Ringier divests China business after almost 30 years
Ringier China, the Chinese subsidiary of the Swiss Ringier Group, has sold its Chinese publishing operations to Ocean Strategies Advertising. Going forward, Ringier plans to focus primarily on Myanmar and Vietnam, where the group intends to continue expanding and investing in its portfolio.
After a long-standing presence in the Chinese market, Ringier China Co. Ltd. is selling its operating business. The handover of staff to Ocean Strategies Advertising Ltd., led by Bromme H. Cole and former managing director Kenny Zhou, is expected to take place at the end of 2017. The decision was made based on an extensive market and strategy analysis and an assessment of long-term business opportunities, Ringier wrote in a statement. As a result, the group will now focus entirely on the markets of Myanmar and Vietnam in the Asia-Pacific region, where Ringier Asia is already anchored in publishing and has a good digital portfolio.
Both Southeast Asian countries remain important to Ringier Asia, with the clear goal being expansion in publishing, directories and classifieds, given Ringier's core competency and global strategy, the statement added.
The Chinese publishing program sold includes the magazines City Weekend and the corresponding enclosures as well as City Weekend Parents & Kids and Shanghai Family the leading English-language magazines in China. The digital portfolio includes the English-language platforms Cityweekend.com.cn, Shanghaiexpat.com and Shfamily.com.
Around 60 employees of Ringier China Co. Ltd. in Shanghai and Beijing are affected by the sale decision.
Robin Lingg, Member of the Group Executive Board of Ringier: "We are adapting the focus of our business to changing market conditions and customer needs, underlining our determination to be among the leaders in digital wherever we operate. That is why we have redefined our strategy for Asia. It is not easy to leave China after almost 30 years. However, Ringier remains strongly committed to the Asian continent. We continue to invest in emerging markets in Asia by expanding our publishing and digital program in Vietnam and Myanmar." (hae/pd)
