Bibigo product line up for exports / Courtesy of CJ Cheiljedang
Korean meals firm CJ Cheiljedang stated Tuesday it has partnered with Thailand’s largest retailer, CP Axtra, to broaden its Okay-food enterprise in Southeast Asian markets.
CJ Cheiljedang signed a memorandum of understanding (MOU) with CP Axtra, an affiliate of Thai conglomerate CP Group, to introduce an expanded lineup of its “Bibigo” merchandise by the Thai firm’s gross sales networks.
CP Axtra operates greater than 2,700 shops below its Makro warehouse chain and Lotus’ grocery store chain.
The 2 firms plan to broaden their partnership into neighboring Southeast Asian markets, together with Malaysia and the Philippines, the place CP Axtra additionally has operations.
Southeast Asia, together with Thailand, is a key marketplace for CJ Cheiljedang, with a mixed inhabitants of round 690 million and robust financial progress potential.
CJ Cheiljedang has pursued partnerships with native firms in main abroad markets to fulfill rising world demand for Okay-food merchandise amid the rising recognition of Okay-pop, Okay-dramas and different Korean cultural content material.
The share of abroad gross sales of firm inside its general enterprise rose from 39 p.c, or 3.15 trillion received ($2.13 billion), in 2019 to 49.2 p.c, or 5.58 trillion received, in 2024.
Within the January–September interval of this 12 months, the ratio surpassed 50 p.c, reaching 4.31 trillion received.
