iFresh Partners with Tmall Global to Enter Cross-border Trade E-commerce Market in China
November 10 2021 - 7:30AM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer, today
announced it has entered into a Master Product Supply Agreement
(the “Agreement”) with Alibaba.com Singapore E-Commerce Private
Limited (“Tmall Global”). This Agreement establishes a cross-border
trade partnership, enabling iFresh to sell American food and
products to China via Tmall Global’s cross-border e-commerce
platform. Now it is formally launched on the cross-border
e-commerce platform.
Since its launch in 2014, Tmall Global has become a leading
Cross-Border E-Commerce Marketplace in China, owned by one of the
world’s largest retailers and e-commerce giants, Alibaba. Tmall
Global’s platform brings dedicated cross-border sellers and
established brands with high-demand products to the Chinese
market.
Under the terms of the Agreement, iFresh is committed to
bringing fresh, high quality American food and products to Tmall
Global, including products like infant formula, dried fruit,
coffee, and other snacks. The products will be sent to Tmall
Global’s overseas warehouse in the US. Based on each sales order,
Tmall Global will provide one-stop control and the management
service of sorting, packaging, and distribution. Services will be
carried out directly from the overseas warehouse to the
end-consumers in China, all in a timely manner.
Mr. Long Deng, Chairman of iFresh, commented, “Selling
cross-border is the perfect opportunity for American food and
products to enter the Chinese market quickly. We will work with
China’s leading cross-border e-commerce B2C platform from Alibaba
Group through this Agreement, allowing us to make our vision of
scaling iFresh to the global market a reality. This Agreement with
Tmall Global marks our collaboration with its overseas warehouse to
drive massive growth of 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 a leading Asian American grocery supermarket chain and
online grocer on the east coast of U.S. With nine retail
supermarkets along the US eastern seaboard (with additional stores
in Glen Cove, Miami and Connecticut opening soon), and one in-house
wholesale business strategically located in cities with a highly
concentrated Asian population, iFresh aims to satisfy the
increasing demands of Asian Americans (whose purchasing power has
been growing rapidly) for fresh and culturally unique produce,
seafood and other groceries that are not found in mainstream
supermarkets. With an in-house proprietary delivery network, online
sales channel and strong relations with farms that produce Chinese
specialty vegetables and fruits, iFresh is able to offer fresh,
high-quality specialty produce at competitive prices to a growing
base of customers. For more information, please visit:
http://www.ifreshmarket.com/.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements may be identified by the use of words such
as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transactions; the business plans, objectives,
expectations and intentions of the parties once the transactions
are complete, and the Company’s estimated and future results of
operations, business strategies, competitive position, industry
environment and potential growth opportunities. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must 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 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. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC. IFMK's SEC filings are available
publicly on the SEC's website at www.sec.gov. IFMK disclaims
any obligation to update the 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: carrie@ifreshmarket.com
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