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The Chinese Sengi Express Ltd is the first foreign company to join Italy's Poste Italiane

January 21, 2021


Abstract : The company led by Del Fante, CEO of Poste Italiane, reached an agreement with Cloud Seven Holding in order to acquire 51% of Sengi Expressed Limited, a company based in Hong Kong and specialized in the e-commerce between China and Italy.

MILAN, Jan. 20 (Class Editori) – For the first time a foreign company joins the Poste Italiane Group, contributing to its consolidated results. The Group led by Matteo Del Fante, CEO of Poste Italiane, strengthened its relations in the e-commerce market between China and Italy by signing a binding agreement with Cloud Seven Holding Limited. With this agreement Poste Italiane acquires a 51% stake in Sengi Express Limited, a company fully owned by Cloud Seven Holding Ltd and based in Hong Kong. The price is still unknown.

Sengi Express is a company specialized in the creation and management of cross-border logistic solutions for Chinese e-commerce merchants active on the Italian market, with a pro-forma turnover of around 80 million euros in 2020. The closing of the transaction is scheduled within the end of the first quarter of 2021.

Under agreements with logistic operators, Sengi Express offers logistic management services on the Chinese territory, together with a real-time tracking service of every single shipping, from the hub in China to the final recipient in Italy.

The logistic companies of the Poste Italiane Group will still be the reference service providers of Seng Express for Italy. For Poste Italiane, the operation is part of an international business development of the business-to-consumer parcels, a key element in the processing strategy within the correspondence, parcel and distribution division that takes advantage from the e-commerce growth opportunities.

"This operation strengthens the Group's strategy focused on improving the customer experience, with the aim of developing an e-commerce shipping flow and building loyalty towards it,” Del Fante pointed out. “It is a historic achievement in Poste Italiane’s opening process to international markets, thanks to the entry of a foreign company into the Group. With this agreement we further diversify our earnings geographically speaking as well and keep on following our growth strategy by forming alliances in the most promising business areas".

According to Nelly Han, Sole Director of Cloud Seven Holding Limited, "this operation is the natural evolution of the partnership started a few years ago with Poste Italiane, whose services we proudly and successfully offer to our clients in China. We are extremely glad to become part of this important Group listed on the Stock Exchange".

Truthfully, Poste Italiane's attempt to enter the biggest e-commerce market worldwide dates back to July 2013 when Massimo Sarmi was the Group’s CEO. In fact, he had signed an agreement with China Post in Beijing to create a Made-in-Italy virtual pavilion on the online shopping platform with the aim of opening the doors of China to Italian companies.

The intention was to make the platform available especially to SMEs, without replacing the distributors already selected by the companies themselves but working alongside them. The promise was that the product would arrive to China “turnkey”, since Poste Italiane would deal with everything, including the translation of the product description. (All right reserved)

(Source:Class Editori)

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Keyword: Italy Sengi Express Ltd. Poste Italiane

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