Midea Group, an appliance company, again made the annual list of the worldās largest companies by revenue in the authoritative Fortune Global 500, becoming the only representative from China.
Midea Group climbed 31 spots to No. 450
July 20 the American business magazine Fortune published its annual ranking of the worldās 500 largest companies ā Fortune Global 500. Midea Group climbed 31 places to 450th place. Supermarket giant Walmart Stores topped the list.
Last year, Midea became the first appliance maker in China to make the list of the worldās largest companies by revenue, and currently remains the only Chinese company in the Fortune 500 after posting a 16 percent increase in annual profits in 2016. In 2016, Midea Group sales reached $24.060 billion, a positive growth rate of 8.5%.
Last year Midea began actively expanding into the American market. In addition to cooperation with large federal and regional retail chains, branded showrooms were opened. The company invests in the development in the American market and sets ambitious plans to win the leading position in the market of large and small home appliances.
How did Chinaās Midea Group manage to rise 31 places in the FORTUNE 500 rankings? What factors contributed to their significant growth and success?