Haier Invests 140 Million Euros in European Headquarters and Innovation Hub in Italy

Haier, the Chinese appliance giant, invests 140 million euros in Italy's Candy brand, aiming to strengthen its European presence and challenge local manufacturers with advanced, sustainable products.

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Quadri Adejumo
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Haier Invests 140 Million Euros in European Headquarters and Innovation Hub in Italy

Haier Invests 140 Million Euros in European Headquarters and Innovation Hub in Italy

Haier, the Chinese appliance giant, has made a significant investment in Candy, establishing its European headquarters in Vimercate and Brugherio near Milan, Italy. The company plans to invest 140 million euros in the Brugherio facility, which will serve as an innovation center and the hub for future patents.

Candy, the leading appliance brand in Italy with an 11.6% market share in 2023, is now owned by Haier. The Chinese company aims to strengthen Candy's position by offering more technologically advanced products and focusing on sustainability, including in materials, production processes, and packaging. Haier also plans to double its workforce in Europe over the past 5 years and attract top talent to its Milan office.

Why this matters: Haier's investment in Italy and its acquisition of Candy signifies the growing presence and influence of Chinese appliance brands in the European market. This move is likely to increase competition for European manufacturers and potentially reshape the home appliance industry landscape.

At the recent Milan Design Week, Haier showcased its 'Bionic Cook' oven, which features advanced technology like AI-powered cooking recommendations and automatic notifications. Candy has also targeted the European built-in home appliance market, a premium segment worth over $25 billion globally.

The entry of Chinese home appliance brands like Haier and Candy has caused concern among European manufacturers, who are facing increased competition from these technologically advanced and cost-competitive products. "Haier's investment in Candy and its new European headquarters demonstrates our commitment to the European market and our ambition to become a leading player in the home appliance industry," said a Haier spokesperson.

Key Takeaways

  • Haier, a Chinese appliance giant, has invested in Candy, an Italian appliance brand.
  • Haier plans to invest 140 million euros in Candy's Brugherio facility as an innovation center.
  • Candy holds an 11.6% market share in Italy, and Haier aims to strengthen its position.
  • Haier showcased its 'Bionic Cook' oven with advanced AI-powered features at Milan Design Week.
  • Haier's investment signals the growing presence of Chinese brands in the European market.