Business
Midea Group’s Global Expansion: Eyeing a Larger Market Share Post $4.6 Billion IPO, Targets Saudi Arabia, Brazil, and Africa
Midea of China is set on enlarging its worldwide market presence following a US$4.6 billion IPO. The appliance manufacturer is setting sights on Saudi Arabia, Brazil, and Africa in an effort to boost its global sales network by thirty-three percent.
Midea Group, known globally as the biggest seller of home appliances, has ambitious plans to significantly grow its sales network, aiming to cover 40 countries by 2025.
The business, garnering nearly 50% of its income from international markets, depends on external retail partners in certain areas. However, it intends to enlarge its worldwide activities and enhance the efficiency of its retail network, especially in developing markets that hold significant growth opportunities.
"At present, we have our own sales branches and groups in roughly 30 countries globally," Fu stated on a media tour on Thursday. "Moving forward, we aim to increase this number to over 40."
Fu stated that Midea intends to amplify its worldwide production capacities, set up additional R&D facilities, and enhance its visibility in the United States.
In the first half of this year, income increased by 10.3% compared to the same period last year, reaching 218.1 billion yuan (US31 billion). Meanwhile, profits saw a growth of 14%, amounting to 20.8 billion yuan.
Income from abroad rose by 13 per cent compared to last year, making up 42 per cent of the overall revenue, while domestic revenue saw an increase of 8.4 per cent.
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