Abstract : Leading Chinese retail company Suning Holdings Group and its subsidiary Suning International have inked a deal with Hainan Tourism Investment Development Co. Ltd. for cooperation in China's duty-free retail business, Suning said.
NANJING, Dec. 29 (Xinhua) — Leading Chinese retail company Suning Holdings Group and its subsidiary Suning International have inked a deal with Hainan Tourism Investment Development Co. Ltd. for cooperation in China’s duty-free retail business, Suning said.
Both sides will leverage their advantages to focus on logistics, commercial real estate, tourism retail and other fields to integrate various industrial chains and help in the construction of Hainan Free Trade Port in south China’s Hainan Province, Suning added.
“Riding the strong growth momentum of Hainan Free Trade Zone, this strategic partnership has granted us a great opportunity to bring more prosperity to the area by leveraging the global supply chain of Suning,” said Steven Zhang, vice president of Suning.
According to Suning International, the domestic demand for duty-free goods has increased due to the global pandemic and Hainan has become a more attractive alternative for buying such goods amid the travel restrictions.
The global business arm of Suning said it will deliver more overseas goods such as cosmetics, designer home furniture and health products to consumers in Hainan and beyond. Enditem
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Source: Suning to expand business in China’s duty-free retail market