(Alliance News) - Samarkand Group PLC on Monday said China's reversal of its zero-Covid policy makes its outlook on the Chinese e-commerce market more positive.

Samarkand is a London-based e-commerce company focused on China.

The company said that since the start of 2020, household savings in China had increased by 42% due to Covid lockdowns, to USD4.8 trillion, which it said is larger than the gross domestic product of the UK.

Samarkand added that its fertility brand Zita West continues to attract costumers in line with expectations, and that its supplement brand Probio7 has returned to growth in its domestic market.

Samarkand Chief Executive Officer David Hampstead said: "The past 18 months have been difficult for us and many businesses in our industry. That said, with the reversal of China's zero Covid policy and its rapid re-opening, we are looking forward to a much-improved trading environment this year. We retain unwavering confidence in the value of our offering, and we are well-positioned capitalise on the strong market opportunity ahead, having already been encouraged by the positive signals we are already seeing just a few weeks after the policy changes."

Samarkand shares were flat at 40 pence each in London on Monday afternoon.

By Tom Budszus, Alliance News reporter

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