Welbilt, Inc. (NYSE:WBT) saw a rise of 2.2% in its shares a few days ago ending at $19.67 & inching by 1% last month after the company signed a strategic deal with Xiaomi Inc. and Youle. With this new deal, Wellbilt is aiming to equip the existing innovative stores of Xiaomi with high-output, small footprint kitchens.
Youle is a cooking service supply chain company whereas Xiaomi is the well-known Chinese smart convenience store. This new partnership has helped the company stir clear of the 1.7% loss incurred by the industry. Xiaomi stores are customized keeping in mind the demand of young consumers for fresh, high-quality, variety of products.
The Chinese company has been giving the Y generation exactly what they have been expecting and all of its stores across the country are a form of self-service intelligent box-form stores. These are located at prominent locations such as community places, travel terminals and commercial areas where it can easily attract the attention of the consumers.
Welbilt- Xiaomi- Youle Agreement Details
These companies have entered into an agreement to run a strategy for upcoming three years. According to the agreement, the Chinese electronics and software company with headquarters in Beijing will launch the premium product of Welbilt- Merrychef eikon in its stores across the country. Merrychef eikon is a high-speed oven brand that already has quite a name as an energy efficient kitchen appliance.
Xiaomi expects to make this Wellbilt brand an integral part of its various automated stores that are located far and wide. The company is planning to make these premium ovens available across all of its new stores in China. The third party in the agreement, Youle will contribute by developing AI Solutions (Artificial Intelligence) to improve the connectivity of the automated, self-serving stores of Xiaomi.
Welbilit is the leading provider of industry equipment and solutions across the world to top chef’s and premier chain operators. It recently hosted a live conference call to declare the company’s first-quarter earnings for 2018.