Humble Group and TWEEK have signed the following major agreements for the Chinese market in the past two months, which will facilitate further expansion of TWEEK and Humble Group products in China:
- Agreement signed with CCTV for ongoing marketing and sales of TWEEK's products during 2022 and 2023.
- TWEEK's products have received the so-called "approved label" - a label that means that it is a product recommended by the Chinese government to consumers to buy.
- Several agreements signed with Chinese e-retailers focusing on sustainability and health products.
- Sales agreement with one of the major Chinese grocery chains. The agreement means that TWEEK's and Humble Group's products will be distributed and sold in an initial 4,000 stores.
- In total, the contracted sales of TWEEK's and Humble Group's products in the market with these agreements are estimated to amount to approximately 4 million and 2 million products respectively, which corresponds to sales of approximately SEK 40-60 million per year when full distribution is achieved.
"As part of the effort to establish a strong sales platform in Asia, we as a group have now got off to a good start with several important agreements in place in China - which is a fantastically exciting market and by far the most important and potentially largest for fast-moving consumer goods with a focus on health and sustainability in Asia. Both diabetes and obesity are problematic diseases that also characterize several of the Asian countries and it is clear that the authorities take this seriously and are happy to help players like Humble Group to more easily reach out with the right type of products and to be able to offer a better choice for consumers. We also see that there is a high willingness to pay and increased demand for health and climate-smart products. Our ambition is to continue to grow in both China and other important Asian markets and thus establish a strong structure where we can quickly reach out with new brands and products that will become part of Humble Group in the future." says Simon Petrén, CEO of Humble Group.
With the launch of TWEEK in China, Humble Group has now successfully started to establish a sales structure that enables marketing, sales and distribution for several of the group's brands.
TWEEK was launched in Sweden in 2017 and the brand reached a leading position in sugar-reduced confectionery in Sweden after less than 18 months. In 2020, TWEEK had a 72% growth in the Swedish market and seven flavors represented in the top-20, of which three flavors placed in the top five. In Sweden's grocery trade, TWEEK has a market share of approximately 42% with distribution in approximately 1,500 stores.
TWEEK was acquired by Humble Group in the summer of 2020 and in the fall of the same year, TWEEK's products were launched in several other export markets, including Denmark, Finland, Norway, Germany, Spain, France and the UK.
For further information, please contact:
Simon Petrén, CEO, Humble Group AB
Phone: +46 70 999 94 55
E-mail: simon.petren@humblegroup.com
The information in this press release was published through the agency of the contact person set out above, at the time stated by Humble's news distributor Cision at the publication of this press release.
ABOUT HUMBLE
Humble Group is a Swedish foodtech and FMCG group delivering the next generation of consumer products that are good for people and the planet. Humble focuses on the foodtech, eco, sustainability and vegan segments. The companies are growing through organic growth, acquisitions and leveraging synergies in the different business units: brands, distribution, manufacturing and ingredients. Humble's technologies, refined through scientific research and extensive market experience, facilitate new formulations and recipes that improve taste and texture for the next generation of sugar-reduced, sustainable and vegan products. For more information, visit www.humblegroup.com
Humble is listed on Nasdaq Stockholm, First North Growth Market, under the ticker HUMBLE. FNCA Sweden AB is Humble's certified adviser. Tel: 08-528 00 399, e-mail: info@fnca.se
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