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Class Editori News

Haier changes its name to reflect the global turnaround

June 10, 2019


Abstract : Haier changes its name to better reflect the global expansion of the brand. Therefore the name Haier Qingdao will soon belong to the past.

MILAN, Jun 7 (Class Editori) – Haier changes its name to better reflect the global expansion of the brand. Therefore the name Haier Qingdao will soon belong to the past. The Chinese household appliance giant has decided to abandon the reference to the city on the Shangdong coast, opting for Haier Zhijia, that is Haier Smart Home, which characters refer to the words 'home' and 'artificial intelligence'. It is a decisive choice on the strategic future for the Shanghai-listed group, owner of Candy since last year, which was bought for 475 million by the Fumagalli family. Haier is a piece of the world's branches with brands like Fisher & Paykel in New Zealand, Aqua in Japan and Ge Appliances in the United States.

From the production of refrigerators the Qingdao group has extended its range to washing machines, air conditioners and kitchens.  With the advent of domotics, the Internet of Things and 5G, Haier is therefore rethinking its entire structure.  This necessity is linked to competition, as explained by the China Securities Journal. Giants such as Gome and Suning have indeed launched their own brands of home appliances.

The Chinese home appliance market is one of the most dynamic in the world.  However, at the beginning of the year the government also gave incentives to support consumption, in particular products with low environmental impact. Last April, the National Development and Reform Commission finalized a new subsidies of up to 13% of the product subject to a maximum of 800 yuan per product, or about 120 dollars. Driving factors in purchasing are the increase in availability for families, urbanization and the increase in purchases in rural areas. In particular, the air conditioners sector dominates the market.

Aggregate volumes of the Haier and Candy groups in 2018 represent a 15.1% share of the global market for large household appliances, 22.7% of free-standing refrigeration appliances, and 19.8% for household appliances used for washing (according to Euromonitor data). The combined turnover of the two groups ranks fifth in Western Europe and aims to reach the top three positions by 2022.

(Source:Class Editori)

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