the classics and readers will
be able to download audio materials about the classics to an MP3 or iPod. The
books can even be downloaded to an e-book reader as soon as the books are
published.
(For more biz stories, please visit Industry Updates)
