Mitchelle

Over the past 30 years, the Haier Group, China’s leading appliance manufacturer, rose from the ashes of an obsolete Shangdong factory to become the world’s leading major appliances brand in 2012. With 2012 earnings reaching $25.8 billion, Haier was unique among emerging market firms: Instead of relying just on exports based on low production cost, it established overseas factories integrating “localized R&D, localized manufacturing and localized marketing” to continuously create demand in overseas customers, thus establishing Haier’s international brand name. CEO Zhang Ruimin has set Haier’s sights on additional market penetration in both developed and emerging markets, but must address intensifying competition at home as well.