Midea Group a global leader in smart home appliances and commercial & industrial solutions, today we announced record-breaking 2024 annual results, with revenue reaching RMB 409.1 billion (up 9.5% YoY). Net profit attributable to shareholders surged 14.3% to RMB 38.5 billion, while operating cash flow hit a historic high of RMB 60.5 billion, underscoring strong operational efficiency.
Annual General Meeting of AB Electrolux was held in Stockholm on March 26, 2025.
Shareholders and others had the opportunity to follow the Annual General Meeting live via Electrolux Group’s website. A recording from the Annual General Meeting of the reflections by President and CEO, Yannick Fierling, on the past year, and the strategy going forward will be available on Electrolux Group’s website, www.electroluxgroup.com/agm2025.pp
Frasers Group has raised its stake in online electricals retailer AO World to 25.01%, up from 24.02%, according to a recent regulatory filing.
This move strengthens the Sports Direct owner’s position as the second-largest shareholder in the business, following the retailer’s positive trading update this week.
AO World raised its full-year profit forecast, with adjusted pre-tax profits expected to be between £39m and £44m for the year ending March 31, 2025
Xiaomi Corporation posted a record 2024, with a growth of 35.0% and total revenue of RMB 365.9 billion (€47.6 billion). Adjusted net profit increased by 41.3% YoY to RMB 27.2 billion (€3.5 billion)
Large-scale smart appliances saw a 56.4% YoY increase, with record shipments:
Air conditioners: +50% YoY (over 6.8 million units)
Refrigerators: +30% YoY (over 2.7 million units)
Washing machines: +45% YoY (over 1.9 million units)
Glen Dimplex, the electrical goods company founded by Martin Naughton, has named one of the businessman’s sons as its next chief executive officer (CEO).
Fergal Naughton (49), who has been a director of Glen Dimplex for the past 18 years, according to Companies Registration Office (CRO) filings, will succeed Fergal Leamy from next month.
In the lead-up to the annual International Roundtable of Household Appliance Manufacturer Associations (IRHMA), APPLiA’s Director General Paolo Falcioni recently engaged in discussions with China’s State Administration for Market Regulation (SAMR) in Beijing. The meeting centered on the EU Market Surveillance Framework and its crucial role in promoting product safety, regulatory compliance, and consumer protection.
As global markets become increasingly interconnected, such dialogues are pivotal in fostering mutual understanding and collaboration on key regulatory issues. The discussion highlighted opportunities for both regions to address the challenges of globalization, with a particular focus on advancing sustainability and innovation.
The exchange also delved into strategies for enhancing market oversight, navigating the complexities of international trade, and bolstering competitiveness on a global scale.
In 2024, the turnover of the Swiss V-Zug fell by 8.8% despite the good performance of OEM sales (+15.8%). V-Zug, which opened or renovated stores in Hamburg, Berlin, Milan and Sydney, did not reduce the permanent staff to 2066 people and completed the new factory and new offices.
For 2025, V-Zug expects an improvement in sales and profitability as well as a recovery in consumption. V-Zug maintains its medium-term targets, in particular a sales growth of 3 percent per year and an EBIT margin of 10-13 percent.
Good news for Midea! European regulators have approved their purchase of the Teka Group, a well-known maker of kitchen appliances. This means Midea now owns brands like Teka, Küppersbusch, and Intra, and will oversee Teka’s 10 factories around the world. Teka, which has offices in 33 countries and employs 3,000 people, had a turnover of €660 million last year. This acquisition marks a big step for Midea as they expand their reach in the kitchen appliance industry.
Groupe Seb published its 2024 annual results, which demonstrate sustained commercial momentum and an improvement in its profitability in a still uncertain economic context. Its turnover reached €8.266 billion and shows an increase of 3.2% in published data and 5% at constant exchange rates and scope.
This performance was mainly driven by the Consumer business , with organic growth of 6% (+9% excluding China). The Group thus returned to solid growth in Western Europe and North America, while Eastern Europe and South America continued their double-digit growth. For its part, the Professional business experienced a year of consolidation after strong performances in 2023. Although its sales fell by 4.5%, 2024 represents the second best year in history in terms of revenue for coffee. ” 2024 was also marked by major strategic advances: the launch of a hub in China for Professional Coffee and the strengthening of our expertise in Professional Culinary with the acquisition of the Sofilac Group ,” said Stanislas de Gramont , CEO.
At the same time, operating profit from activity (ROPA) increased by 10.5% to reach €802 million. The operating margin thus improved to 9.7% of sales, compared to 9.1% in 2023. This increase is explained by a positive volume effect and a decrease in the cost of sales, which more than offset the commercial and marketing investments made to support growth.
Miele closed 2024 with revenues of €5.04 billion, up 1.7% from the previous year, thanks to the acquisition of the SteelcoBelimed joint venture , which specializes in medical technologies. Without the acquisition, sales would have fallen by 2.9% and the number of employees would have fallen by 4.2%.
According to Markus Miele , managing partner, the market presents itself as a “ mosaic ” with variable trends in the sectors of floor care, linen care and household appliances.Miele’s transformation program, with a total investment of 500 million euros , has so far been implemented at 50 percent . A significant point is that, according to Rebecca Steinhage , Head of Human Resources and Corporate Affairs, the threat of forced layoffs no longer looms over regular employees. Instead, the company has opted for a socially sustainable reduction in staff , through early retirement and voluntary resignations.
Regarding the partial relocation of washing machine production to Poland, which will lead to the reduction of around 1,400 jobs in Germany in the coming years , Steinhage emphasizes that the other German plants are not at risk . Overall, the company is more optimistic about 2023/2024 and looks confidently into the new fiscal year.
500 million euros for growth and development
Despite the market challenges, Miele is focused on growth and maintains a positive attitude. The first half of 2024 was particularly difficult, with a recovery in the second half. The built-in appliance sector has yet to recover, while the free-standing appliance sector only recovered in the third and fourth quarters of 2024.
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