- February 24, 2020 / 2 min readThis acquisition is in line with PepsiCo’s goal to become China's leading consumer-focused food and beverage company.
PepsiCo, the US multinational food and beverage maker, will acquire Be & Cheery, the Chinese snack brand, from local jujube maker Haoxiangni Health Food Co Ltd for $705 million.
This acquisition is in line with PepsiCo’s goal to become China's leading consumer-focused food and beverage company.
Ram Krishnan, CEO of PepsiCo Greater China, said, “Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels.”
“We also expect to leverage Be & Cheery's innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets,” he added.
Incorporated in 2003, Be & Cheery is one of the largest online snack companies in China. It sells snacks from nuts to dried fruits mainly on Chinese e-commerce platforms. The company posted revenues of about 5 billion yuan ($711.7 million) in 2019.
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