HAIKOU, CHINA — On Oct. 3, JX Luxventure Limited announced that its subsidiary Flower Crown Holding Group Co. (JXFC) expanded its distribution through an agreement with Hainan Hang Seng Zhongli Commercial Holding Co. (HS Zhongli), a pet food product distributor. HS Zhongli will market and distribute JXFC’s pet food products in China.
“The signing of this agreement is significant for us as we enter into the fourth quarter of 2022 in a rapidly evolving macro environment,” said Sun “Ice” Lei, chief executive officer of JX Luxventure. “Following the execution of this agreement, we have signed over $160 million worth of contracts since March of 2022, which enables us to achieve strong revenue growth as a result of our business transformation.”
The agreement specifies that once JXFC’s pet food products achieve annual sales of $20 million through distribution with HS Zhongli, the contract will be automatically renewed.
“Pet food products continue to be in recession-resistant demand and this validates the management's decision to expand into the cross-border pet food sector, as it provides robust growth and a healthy profit margin,” Lei said. “This is the second year of the three-year turn-around strategy, and we are very pleased with the execution thus far.”
JX Luxventure serves families across China, offering products throughout a variety of industries, including tourism, cross-border merchandise, e-commerce men’s wear, pet food and more.
Read more global pet food and treat news from outside North America.