On November 16, 2024, Midea, China's major appliance company, announced that it has recently reached strategic cooperation with Peru's largest retailer Falabella, and its Peruvian branch has fully entered Falabella's retail channels. This strategic move marks an important step in Midea's layout in Peru and the entire Latin American market, laying a solid foundation for its in-depth development in the local market.
As one of the largest retailers in Latin America, Falabella's business covers a number of major countries with more than 500 offline brick-and-mortar stores, and occupies about 35 percent of the market share in Peru. The Group's businesses includes e-commerce platforms, retail stores, shopping centers, supermarkets, banks and home improvement centers, forming an integrated online and offline business ecology.
Currently, Midea has reached an in-depth cooperation with Falabella's three major branded retail stores - Falabella, Tottus and Sodimac - so as to capitalize on Falabella's extensive regional coverage and brand influence to achieve rapid growth and attract the attention of more top-tier home appliance channels to realize the goal of further expanding the Peruvian market.
In recent years, Midea has made remarkable progress in Latin America by virtue of its rapid replication of localized operation experience. With the deepening layout in the Latin American market, Midea will take the OBM (Own Branding and Manufacturing) as the core strategy and improve localized R&D and brand building.
Picture Source: VCG