Haier has outlined ambitious plans for Europe, announcing that it will invest €860.5m over four years to develop its business across the continent.
The company said it will “disproportionately” accelerate growth in Europe by investing in 11 new areas on the continent, mainly in Eastern Europe and the Nordics to become a “premium leader” in the region.
The Chinese appliances giant said it hopes to raise the money through an initial public offering on the China Europe International Exchange (CEINEX). If successful, it will be the first Chinese company to sell so-called D-shares on the CEINEX, a joint venture between Deutsche Boerse and Shanghai Stock Exchange agreed in 2015.
Haier, which also owns New Zealand premium appliance brand Fisher and Paykel, said it planned to issue 400 million D-shares, but the timing of the listing has not been revealed.
Haier, which had a global market share of 14.2% in 2017 according to Euromonitor, says it plans to grow ve times faster than the market in Europe, where it currently has a 2.3% market share.
It says its growth strategy to become a “premium leader” in Europe will be a combination of organic growth and acquisitions.
The w860.5m raised from the IPO will be spent on building its brand, investing in the IoT, design innovation and geographical expansion. Haier said it would spend between €20m and €60m on media investment in each European country where it has a presence. Backing its promise of moving into the premium end of the market, Haier is launching a number of new products into Europe at IFA, from its state-of-the-art ve- door F+ fridge-freezer to its Duo Dry range of double-drum washer and dryers, and a new partnership with Amazon for its connected range.
Yannick Fierling, CEO of Haier Europe, said: “IFA 2018 is for Haier the opportunity to reveal its strong European ambitions through the presentation of an extremely wide range of innovations”.
Hall 3.1 Stand 102