With implications for home appliances.
Miele is strengthening its support for inventive tech start-ups that seek an engaged and financially sound partner, with the establishment of a new subsidiary enterprise, Miele Venture Capital GmbH.
The focus will be on creative solutions compatible with Miele products, services, value chains, business models or manufacturing processes. Forms of co-operation will range from joint development projects or management support through to direct equity stakes.
Miele Venture Capital GmbH management team Peter Hübinger, Dr. Christian Kluge and Gernot Trettenbrein
In a statement to Appliance Retailer, Miele said there is good reason for this strategic decision. As a global leader in the design and manufacture of innovative premium domestic appliances, Miele is not only renowned for the longevity and reliability of these products, but also leads the future-oriented fields of Smart Home or Industry 4.0. The innovative business models of the latter technologies also have implications for home appliances and those in business and medical environments.
According to administration and finance director, Olaf Bartsch, “Participation in new technology enterprises is a strategic investment for Miele that needs to be sustainably beneficial for all participants. Anything else would not suit Miele”.
The management of Miele Venture Capital GmbH has been placed in the hands of Peter Hübinger, responsible for the smart home business field and director of Miele’s Gütersloh-based electronics plant; Dr. Christian Kluge, head of central controlling, and Gernot Trettenbrein, head of domestic appliances international. All three are registered as company directors and will fulfill these new duties in addition to their previous responsibilities.