Haier was founded in 1984. In the last 30 years, through its entrepreneurial and innovative spirit, Haier has transformed itself from an insolvent collectively-owned factory on the brink of bankruptcy into the number one global home appliance brand. In 2013, Haier’s global revenue and profit reached RMB180.3 billion (USD 29.5 billion ) and RMB10.8 billion (USD 1.76 billion ) respectively. Profit growth was 2 times revenue growth. Based on the statistics of Euromonitor International, a world leader in strategy research for consumer markets, Haier has been the number one global home appliance brand for five years in a row. On the 2012 World’s 50 Most Innovative Companies list published by the Boston Consulting Group, Haier was the only Chinese company in the top 10, as well as the top-ranked consumer product retailer.