Bubs Australia shares jumped after the organic baby food and infant formula maker announced it was selling its products on the Chinese-language Tmall from ecommerce giant Alibaba.
By: CHRIS PASH
Source: Business Insider Australia
A short time ago, the shares were up 24.8% to $0.805.
The Australian company launched its Goat Milk Infant Formula and new Bubs Organic and Baby Cereals and Toothy Rusks on Chemist Warehouse Tmall Global ecommerce platform.
“We are confident Bubs infant formula will be well received by Chinese parents,” says Nancy Jian, Chief Operating Officer of Chemist Warehouse China Division.
“The ‘Mother and Baby’ category is our largest product category making up around 30% of all Chemist Warehouse sales.”
Alibaba’s Tmall is the largest B2C retail platform in Asia, enabling businesses to sell directly to hundreds of millions of shoppers in China.
Alibaba’s Singles Day, also known as Double 11 because it’s held on 11 November, has become the largest online shopping day in the world with sales exceeding $US17.8 billion last year.