Monday, 2024 February 26

CHINA BRIEF | invests in convenience store chain Fook to complete its retail network

Chinese e-commerce giant has closed a strategic investment in convenience store chain operator Fook, the company posted on its official WeChat account on Tuesday, without revealing financial details. Fook, founded in 2006, runs 1,719 stores mainly in East China’s Fujian province and is ranked as the 10th largest chain by the China Chain Store & Franchise Association.

The investment in brick-and-mortar shops will help to compliment its retail network and develop businesses such as neighborhood group-shopping, on-demand delivery, and retail-plus service, the company said. already runs on online procurement platform called Jinhuobao for various offline retailers such as mom-and-pop stores and is competing with Alibaba’s Lingshoutong, Courier Best’s Store+, and startups like Yijiupi.

Read this: Could this startup become the leader in China’s fragmented online procurement industry?

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.

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