By Claire Reilly
SYDNEY, NSW: The Australian subsidiary of German-owned appliance manufacturer Miele saw a 10 per cent growth in sales, up to EUR €207 million, over the last financial year according to a results announcement released by the company today.
Miele ANZ managing director Michael Jeanes attributes this positive result – which makes Australia the number one market outside of Germany – to the strength of the Australian dollar.
“The strength of our dollar has led to a rapid decline in average prices within our sector as competitors pass on the currency gains to consumers to win market share,” said Jeanes. “For Miele to remain competitive, this is creating a challenging marketplace.
“However, our strategy is to continue to invest in the Miele brand so that we maintain our hard earned position as the Brand of Choice, and create a sustainable platform from which to grow into the future.”
In New Zealand, Miele sales grew by 6 per cent to just under EUR €10 million, which Jeanes said was “a very commendable result in difficult economic times”.
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Globally, Miele achieved sales of EUR €2.95 billion for the 2010-2011 financial year ending June 30, an increase of 4 per cent on the previous year. In its home market of Germany, turnover grew by EUR €26 million to EUR €865 million (a 3 per cent increase), while outside Germany total sales reached EUR €2.06 billion, a turnover growth of 4.6 per cent.
Discussing the financial year ahead, Miele managing director and co-proprieter Markus Miele was cautiously optimistic.
“At the moment, the debt crisis is shaking several Eurozone countries, exacerbated by the feat of a downturn in the US economy not only in the financial markets but also among consumers,” Markus Miele said.
“This trend first became apparent a few months ago and is likely to intensify. This, though, is offset by the fact that strong, trustworthy brands come into their own in economically difficult times; a truth confirmed, time and time again, over the years.”
Heading into 2012, the company is hopeful that developments in environmentally-friendly technology and increased brand marketing will continue to yield positive results for Miele.