Fonterra slashes forecast milk price, again
Fonterra has slashed another 50c off its milk price forecast as global milk flows shows no sign of easing.
This was 217% higher than sales achieved during the 2014 event.
Fonterra's managing director Great China Christina Zhu told the co-op's annual meeting in Waitoa today that this highlights the power of e-commerce in China.
China's Tmall – the country's equivalent Amazon online, achieved US$14.3 billion dollars in sales on November 11.
Zhu says the Double 11 event has been a success for the co-op.
She pointed out that selling on Tmall was very profitable.
"We take out layers on distribution channels on e-commerce and this has a low cost base so it's quite profitable for us."
