Onion Global and Sunwah Chuanyu Establish Joint Venture Xinyang Wujie to Explore New Consumer Opportunities in Southwest China
GUANGZHOU, China, June 25, 2021 /PRNewswire/ -- Onion Global Limited (“Onion Global” or the “Company”) (NYSE: OG), a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands to young people in China and across Asia, today announced that it has entered into a strategic partnership with Sunwah Chuanyu, the Sichuan Area Branch of Sunwah Group to establish a joint venture Xinyang Wujie. The joint venture will target new consumer opportunities in Southwest China, and aims to boost cross-border e-commerce in the region with the mission of “cross-promoting local Sichuan goods to overseas markets, and bringing international goods to Sichuan.” Currently, Xinyang Wujie has successfully introduced and incubated the first collection of premium international brands.
Mr. Cong (Kenny) Li, Founder and CEO of Onion Global, commented, “Southwest China is a rapidly evolving market that presents us with many new growth drivers and business opportunities. The changing consumer behaviors and overall progression towards a higher quality of living and healthier lifestyle will continue to drive the economic growth, leading to massive, untapped market opportunities for us. Only the brands that have effectively integrated global supply chains, high-quality distribution resources, and elevated their operational efficiencies will be able to remain competitive and continue to gain market share to reshape their brand’s landscape moving forward.”
“We will continue to pursue further growth opportunities with our brand partners in the “Big Healthcare” sector and build the up and downstream production chain in the industrial zone,” Mr. Li continued.
Since its establishment, Onion Global has accumulated several unique advantages in the areas of brand incubation, key opinion consumer (“KOC”) marketing, as well as novel and integrated online and offline promotion, establishing an innovative closed-loop operation model. The Company has in-depth cooperation with more than 4,000 brands around the world and offers a wide selection of more than 70,000 SKUs from 43 countries and regions. The Company also has an extensive community with over 700,000 KOCs, which can create 700 million impressions for brands in a single promotional campaign. The partnership with Sunwah Chuanyu has laid a solid foundation for Onion Global to further expand its presence in the domestic consumer market and promote its global awareness.
Mr. Faqiang Wu, Director and President of the Sichuan Area Branch of Sunwah Group, commented, “This strategic partnership will enable stronger links between the two companies. The Tianfu New Area of Sichuan Province is one of the first national import trade promotion and innovation pilot zones and will bring new development opportunities for both parties. Meanwhile, our existing investments in the Sichuan Province will also provide both personnel support and logistic channels for the partnership.”
Sunwah Group is a highly diversified multinational conglomerate with overseas investments across Southeast Asia, Europe, America and Australia. Based in Southwest China, Sunwah Chuanyu is the 7th regional headquarters of Sunwah Group in Mainland China.
Ms. Shan (Mio) Ho, Director and CFO of Onion Global, commented, “Under China’s new economic development policies, the country will continue to open up to global markets more broadly. We will work to maximize the synergies and consistently innovate through deepened cooperation between corporations, and support further cooperation between upstream and downstream partners to achieve greater economies of scale. Our combined efforts will strengthen the advantages of China’s industrial chains in global trade. Chengdu benefits from three national growth strategies, including the Belt and Road Initiative, the economic circle of Chengdu and Chongqing, as well as the New Land and Marine Routes for Western Regions. The region connects business and trade, logistics and capital, and provides a strong support system to companies to expand their industrial chains layout and promote external circulation development.”
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
About Onion Global Limited
Onion Global Limited (NYSE: OG) is a next-generation lifestyle brand platform that incubates, markets and distributes the world’s fresh, fashionable and future brands, which we refer to as “3F brands,” to young people in China and across Asia. The Company’s mission is to be the dream factory of lifestyle brands for young people. The Company’s platform offering an integrated solution to develop, market and distribute new and inspiring branded products, thereby reshaping the lifestyle shopping and consumer culture in China. For more information, please visit http://ir.msyc.com/. Onion Global Limited has been listed on New York Stock Exchange since May 2021.
For more information, please visit: http://ir.msyc.com/.
About Sunwah Group
Sunwah is a highly diversified conglomerate with businesses in eight principal areas: Seafood & Foodstuff, Real Estate, Financial Services, Technology, Infrastructure, Media, Education and training, Green technology and healthcare. Activities cover extensively into Mainland China, Japan, Macau, Vietnam, Myanmar, Cambodia, Singapore, Canada, Europe, the US and Australia.
For more information, please visit: https://en.sunwahgroup2021.cn/.
For investor and media inquiries, please contact:
Onion Global Ltd.
Mr. Eric Yuan
In United States:
Ms. Linda Bergkamp
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SOURCE Onion Global Limited