Kuwait City: The Ferrero Group (“Ferrero”), a global confectionary group, and Al Bustan Al Khaleeji (BK), a leading FMCG food distribution company operating in Kuwait, announced a strategic joint venture agreement. Effective immediately, the joint venture – named Fergulf Kuwait General Trading WLL – will see both parties combine forces to directly distribute Ferrero products across the Kuwaiti market.
The launch of Fergulf Kuwait General Trading WLL is the culmination of a longstanding working relationship between Ferrero Gulf and BK – one that began decades ago.
Designed to consolidate the partnership between both parties, the strategic agreement will see Ferrero apply its unique business approach and know-how to the Kuwaiti market. This in turn will open up new avenues of growth, which include opportunities for local business expansion and the development of new products or strategies.
Commenting on the joint venture, Mohammed Tawfiq Bin Sultan, Managing Director at BK, said: “The new joint venture is a key milestone for us and a solid manifestation of BK’s and Ferrero’s commitment to further strengthen the relationship. We are confident this strategic alliance will build on the momentum of the past and allow rapid business growth in the years to follow.”
Echoing Bin Sultan’s statement, Guido Ferralasco, Managing Director, Ferrero Gulf, added: “We’re delighted to form this joint venture with BK – a longstanding trusted partner of ours – and believe this strategic alliance is pivotal to the success of Ferrero Gulf in Kuwait moving forward. A direct distribution channel ensures Ferrero and BK can take the business to new heights.”
Founded as a family business in Alba, Italy in 1946, Ferrero is the third-largest company in the global chocolate confectionary market, with global sales of over $12 billion, distribution across over 170 countries, and a workforce of more than 30,000 people across 55 countries.
Since the beginning, in Ferrero, innovation combines modern methods with ancient passion, permeating all steps of the value chain, from research and development to the final product. Nutella, Ferrero Rocher, Raffaello, Tic Tac and the Kinder line (Kinder Surprise, Kinder Joy, Kinder Bueno, Kinder Chocolate, Kinder Milk Slice, Kinder Pingui, Kinder Delice) are some of the Ferrero products best known and appreciated all around the world.
About Al Bustan Al Khaleeji
BK is a leading FMCG food distribution company operating in the state of Kuwait since 1978. With over 50 years of expertise in the business, BK represents world-renowned brands in confectionery, snacks, frozen, canned food and other fast-moving consumer goods. BK is a subsidiary of Towell International Holding, a 150-year-old family business spread across the MENA region.
© Press Release 2019