Haier India aims to be a billion dollar company by 2020

Chinese consumer electronics major Haier Group is looking at India as one of the most "strategic market" globally, and expects the local unit to become a billion dollar company by 2020 and be among top three players in home appliance segment in next two years, largely driven by higher sales, said a top company official.

Haier India, expects to continue its high growth momentum from all verticals and is also extending its product portfolio by expanding into segments such as smart homes solutions and smart laundry business.

Besides, the Qingdao headquartered company, which owns six other global brands besides Haier, is also mulling to introduce some of them in India after 2020, to tap the growing opportunities premium segment.

"Our target is to be one billion dollar company by 2020," Haier India President Eric Briganza told PTI.

Haier India, which follows January-December fiscal calendar, had posted a net revenue of around Rs 3,500 crore in 2018, by registering a growth of around 50 per cent and is now among the top five durables brands in India in the categories which it operate, he added.

"Now we are targeting to be third largest brand in the home appliances by 2020," Briganza said adding "we are aiming to close 2019, with a year-on-year growth of 35 per cent."
In 2018, Haier Group's global turnover was 266.1 billion yuan. In overseas markets, Haier has 12 industrial parks and 54 factories