Thai Union Group has secured another agreement with retail giant Alibaba in China, a market the seafood giant says is key to its growth.
The Bangkok-based supplier is teaming up with Shanghai Win-Chain Supply Chain Management Co. and launching a store on Alibaba’s Tmall online platform.
Thai Union said the deal would also cover supplying seafood to physical customers, with Win-Chain serving retail and wholesale channels outside Alibaba.
“Asia, especially China, is very important to our future growth, with the seafood market expanding steadily. Thai Union is very pleased to join hands with Win-Chain to provide our highest quality seafood to Chinese consumers,” Thai Union CEO Thiraphong Chansiri said.
Last month, Thai Union published its financial results for 2018. Net sales declined 1.2% to THB133.28bn (US$1.91bn) due to the Thai baht’s appreciation against the US dollar. Excluding the impact from exchange rates, sales increased by 0.5%. Thai Union’s net profit stood at THB3.26bn. In 2017, Thai Union’s net profit was THB6.02bn.
North America accounted for 39% of sales, with Europe contributing 30%. Thailand’s domestic market grew to 11% of sales, with another 20% coming from Asia Pacific, the Middle East, Africa and South America combined.
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In 2019, Thai Union wants to grow its group sales by 5% on an organic basis.