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E-retail start-up company PhatRice announced today (June 9) that it has officially launched its online shopping site in Hong Kong to leverage the city's world-class business infrastructure and dynamic business environment.
PhatRice is a start-up in Hong Kong established by a group of entrepreneurs who believe in creating a positive social impact through consumption. The online retail platform promotes social good and environmental protection and innovation through sourcing and selling products made by social enterprises, green groups, creative designers and more. The company has developed partnerships with local and international suppliers who share the same social mission.
Co-founder of PhatRice Mr Anthony Lance said, "According to a Nielsen global survey released in 2013, 50 per cent of global consumers surveyed are willing to pay more for socially responsible products. People are increasingly aware that what they spend on should carry a value they believe in. Socially conscious consumerism has long roots in the US and I believe that Hong Kong, as an international city in Asia, is the best place for us to start our innovative business model."
He added, "Hong Kong is also close to Mainland China, which is an important source of goods as well as potential funding for PhatRice. Together with its excellent logistics infrastructure and deep pool of retail talent, we have decided to launch our business from Hong Kong."
The online shop initially offers about 50 varieties of products developed by six business partners or product developers. It aims to have 50 partners in its first year of operation and grow the list further down the road.
The Associate Director-General of Investment Promotion, Mr Andrew Davis, said that PhatRice had been quick to see the unique business advantages on offer in Hong Kong. He said, "Hong Kong is a business-friendly city that attracts many multinational brands as well as entrepreneurs with a dream to set up their own business. What you need to be successful is innovation and creativity. I believe that PhatRice demonstrates these, and the passion the founders have in achieving their business model should bring them success in their venture."
About PhatRice
Founded by three entrepreneurs originating from the US and Hong Kong, PhatRice is an online marketplace that offers non-conventional products supplied by social enterprises, green groups or creative designers. PhatRice's platform offers them a voice and a helping hand to share their stories and to foster a community of people who have a heart for purchasing products that reflect their personal values in life. For more information, please visit www.phatrice.com.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As of December 2013, Invest Hong Kong has completed over 3 090 investment projects creating more than 34 900 new jobs in the first year of operation or expansion and over HK$82 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photos, please visit www.flickr.com/photos/investhk/sets/72157645126235273/.
Ends/Monday, June 9, 2014
Issued at HKT 15:00
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