Midea aims to double revenue of premium COLMO brand
Home appliance giant Midea expects to double its revenue to 6 billion yuan (US$937 million) next year in its premium COLMO brand business, covering artificial intelligence-featured air conditioners and other devices.
In 2021, Midea is on course to generate a revenue of 3 billion yuan in the COLMO business, almost three times as much as last year. It now covers products such as air conditioners, refrigerators, washing machines and kitchen electronics, with special designs, wireless connections and AI. It now covers 5,000 outlets nationwide.
"COLMO is still a growth business for Midea, with great potential and surging demand in China," said Liu Tao, vice president of Midea China smart home division.
It targets wealthy Chinese families that are spending more to improve their quality of life with the latest technologies.
Chinese home appliance giants like Haier and Skyworth also launched premium brands to target the high-end market.
Midea released COLMO products in Shanghai on Friday, such as an AI-featured air conditioner and washing machine with intelligent dry-cleaning functions.
The Shenzhen-listed firm is building a new facility in the city's Qingpu District, with total investment of more than 7 billion yuan.
Shanghai will become one of Midea's top two global research headquarters, in addition to the company's headquarters in Shunde, Guangdong Province, Liu said.