Eros Group, UAE’s trusted distributor for consumer electronics with a portfolio of world renowned brands Samsung, Hitachi, Linksys, TCL and the recently added electronic brand; Midea, announced its new brand became the first company from the Chinese household appliances industry to enter the Fortune Global 500 list; an annual ranking of the top 500 corporations worldwide as measured by revenue.
Midea debuted at 481st after a strong 2015 that saw the company achieve USD 22.17 billion revenue, and total profit of USD 2.02 billion, representing a 21 percent year-on-year increase.
Midea has invested USD 3 billion in research and development over the past five years and now operates R&D institutes in China, the United States, Japan, Germany, Italy and Singapore, integrating global resources to drive technological breakthroughs. This is in addition to an USD 1.04 billion investment in improving automation which has resulted in an average current automation ratio of 17 percent.
Elvis Wang, General Manager, Midea Middle East said, “In 2015 the global home appliances industry faced more challenges, and Midea was able to fly upwind by adhering to the strategy of developing cutting-edge products, improving efficiency and emphasizing global operations. Our entry into the Fortune Global 500 list is a reflection of our continued commitment to provide consumers with smart, consumer-friendly and trendy household appliances.”
Midea’s global platform now operates more than 200 subsidiaries and 9 strategic business units, and the company runs seven full-scale operations covering R&D, manufacturing and sales in 6 countries including Vietnam, India, Belarus, Egypt, Brazil and Argentina. Midea products are sold in more than 200 countries and regions worldwide.
The company also landed several high-profile projects in 2015, including winning the bid to install central air-conditioning in the stadiums for sports games in Brazil.
Deepak Babani, CEO, Eros Group, said, “We are extremely pleased that Midea has entered the Fortune Global 500 list. The company provides a comprehensive innovative product portfolio to meet the growing demand for quality home appliances and consumer electronics and we are happy and proud to offer these cutting-edge products in the UAE.”
Midea products are available at Eros Digital Home stores and at leading retail partners across the UAE.