Controversial founder of Kogan Technologies, Ruslan Kogan, has once again put his money where his mouth is, daring JB Hi-Fi CEO Terry Smart to take a $1 million bet over his future relationship with Apple.
"If Mr Smart is going to stick his head in the sand, he should at least give his investors the facts so they can make up their own minds. I urge Mr Smart to accept the bet and to be more transparent with the people whose money he is charged with managing," Kogan said.
Kogan said he was issuing the challenge in the interest of mum and dad investors across Australia.
"I'd hate to see mum and dad investors lose their hard-earned money because the people they entrust with their money aren't willing to reveal the inconvenient truths of our industry," he said.
"Don't take my word for what's about to happen, go stand in a JB Hi-Fi store for 10 minutes and see for yourself what sells."
It all started when Kogan accused JB Hi-Fi of being "Apple's bitch" at this year's MediaConnect Kickstart forum, saying that the sale of Apple products and related accessories account for 30 per cent of the company's annual revenue and that Apple is set to dump its third-party retailer channel at any moment.
"Apple is silently waiting for the perfect moment to pull the pin on its third-party distribution network," Kogan told conference attendees.
The JB Hi-Fi exec told Smart Company at the time that the claim was completely erroneous.
"That figure is not even close to reality. We don't have a big enough supply that represents such a substantial part of the business," Smart said.
JB Hi-Fi declined to comment on the bet.
Kogan's latest stunt follows his lost bet against Myer and its CEO Bernie Brookes over a China-based, online store. Kogan had said that Gerry Harvey and Myer wouldn't follow through on threats to open up an overseas store to avoid GST on sales under $1000 and boasted that if they did, he would place a link on his site to their sites. Myer recently did open such an online store, which prompted Kogan to say he was wrong and link to it on his blog.
Updated at 1:26pm, 7 March 2011: added comment from JB Hi-Fi.