MILAN, Sep 3 (Class Editori) — The agreement between illycaffè and e-commerce provider Chancemate for coffee distribution in China will be officially signed in Milan in the upcoming weeks.
“The Chinese market is significant, although not large due to the Chinese preference for tea. However, we have entered into a partnership with Chancemate to bring high-quality products while leveraging their local knowledge. This agreement will support our online growth and accelerate expansion in the Chinese market,” CEO of illycaffè Cristina Scocchia said to Class CNBC during the Ambrosetti Forum held in Cernobbio.
As for investing in China, she stated that “although the current economic situation is challenging with a real risk of deflation, I believe that every difficulty presents an opportunity”.
Meanwhile, the Group is also striving to generate revenue beyond its coffee business. It acquired a controlling stake in a high-quality, all-natural candy company, and is developing its multi-brand retail channel.
As for M&A, rumors suggest that there may be some updates in the near future. In addition, the Group plans to open the first Polo del Gusto store in the center of Trieste in mid-September, offering all of its products.
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