Corporate: Bubs Australia’s products now in 275 Kidswant stores in China; shares up 18pc
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Bubs Australia (ASX: BUB) has announced a partnership with China’s largest baby store chain, Kidswant.
Kidswant has the largest market share in China and Bubs’ products are now stocked in all 275 shops. The company predicted next financial year it will achieve RMB 30 million ($6.24 million).
Kidswant has achieved turnover of $2 billion in just 10 years since establishment and now it will be home to Bubs’ products in China.
In addition to physical stores, Kidswant operates a data and customer relations platform and professional childcare consultancy services.
The achievement was the first major project of Bubs’ joint venture with Beingmate and CEO Xiufei Bao also declared it “the most important project”.
Bubs’ CEO Kirsty Carr said the company was “delighted to establish this strategic partnership with Kidswant, the No. 1 [sic] baby store chain in China”.
“Kidswant’s store footprint and full-service integrated membership model provides us with immediate access to our core potential customers in a trusted ecosystem.”
While Bubs is well ahead of its listing price of 10 cents, shares have fallen 40 per cent in six weeks from over $1.50 to 90 cents yesterday. In early May, CEO Kirsty Carr notably sold $5.9 million of her shares to buy a house.
Prior to the market opening technical indicators, such as the MACD & RSI suggested the stock was nearing oversold territory.
But today it is up 19 per cent to $1.11.
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