US鈥 General Mills ties up with Ting Shin Group
Print Edition
General Mills aims to expand into lower-tier markets and accelerate its product offerings in China through a tie-up with food and beverage giant Ting Shin Group to gain a stronger foothold in the food and catering sector.
The strategic tie-up will initially include sales channel expansion beyond current physical store coverage in about 80 domestic cities for US-based General Mills鈥 ice cream brand Haagen-Dazs.
鈥淲e see tremendous opportunities to accelerate the expansion in lower-tier cities by complementing with Ting Shin鈥檚 strong local distribution channels and catering stores,鈥 James Chiu, president and managing director of General Mills China, said in Shanghai as it inked the framework deal yesterday.
Ting Shin鈥檚 presence in the domestic market includes Master Kong packaged food, Weichuan drinks, Dicos fast-food chain eateries and Family Mart convenience stores as well as a wide range of bakeries and cafes.
Kantar Worldpanel noted that China鈥檚 out-of-home spending for food and beverage increased 15.1 percent in the second quarter compared with a year ago as catering and leisure activities gradually recovered.
New flavors
According to the National Bureau of Statistics, retail sales of domestic catering services surged 48.6 percent to 2.17 trillion yuan (US$334 billion), back to pre-pandemic level.
Domestic and overseas retailers are rushing to launch a series of new offerings with adventurous new flavors in a highly competitive market.
The two sides also plan to innovate and co-create in a wide range of categories such as bakery, drinks and catering solutions, by combining their complementary advantages.
They have set a preliminary target to launch new offerings within six months, such as co-branded products or tailor-made new local flavors.
鈥淲e also stand ready to contribute to the dual-circulation development model by better linking the two parties鈥 capabilities with local resources and expertise,鈥 said Stephen Lu, general manager of Ting Shin鈥檚 food trading arm Golden Field and its membership online store operator Good Selection Holding Co.
鈥淚t鈥檚 essential for multinationals to speed up local development to offer tailor-made local offerings by joining hands with a strong local player like Ting Shin,鈥 added Chiu.
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