Joint Venture between Electrolux and Midea will Explore Fast-Growing High-End Retail Market in China, As Well As Real Estate Projects
Electrolux Group, a global home appliances company, has entered into a joint venture with Midea Group, one of China’s leading smart technology companies, to introduce the premium AEG brand to Chinese consumers.
The brand was officially launched at the Appliance and Electronics World Expo in Shanghai on 8 March, at an event attended by senior management of both companies and hundreds of guests, media and industry professionals.
Combining the company’s global brand expertise with Midea’s local market strength, the ambition is to make AEG the most popular premium home appliances brand in China, by leveraging its 130-year heritage of German craftsmanship and innovation.
The joint venture will explore the fast-growing high-end retail market in China, as well as real estate projects.
“I am confident that AEG will be well received here. With a growing middle class and higher disposable incomes, we are seeing an upward trend in Chinese consumers choosing to pay a premium for quality and improved experiences. AEG, with its German heritage and top-quality offering, is perfectly poised to capture the fast-growing premium appliance opportunity in China,” said Jonas Samuelson, CEO of Electrolux.
The first AEG store in China will open in June, carrying a first wave of products that offer best-in-class taste, care and wellbeing experiences. Other key milestones this year include the opening of its flagship store in Guangzhou in August and a second wave of product launches in October.
The brand also markets appliances in China under the Electrolux and Zanussi brands. The launch of AEG complements the company’s positioning in the Chinese market and supports the continued profitable growth in the country.
The brand aims to shape living for the better by reinventing taste, care and wellbeing experiences, making life more enjoyable and sustainable for millions of people. As a global appliance company, it places the consumer at the heart of everything they do.
Through their brands, including Electrolux, AEG, Anova, Frigidaire, Westinghouse and Zanussi, they sell more than 60 million household and professional products in more than 150 markets every year.
Last year, the company acquired Best, a home solutions brand specialised in the design of kitchen hoods. The takeover allowed the consumer electronics brand to develop a comprehensive offering of built-in cooking solutions and further support growth in Sweden and the region.