We began our international expansion in fiscal 2002 with the acquisition of the Canadian market leader, Future Shop. Subsequently, we have launched the Best Buy brand in Canada and successfully grown the combined market share to over 30 percent. The Canadian team has dedicated itself to understanding the unique customers served by its distinct brands-and how to grow both. The lessons learned along the way are serving us well as we pursue the same strategy in China.
In fiscal 2007, we acquired the third-largest appliance and consumer electronics retailer in China, Five Star. As with other recent acquisitions, we were very impressed with the management team and its passion for serving its customers. We have also launched the Best Buy brand in China and are testing different operating models all aimed at improving the customer experience.
As we evaluate other international opportunities, we look for sizeable and growing economies with a spirit of optimism. Regardless of where we go, understanding the customer needs, wants and desires in that market will always be our beginning point. We believe that the insights that our local engaged employees-those closest to the customer-bring to work every day give us the basis for better solving customer needs. That is what customer centricity is based on-and that is universal.
Talent and culture
We will continue to seek out local talent and market expertise as we grow internationally. We believe that these local talented leaders understand their markets and customers, and are an integral part of our international growth success. Similarly, the cultural fit of a potential acquisition is one of our key criteria.