Food
Chinese hypermarket operator Sun Art Retail Group has bought a controlling interest in Fields Hong Kong, an online retailer of fresh foods and produce.
No price was disclosed for the 54 per cent stake.
Fields Hong Kong was established to provide an alternative source of produce in a market where food safety scandals have bred distrust of corporate retailers and fast food chains. Middle class consumers who have the disposable income to afford premium products from vendors they trust are a growing market for online suppliers.
Sun Art, listed in Hong Kong, is part owned by France’s Auchan Group and Taiwanese billionaire Samuel Yin.
In a statement the company said the purchase would “further strengthen” its Chinese eCommerce business.
Fields’ competitors include Amazon.com-backed yummy77.com, kateandkimi.com and epermarket.com.
