Gammanu Signs $20 Million Supply Contract with China Eunho Tech... "Boost to Hainan Duty-Free Store Business"

[Asia Economy Reporter Yoo Hyun-seok] GammaNu announced on the 25th that it has signed a supply contract worth 20 million USD (approximately 22.2 billion KRW) with Hainan Inhu Cross-border E-commerce Co., Ltd. (hereinafter Eunho Tech) in China for luxury goods and domestic cosmetics.

Through this contract, GammaNu has been granted exclusive supply rights for products produced or distributed domestically and in Europe among the items sold by Eunho Tech at Hainan Duty-Free Shops. They plan to supply a total of 20 million USD (approximately 22.2 billion KRW), including 15 million USD (approximately 16.6 billion KRW) worth of overseas luxury brands such as Gucci and Prada, as well as cosmetics, and 5 million USD (approximately 5.5 billion KRW) worth of domestic cosmetics and fashion accessories favored by Chinese consumers at the Hainan Duty-Free Shops in China.

GammaNu expects that this supply contract will accelerate new business related to the rapidly growing Hainan Duty-Free Shops, supported actively by China.

Eunho Tech is a company supplying products to 10 duty-free shops in the Hainan region and has established various networks related to duty-free shops. According to the company, the contract was signed recognizing GammaNu’s business capabilities, as Eunho Tech holds big data on items desired by Chinese consumers through its duty-free customer referral business with an annual transaction volume of 2 trillion KRW.

A company official stated, “By signing a supply contract worth over 20 billion KRW with Eunho Tech, which sells products to Hainan Duty-Free Shops, we have officially entered the Hainan duty-free business,” and added, “Since we have been granted exclusive supply rights for items produced in Korea and Europe, we expect continuous expansion of orders in the future.”

He continued, “Our existing business is also showing a rapid recovery trend, and the new business is already recording results, so performance improvement this year is also possible,” and added, “Through the recently secured large-scale funds, we plan to expand related businesses in various ways, not only supplying products to Hainan Duty-Free Shops but also diversifying our business.”