iFresh Partners with Tmall Global to Enter China’s Cross-Border E-Commerce Market | 2021-11-10 | Press Releases
NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) – iFresh, Inc. (“iFresh & CloseCurlyDoubleQuote; or the“ Company & CloseCurlyDoubleQuote;) (Nasdaq: IFMK), a leading Asian American supermarket and grocery chain, announced today its entry into a Master Product Supply Agreement (the “Contract & CloseCurlyDoubleQuote;”) with Alibaba.com Singapore E-Commerce Private Limited (“Tmall Global & CloseCurlyDoubleQuote;). This agreement establishes a cross-border business partnership, allowing iFresh to sell American food and products in China through Tmall Global’s cross-border e-commerce platform. Now it is officially launched on the cross-border e-commerce platform.
Since its launch in 2014, Tmall Global has grown into a major cross-border e-commerce marketplace in China, owned by one of the world’s largest e-commerce retailers and giants, Alibaba. Tmall Global ‘platform brings dedicated cross-border sellers and established brands with high demand products to the Chinese market.
Under the agreement, iFresh is committed to providing Tmall Global with fresh, high-quality American foods and products, including products such as infant formula, dried fruit, coffee, and other snacks. The products will be sent to Tmall Global’s overseas warehouse in the United States. On the basis of each customer order, Tmall Global will provide one-stop-shop control and sorting, packaging and distribution management service. The services will be carried out directly from the overseas warehouse to the end consumers in China, all in a timely manner.
Mr. Long Deng, President of iFresh, commented, “Cross-border sales are the perfect opportunity for American food and products to enter the Chinese market quickly. We will work with Alibaba Group’s leading cross-border e-commerce B2C platform in China, which will enable us to realize our vision of expanding iFresh to the global market. This agreement with Tmall Global marks our collaboration with its overseas warehouse to generate massive growth in our wholesale product sales. We are confident that the partnership will help accelerate iFresh into new global markets while benefiting the company’s financial performance, ‘creating exceptional value for our shareholders. ”
About iFresh, Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island City, New York, is one of America’s leading online supermarket and grocery chains in Asia on the east coast of the United States. . With nine retail supermarkets along the US East Coast (with additional stores in Glen Cove, Miami and Connecticut to open soon) and an in-house wholesale business strategically located in cities with high Asian populations, iFresh aims to meet the growing demands of Asian Americans (whose purchasing power has grown rapidly) for fresh and cultural produce. unique products, seafood and other groceries not found in traditional supermarkets. With an exclusive in-house delivery network, an online sales channel, and strong relationships with farms that produce Chinese specialty vegetables and fruits, iFresh is able to offer fresh, high-quality specialty products to customers. competitive prices to a growing customer base. For more information, please visit: http://www.ifreshmarket.com/.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statementscan be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “prospects” and “project” and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements include the timing of the proposed transactions; the business plans, objectives, expectations and intentions of the parties once the transactions are completed, and the estimated and future operating results of the Company, business strategies, competitive position, industrial environment and opportunities potential growth. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. Therefore, caution should be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors. All information provided in this press release is as of the date hereof. Except as required by securities laws, the Company assumes no obligation to update these forward-looking statements.
Additional information regarding these and other factors that may affect our expectations and projections can be found in our periodic filings with the SEC. The documents filed by IFMK with the SEC are publicly available on the SEC’s website at www.sec.gov. IFMK disclaims any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact: At the Company: iFresh, Inc. Email: [email protected]