Mar 12, 2024 07:39 PM
BUSINESS
Chinese Bottled Water Giant Nongfu Spring Falters Under Boycott
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The sales value of Nongfu Spring’s bottled water plunged 31.7% between Feb. 20 and March 7, while sales of its tea drinks dropped 22.6%. Photo: VCG
Chinese beverage giant Nongfu Spring Co. Ltd. (农夫山泉股份有限公司) saw both its stock and sales tumble after nationalist Chinese internet users initiated a widespread boycott of the brand’s products.
The Hangzhou-based drinks-maker, known for its eponymous bottled water, was thrust into a firestorm of online anger that began on Feb. 28, after its billionaire founder Zhong Shanshan attended the memorial service of Zong Qinghou, founder of rival Hangzhou Wahaha Group Co. Ltd., who died last month.
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