Hengsheng Group Signs Sales Contract for Chinese Winter Olympics Mascot Products... "Positive Signal for Toy Business"

[Asia Economy Reporter Yoo Hyun-seok] Hengsheng Group announced on the 30th that it is launching a new sales strategy by signing contracts to sell Winter Olympic and Paralympic mascot toy products with VISA Card, the famous beer brand Yanjing Beer, and the large-scale dining chain group Baisheng Group in China.

Through this contract, Hengsheng Group will continuously receive and supply orders for Winter Olympic and Paralympic mascot toy products from Visa Worldwide, Yanjing Beer, and Baisheng Group. The order performance with the three contracted companies is expected to be reflected from the second quarter of this year.

The background of the contract signing is the increasing public interest and purchase demand for mascot toy products ahead of the 2022 Beijing Winter Olympics and Paralympics in China. Accordingly, VISA Card plans to hold a toy gift event for customers applying for credit cards in China, Yanjing Beer will utilize the products in beer festival events and sales activities, and Baisheng Group will use the mascot products diversely in marketing, such as gift activities at its dining stores. Meanwhile, Yanjing Beer is one of the top three beer brands listed in China, and Baisheng Group is a large dining group owning China’s KFC, Pizza Hut, and others.

With the Winter Olympic event approaching, the sales-driving effect from expanded orders from Chinese large corporations will be reflected in the second quarter results. The company expects that if additional orders continue as other large corporations in China also show interest in mascot toy products, it will be able to maintain its growth trend. Currently, the company holds 8 SKUs including stuffed dolls, figures, cushions, keyrings, and ornaments, and plans to promote new product lineups necessary to meet market demand, accelerating sales activities.

A company official stated, “The sales method in cooperation with large corporations is a strategy that can achieve a win-win effect in marketing activities between the company and the ordering party, so it is advantageous to secure additional ordering companies quickly, and additional sales contract work is currently underway.” He added, “Since Hengsheng Group is a manufacturer specially authorized by the Olympic Committee, we will do our best to utilize this opportunity to enhance market dominance and improve performance.”