TCP Group, the inventor and part-owner of Red Bull, has announced ¥1.06 billion ($149.3 million approx.) of investment over the next three years to expand its presence in China.
The capital will be used to establish a new representative office, in-country team and manufacturing centres, as well as to support TCP’s local partnerships and product launches.
Thailand-based TCP has already set up a company, and its new employee base, situated in China, will help TCP to understand the market and to enhance its R&D and marketing capabilities in the country.
TCP Group also says that it has been collaborating with the local government of the Huairou District to advance plans to build a manufacturing facility in the area.
“TCP is proud to unveil our planned investments of ¥1.06 billion over the next three years in the Chinese market,” said TCP CEO Saravoot Yoovidhya.
“China, as my family’s ancestral home, has always been at the front and centre of our ambitions to become a global ‘House of Brands,’ and our new commitment will help make that aspiration a reality, by strengthening our foundations in-country and therefore empowering TCP to bring the very best of Red Bull to Chinese consumers.”
TCP says that local strategic partnerships with Guangzhou Yao Energy Co (GZYE) and Pusheng Food Sales Co (PS), have enabled it to launch new Red Bull products into China.
The company expects its new investments to drive ‘major increases’ in the production and sale of Red Bull products in the country.
Yoovidhya added: “Our partnership with GZYE and PS brings together the international market standards of Red Bull products, best-in-class operations and management capabilities, and unparalleled marketing and distribution expertise as well as a deep-felt passion and respect for the Red Bull brand – all of which adds up to what is an innovative venture with boundless potential, heralding an exciting new dawn for Red Bull in China.
“We will further strengthen this strategic partnership and work closely with our local partners to ensure that our business continues to play a small but important role in supporting the development of the entire Chinese beverage industry.”
© FoodBev Media Ltd 2019