Shanghai Laiyifen Bets on Quality Imported Products to Revive Flagging Sales

By Faith Magbanua, November 09, 2018 17:11 PM

Shanghai Laiyifen(Google Screenshot)

Shanghai Laiyifen, known as the publicly traded snack food retailer with the most number of shops in China, aims to increase sales of overseas sourced products by 30 per cent in the next few years, as it taps increasing demand from a growing middle class.

Laiyifen, which means "get one share" in Chinese, makes, sells affordable and popular traditional Chinese snacks from melon seeds and peanuts to ducks' stomach and dried beef.

The imported products up for grabs in its physical and online stores will be more premium, ranging from Australia's milk and Italian spa water to South Korean cheese codfish sausages.

Revenues from sales of overseas products ranging from food to beverages will probably reach 300 million yuan (US$43.2 million) this year and the proportion is likely to account for about 10 per cent of the company's annual sales, said Yu Ruifen, founder and president of Laiyifen, at the ongoing China International Import Expo in Shanghai on Thursday.

Laiyifen, which is listed on the Shanghai Stock Exchange and owns 2,700 shops on the mainland, also signed a contract with the Australian company Freedom Foods Group to buy dairy products worth 100 million yuan.

"We will procure healthy and nutritious products the Chinese people like from all over the world," said Yu at the signing ceremony.

On the other hand, Chinese retailers are ratcheting up their efforts to widen their domestic consumers' access to high-quality products from overseas ranging from food to cosmetics through increasing global procurement, betting that demand from China's middle class of 300 million people will help stem a slowdown in the industry.

Meanwhile, Alibaba Group Holding, which owns the South China Morning Post, announced this week that it would import US$200 billion of upscale goods from 120 countries over the next five years to be sold to Chinese families on its online platform.

Alibaba pledges to bring US$200 billion of goods into China over next five years

China's consumer market, the world's biggest, is enduring slowing growth as the nation's economy grew the least in a decade in the third quarter and the outlook is being further clouded by an intensifying trade war with the US.

 

Related Article

Must Read

comments powered by Disqus

More from CCD

“Special” Missionary Richard Wilhelm, Who Translated "I Ching" into German and Committed to Preaching Gospel through Culture

Wilhelm enjoys high reputation in Chinese cultural and academic circles, acclaimed as "a great hero in the transmission of Chinese civilizations in the history of cultural exchanges between China and the West".

Religious Calligraphy Exhibition to Open in Zhejiang Next Week

On August 26, 2019, an art exhibition initiated by the religious community in Hangzhou will be opened in Zhejiang Exhibition Hall.

Yunnan Starts Translating Revised Religious Regulations into 18 Ethnic Languages

Recently Yunnan religious authorities launched a project for the translation of the revised regulations on religious affairs into 18 ethnic languages.

Zhejiang and Guizhou Amend Local Religious Regulations

The Zhejiang Provincial People's Congress Standing Committee issued an amended provincial regulation on religious affairs on August 1, 2019.

Biography of David L. Anderson: First President of Soochow University

David Laurence Anderson, a missionary from the American Methodist Episcopal Church, South, was committed to Suzhou for years and was known as the first president of the famous church university, Soochow University.

Missionary Robert E. Chamers' Biography: Hailed as "Pioneer of Literature Evangelism by Baptist Mission in China"

The American missionary Robert E. Chamer was sknown as a "pioneer of Baptists' literature evangelism in China", specifically for missions in the Guangdong and Guangxi regions.

Movie Review: Why Can Bad Boy “Nezha” Change?

The turning point of Nezha's life starts from his disbelief in eccentric fatalism. Another factor resulting in his change is the love of his parents.

NE Church Holds Display of Handwritten Bible Scripts to Mark Centenary of CUV

To commemorate the centenary of the publication of CUV Bible, a "Hand-written Bible Display" was held at the Chinese Chapel of Canhua Church in Yanji City, Jilin Province.

Shandong Province Approves Religious Affairs Regulations

The newly revised Regulations on Religious Affairs of Shandong Province was approved

Professor Yao Xiyi: How Should Chinese Christians Face the Present and the Future?

From June 10 to 11, 2019, "Gospel and Modern China" magazine invited Professor Yao Xiyi to hold a two-day internal mini-lecture in Hong Kong, exploring the theme of how Chinese Christians and churches, in the current situation, should face and choose a path for the future.