diversification strategy
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Gree CEO Dong Mingzhu’s $1370 Beauty Device Endorsement With Meng Yutong Backfires: Only 4 Units Sold Despite Promised Youthful Glow
At a high-profile livestream event, Gree Electric’s Chairperson Dong Mingzhu reunited with former protégé Meng Yutong to promote a ¥9,800 ($1,350) “microcurrent beauty device” instead of Gree’s core air conditioners. Despite offering premium incentives and Dong’s personal endorsement claiming skin improvement, only four units sold amid 30,000+ viewers, highlighting weak consumer response. Analysts argue Gree’s reliance on executive fame struggles to justify premium pricing in competitive beauty tech markets, underscoring challenges in its diversification strategy beyond appliance dominance.
