It also included a commitment to include a broad number of environmental, social and governance initiatives as part of the company’s Harmony Plan, in a market first, he said.
Banfield said the strategic partnership was both “commercially and philosophically significant”.
“We have set out a plan to significantly grow our current business with the biggest premium retailer in China but have also agreed to achieve this in line with our Harmony Plan principles.
“This will result in significant benefits to consumers in China, shareholders, the planet and most importantly, bees.”
Comvita’s Harmony Plan was a sustainability initiative that involved the company becoming carbon neutral by 2025 and aiming to save more than 10 million bees every year.
Forsyth Barr analyst Margaret Bei said Olé was a premium supermarket chain with a focus on imported food and the deal would add to Comvita’s revenue.
The revenue impact was estimated to be in the millions, though Comvita had not quantified the expected earnings impact, she said.
Bei said the next key date for the company was its full-year result in late August.