Canadian health products supplier Factors Group of Nutritional Companies Inc. has signed a licensing agreement with Chinese healthcare giant Tongrentang International (TRT) on Tuesday to distribute its flagship Natural Factors brand of natural health products in China.
Under the agreement, TRT will have exclusive rights to distribute Natural Factors products both online and in brick-and-mortar stores and expand the company's cross-border e-commerce market, the state-owned Xinhua News Agency reported on Wednesday.
Factors Group President and CEO Michael Hobson said the move is a strategic step in the company's expansion into the global export market.
"China is one of the world's largest and fastest growing economies, one where demand for quality natural health products is exploding," Hobson said at the signing ceremony at the Factors Group's Cuquitlam headquarters in Greater Vancouver. "This is a win-win opportunity to partner with a respected company that shares our dedication to providing consumers with safe, effective products that can make a positive difference in their lives."
Guangfei Ji, chairman and CEO of TRT, expressed his excitement during the signing ceremony of introducing Natural Factors to the Chinese market as their leading brand of nutritional supplements.
"Our cross-border e-commerce platform along with our network of local pharmacies across China ensures our customers have access to the best products from around the world," Ji said.
Hobson told Xinhua that they decided to take in TRT as their sole distributor in China due to the company's long history and reputation in the country.
"TRT also knows the market and the demand of the Chinese people, so we are confident the partnership will be very successful," Hobson added.
Factors Group is a Canadian-owned and -operated family business that has been manufacturing natural health products for over 25 years. It is among the biggest suppliers of vitamins and nutritional supplements in North America, with facilities in nine locations across Canada and the U.S. and more than 1,500 employees.