Product Shipping Prices to Be Adjusted Starting May 30
Retail Prices to Be Applied Gradually from June After Discussions with Distribution Channels
Dongseo Foods announced on May 23 that it will raise the shipping prices of its products, including instant coffee, coffee mix, and coffee beverages, by an average of 7.7% starting on May 30.
As a result, coffee mix products such as Maxim Mocha Gold and instant ground coffee products such as Kanu Americano will see an average price increase of 9%, while coffee beverages such as Maxim T.O.P and Maxwell House RTD will be raised by an average of 4.4%. The retail prices for consumers will be gradually increased starting in June, following discussions with distribution channels.
Dongseo Foods cited the rising prices of key raw materials, including coffee beans, and the increased exchange rate as reasons for this price hike. The company explained that all major raw materials, such as coffee beans and palm oil, are fully imported, which has intensified the burden caused by the exchange rate.
A Dongseo Foods representative stated, "Due to abnormal weather conditions worldwide, coffee production has decreased, resulting in persistently high raw material prices, which led us to decide on a price increase." The representative added, "Going forward, Dongseo Foods will further strengthen efforts to reduce costs and improve productivity in order to provide high-quality coffee at reasonable prices."
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