Swellfun to receive help from Diageo
By Jin Jing |
June 29, 2011, Wednesday
|
Print Edition
Print Edition
DIAGEO Plc yesterday said it will help China's white spirits maker Sichuan Swellfun Co boost international sales after it received regulatory approval to take a majority stake in its parent company Sichuan Chengdu Quanxing Group.
Lu Haiqing, corporate relations director of Diageo China, said the company plans to help Swellfun improve product quality and enhance management expertise while increasing the popularity of Swellfun's white spirits around the world.
He said Swellfun's export volume has doubled annually over the past two years. Exports now account for 10 percent of Swellfun's total sales volume. "We have the highest percentage of exports among our major competitors, and we expect this will continue to increase," Lu said.
"About 99 percent of Chinese white spirits is consumed by the domestic market because of culture, history and drinking habits," Lu said. "But we are very optimistic about its prospects on the global market."
Lu said a revamp at Swellfun is under way as the company plans to lower inventory and improve efficiency. In 2010, Swellfun's net profit dropped 27 percent year on year to 235 million yuan (US$36 million).
Lu Haiqing, corporate relations director of Diageo China, said the company plans to help Swellfun improve product quality and enhance management expertise while increasing the popularity of Swellfun's white spirits around the world.
He said Swellfun's export volume has doubled annually over the past two years. Exports now account for 10 percent of Swellfun's total sales volume. "We have the highest percentage of exports among our major competitors, and we expect this will continue to increase," Lu said.
"About 99 percent of Chinese white spirits is consumed by the domestic market because of culture, history and drinking habits," Lu said. "But we are very optimistic about its prospects on the global market."
Lu said a revamp at Swellfun is under way as the company plans to lower inventory and improve efficiency. In 2010, Swellfun's net profit dropped 27 percent year on year to 235 million yuan (US$36 million).
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