On September 9, Midea Group and Little Swan A both issued suspension and reorganization announcements; on September 24, the two parties announced again that they would disclose the relevant plans for asset restructuring on September 28. In fact, the industry has already had a lot of speculation on this. Some experts believe that this reorganization of assets may be Midea's desire to privatize Little Swan and promote the group's integrated reform. Others in the industry believe that this move of Midea may continue to exert its strength in the washing machine market and truly seize the right to speak and initiative. The author believes that the reorganization of Midea’s Little Swan may be the original intention of leveraging more shares in the washing machine market and enhancing brand value. But the reality may be cruel. Factors such as Midea, Little Swan’s own problems, the fog of restructuring, and the intensified market competition, will bring many challenges to the restructuring and even “bankrupt†Midea’s layout in the washing machine market. Market competition is at a disadvantage, Midea has no choice but to reorganize In the past ten years, through mergers and reorganizations, Midea Group has a large number of home appliance brands. Why did Midea Group choose to reorganize with Little Swan instead of "others". The author boldly guessed that this may be directly related to Midea’s desire to strengthen its own washing machine market strategic layout. After all, from a business perspective, Little Swan has a different diversification strategy from its parent company, Midea Group. More than 90% of its revenue comes from the washing machine category. Therefore, Midea is actually targeting the washing machine as a piece of cake. But it is undeniable that whether it is Midea or Little Swan, the current performance in the washing machine market is not satisfactory. First of all, according to the retail data of Zhongyikang, in the first half of 2018, Little Swan aggressively increased prices and transformed into a mid-to-high-end market, while Haier renewed efforts to take away some of the markets in the mid-to-low-end market, and once again opened up Harmonicare with a market share of 30%. The gap of the department. In the first half of this year, Little Swan’s revenue growth fell from 32% in mid-2017 to 14%, and the Q2 growth rate was only 7%. In the first half of this year, Haier's washing machine business revenue grew by 20%, far exceeding that of Little Swan. Secondly, Midea also has to make changes in the washing machine market. It is understood that among the nine product divisions of Midea Group, only the washing machine is the main brand of Midea in a weak position. At present, the sales volume of washing machines of the main brand of Midea only accounts for one-third of the group, or even half of that of Little Swan. In addition, according to data from Zhongyikang, the price of Midea washing machines in the first half of this year was mainly concentrated below 3,000 yuan, which is obviously not comparable to Little Swan. Midea and Little Swan both have their own problems in the washing machine market. Therefore, it has become an inevitable move to strengthen their washing machine business through asset restructuring. After all, compared with other home appliances that are fiercely competitive and in an incremental market, the washing machine industry is now in a benign market and has great potential to be tapped. Therefore, if Midea wants to show a strong side in the washing machine market, it must work with Little Swan to fully digest their respective advantages. After the reorganization, it also encountered problems, and Midea faced more shackles. If Midea regroups Little Swan and bursts out the ability of 1+1>2, it is naturally excellent. However, the author believes that Midea and Little Swan will still encounter problems after their reorganization. If these problems cannot be resolved, Midea may face more shackles. First, Midea wants to use Little Swan to complete its counterattack in the high-end market. But in fact, as the consumption upgrade of washing machines continues, Little Swan's performance in the high-end market is relatively average. At present, the penetration rate of drum washing machines is only 50%, the market potential is huge, and it has become the target of competition among washing machine enterprises. In addition, clothes dryers, integrated washing and drying, air washing, and smart washing have become the focus of differentiated competition in the washing machine market. But compared with Haier, Little Swan's performance in high-end products is weak. According to data from Zhongyikang, in the high-end product range of more than 3,500 yuan in the washing machine market, Midea's market share is 35.6%, which is 22% behind Haier. In order to cope with market pressure, in August this year, Little Swan replaced 8 of its 35 center managers across the country, and Little Swan stated at the performance exchange meeting that it would take one to two quarters to complete the product switching during the adjustment period. It seems that Little Swan has caused turbulence due to the unfavorable situation in the high-end market. Secondly, the business units of Midea Group have always had different development levels and different sales models. For example, each business unit has its own KPI to be completed, it is difficult to form a coordinated operation. In other words, the past of the United States has not really used its strength in one place. At present, the categories under Midea Group are severely separated from each other, and the terminal retail floor efficiency still needs to be further optimized and improved. With its business units fighting each other, how can Midea and Little Swan ensure that the washing machine business gets more empowerment and assistance after the reorganization? If it is still the washing machine products alone in the market, then Midea's competitiveness has not been substantially improved. On the whole, the lack of competition in high-end washing machine products and the lack of terminal retail collaboration capabilities will be a further shackle for Midea in the washing machine market. It is particularly noteworthy that Midea's competitors in the washing machine market are foreign brands and established giant Haier. If you can't really come up with a practical strategy, the development after the reorganization will be very difficult. From the current point of view, after the reorganization of Midea and Little Swan, they should still focus on their respective market segments. Ru Midea still focuses on the low-end market, while Little Swan has launched a fierce impact on the high-end market. In other words, Little Swan uses high-end and high-quality products to “strengthen†and establish a good brand image; Midea uses mid-to-low-end products to “enlarge†its scale and constantly seize more market share. Only under a two-pronged strategy can both parties have a complete renewal. The changes in the home appliance market can be described as fast-changing. If you can't adjust the course of the enterprise in time according to the market trend, it may be hit hard. Midea obviously has a deep insight into this point, so it offered the big move of asset reorganization with Little Swan. However, asset restructuring is not a panacea. In the final analysis, it depends on what strategies and methods will be adopted after the reorganization. Since Midea and Little Swan are in a weak position in the washing machine market, if they want to stage a counterattack drama, they must truly achieve this goal through organizational structure and product innovation. Otherwise, competitors will not show mercy at all.
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