Yahoo Finance Beyond Meat To Make Chinese Retail Debut With Alibaba Partnership
Beyond Meat (NASDAQ: BYND) is making its retail store debut in China in partnership with Alibaba Group Holding Ltd. (NYSE: BABA), MarketWatch reported Tuesday.
What Happened
The plant-based meat substitute maker's Beyond Burger will be available in 50 outlets of Alibaba's Freshippo supermarkets in Shanghai starting this weekend, according to MarketWatch.
"We know that retail will be a critical part of our success in China, and we're pleased to mark this early milestone within a few months of our market entry," Beyond Meat Chief Executive Ethan Brown said in a statement, as reported by MarketWatch.
The move will introduce the company's products to "home cooks throughout China," Brown added.
Beyond Meat plans to further expand its Freshippo store presence throughout the year, with 48 outlets in Beijing and Hangzhou as the next target.
Why It Matters
The California-based company also offers its products in China through partnerships with Starbucks Corporation (NASDAQ: SBUX) and Yum! Brands, Inc. subsidiaries (NYSE: YUM) Pizza Hut, Taco Bell, and KFC, but this is the first time that the company's burgers will be directly available for home-cooking in the country.
Beyond Meat competes with Impossible Foods and Beijing-based startup Zhenmeat for market share in China.
Price Action
The company's shares closed nearly 1.9% higher at $133.98 on Tuesday. The shares traded 0.7% lower in the after-hours session at $133.10.
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