Bubs Australia enters into China Market Cooperation Agreement (Bubs Australia official website Photo)
On Monday, Australian baby food company Bubs Australia announced a market partnership agreement with New Times Asia, a Chinese ecommerce professional services company, to sell its products online on 20 e-commerce platforms in China.
As part of a long-term supply agreement, Bubs Australia, the Australian baby food company, announced through (ASX), the Australian Stock Exchange, according to the Australian newspaper. New Times Asia, a Chinese ecommerce professional services company, has pledged to purchase A $17 million in FY 2019 for Bubs and CapriLac branded products, which is equivalent to a 100% increase in Bubs Australia sales. The amount of purchase orders will be increased to A $24 million in FY2020. The next year will continue to grow to A $37 million.
Carl (Kristy Carr), founder and head of Bubs Australia, said the agreement with New Times Asia was a significant step forward in the company`s strategy to expand in China, indicating that investments into the Chinese market bear fruit.
, Bubs Australia shares rose sharply after the announcement. Shares in, Bubs Australia were up 8.5 percent from the start of the day at 12:45 EDT on Monday.
