PepsiCo has arrived at an agreement to buy the Chinese snack retailer Be & Cheery from Haoxiangni Well being Foodstuff for $705 million, the corporations mentioned.
Be & Cheery, launched in 2003, is just one of the largest on line snack corporations in China providing nuts, dried fruits, and other snacks, mainly on Chinese e-commerce platforms. It recorded $24.3 million in internet financial gain past calendar year, up 32% from 2018.
“Be & Cheery adds direct-to-customer capacity, positioning us to capitalize on continued development in e-commerce, and a regional manufacturer that is ready to extend across a broad portfolio of solutions, by means of both on line and offline channels,” Ram Krishnan, main govt officer of PepsiCo Better China, mentioned in a statement. “We also hope to leverage Be & Cheery’s innovation and customer insights capabilities to drive innovation in other vital PepsiCo development markets.”
The brand’s current owner, Haoxiangni