GammaNu Completes First Shipment of Initial Batch... "Stepping Up Hainan Duty-Free Store Business"

[Asia Economy Reporter Yoo Hyun-seok] GammaNu announced on the 11th that it has completed the first shipment of health functional foods, including Jeonggwanjang, to Eunho Tech, a company specializing in duty-free product sales in Hainan, China. The company explained that the newly launched duty-free shop business is progressing smoothly, as purchase contracts have been signed and shipping schedules arranged to enable the remaining goods to be exported in installments according to orders.

The goods shipped this time are scheduled to be supplied to the ‘Ilpumhoe Duty Free shop’ on Hainan Island. The ‘Ilpumhoe Duty Free shop’ is a duty-free store specializing in premium health and processed foods, including health functional foods.

The Chinese government has recently opened five new duty-free shops in the Hainan area, including Sanya Hailv Duty Free Shop, Sanya International Duty-Free Shopping Park Duty Free Shop, and Guanlanhu Duty Free Shop, accelerating the revitalization of Hainan duty-free shops. In particular, since early last month, a courier delivery service has been added to deliver purchased duty-free goods directly to the homes of Hainan travelers.

During the recent Chinese Lunar New Year holiday, Hainan duty-free shop sales recorded 1.5 billion yuan (approximately 257.8 billion KRW), showing a sharp growth trend following the record of being the world’s number one duty-free shop in the first half of last year. This figure is more than double compared to the same period in 2019, before the outbreak of COVID-19.

With the Chinese government’s active support to revitalize domestic consumption, Hainan duty-free shop sales are on the rise, and GammaNu is achieving rapid results in the Hainan duty-free shop business.

A company official stated, “As a rapid recovery in the travel industry is expected due to global COVID-19 vaccinations, we are focusing on the Hainan duty-free shop business,” adding, “With the completion of the first shipment, we expect stable sales and profit growth through the supply of goods to Hainan duty-free shops.”

He continued, “Based on the supply of products to Hainan duty-free shops, we will pursue business diversification to secure a foothold for entering the duty-free market and the Chinese market.”