Sun Art looks to fresh Fields
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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.
Questions & Answers
Q.Why did Sun Art Retail Group acquire Fields Hong Kong?
Why did Sun Art Retail Group acquire Fields Hong Kong?
Sun Art stated the purchase would further strengthen its Chinese eCommerce business. It provides an online channel for fresh foods and produce, targeting middle-class consumers.
Q.What is the primary appeal of online food retailers like Fields Hong Kong?
What is the primary appeal of online food retailers like Fields Hong Kong?
Online retailers offer an alternative source of produce in a market where food safety scandals have caused distrust. They cater to middle-class consumers seeking premium products from trusted vendors.
Q.Who are some of Fields Hong Kong's main competitors in the online food market?
Who are some of Fields Hong Kong's main competitors in the online food market?
Fields Hong Kong competes with other online food suppliers. Its rivals include Amazon.com-backed yummy77.com, along with kateandkimi.com and epermarket.com.
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