Maroc - NEWSDAY.CO.TT - A la Une - 19/Jul 20:31

Angostura returns to China

ANGOSTURA has re-entered the Chinese market, signing an agreement with a local importer/exporter of Chinese goods to market Angostura products in China. Celebrating its bicentennial this year, the local public alcoholic beverage giant has billed it as a major export arrangement, promising to boost revenue and market share. Angostura signed the strategic agreement with Caribbean Commercial Management (Hangzhou) Company, a subsidiary of First Caribbean Marketing Company (FCMC) – one of the region’s leading traders of Chinese goods. Angostura CEO Laurent Schun said the destination represents a “tremendous opportunity” for the brand. “Given the distributor’s understanding of the local market in China, we are confident this partnership will significantly enhance our presence and drive our brand’s success in this dynamic region,” he said, revealing details of the arrangement at the House of Angostura, Fernandes Compound, Laventille, on July 19. Angostura began exporting to China in 2019, but Schun said the company decided to stop in 2022 to evaluate its marketing strategies. “Now this decision was not a step back, but a step forward. The move (was done) to establish a stronger, more effective partnership that would enable us to better capture market share and ensure a steady supply chain.” Angostura could attract 11 million consumers if it captured one per cent of the market for population over the legal drinking age, Schun suggested. Charles Xiang Cheng, Caribbean Commercial Management’s managing director, expressed gratitude and confidence in Angostura’s decision to appoint the company as the exclusive distributor for China. “It is my dream to get Angostura manufacturing every day of the year to fulfil the orders for the Chinese market, as everybody knows its size.” The company is responsible for marketing and distributing Angostura rum and bitters across China, including the administrative districts of Macau and Hong Kong, via e-commerce, retail and on-trade (bars, restaurants) channels. Angostura currently exports to 170 markets and aims to tap into new markets to expand its premium rum products and bitters. The company entered markets in Kyrgyzstan, Nepal and El Salvador in 2023, and recently sent its first shipment to Colombia. Schun said the company is eyeing Panama next. “Angostura (decided) to re-enter the Chinese market to capitalise on the increasing demand for high-quality and premium spirits and bitters,” the company said in a press release. “We are excited to rekindle the relationships with Chinese consumers and partners through our new distributor. “The new commercial partnership marks a significant milestone in the company’s expansion strategy, providing opportunity for growth.” Chinese Ambassador Fang Qiu congratulated all parties, including the Ministry of Trade and Industry, for their co-operation. Qiu noted that the agreement falls as TT and China celebrate 50 years of diplomatic relations. “Over the past five decades, both nations have upheld the principles of mutual respect and equality, leading to comprehensive development of our bilateral relations.” The post Angostura returns to China appeared first on Trinidad and Tobago Newsday.