Suning, Midea Sign Binding Development Agreement

Electronics and home appliances retailer Suning and the home appliances maker Midea have reportedly signed a three-year strategic cooperating agreement, and the two parties will implement binding development over the next three years.

Under the agreement, Midea's products will be sold in Suning's Expo super flagship stores, flagship stores, community stores, boutique stores, and Laox stores. Apart from the physical stores, Midea's products will also be available on the e-commerce platform of Suning. The two parties said they will strengthen the research of online consumer features, enhance the diversified operation of online products, and improve online sales.

The cooperation will cover Midea's full product lines and Suning's full channels, including online and offline ones, aiming to achieve total sales of over CNY50 billion. With the channel development of Suning, the two parties will enhance their cooperation in third- and four-tier markets in China.

Moreover, the two companies have agreed to share enterprise customer information, and to reinforce their cooperation in commercial air-conditioning and appliances to expand their business in the engineering sector.