Haier: A Reinventing Giant

China-based Haier Group (Haier), the world’s largest home appliance brand, recorded revenues of US$ 32.6 billion and profit of US$ 2.40 billion in 2014. Haier, which began as a small refrigerator manufacturer based in Qingdao, Eastern China, had grown into a renowned global brand, thanks to its commitment to high quality and focus on open innovation.

In 2012, the Boston Consulting Group rated Haier as one of the 10 most innovative companies in the world . The company had reinvented itself three times in a period of 30 years under the guidance of Chairman and CEO Zhang Rumin (Zhang). Zhang, then a young employee, was given the task of leading Haier in 1984, when the company was on the brink of extinction. He turned the company around single handed, making it into the largest appliance manufacturer in China and in the world in a few decades...