Technology
Dingdong (Cayman) Limited Announces Third Quarter 2024 Financial Results
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SHANGHAI, Nov. 6, 2024 /PRNewswire/ — Dingdong (Cayman) Limited (“Dingdong” or the “Company”) (NYSE: DDL), a leading fresh grocery e-commerce company in China, with advanced supply chain capabilities, today announced its unaudited financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Highlights:
GMV for the third quarter of 2024 increased by 28.3% year over year to RMB7,267.0 million (US$1,035.5 million) from RMB5,665.4 million in the same quarter of 2023. All regions experienced positive year-over-year growth in scale for the third quarter of 2024. GMV for the third quarter of 2024 increased on a year-over-year basis for three straight quarters, also, reached new quarterly high.Non-GAAP net income for the third quarter of 2024 increased by 942.0% year over year to RMB161.6 million (US$23.0 million), the eighth consecutive quarter of non-GAAP profitability, compared with non-GAAP net income of RMB15.5 million in the same quarter of 2023.Net income for the third quarter of 2024 increased by 6,240.6% year over year to RMB133.4 million (US$19.0 million), compared with net income of RMB2.1 million in the same quarter of 2023. Both non-GAAP and GAAP net income this quarter made record highs in the Company’s history.Net cash provided by operating activities for the third quarter of 2024 was RMB397.6 million (US$56.7 million), the fifth consecutive quarter of net operating cash inflow.
Mr. Changlin Liang, Founder and Chief Executive Officer of Dingdong, stated, “As of the third quarter of 2024, Dingdong has achieved non-GAAP profitability for the eighth consecutive quarter and GAAP profitability for the third consecutive quarter. Revenue also increased on a year-over-year basis for three straight quarters. Both GMV and net profit also reached new quarterly highs. For the outlook for fourth quarter and full year of 2024, we are increasing our full-year targets based on our current performance. We expect non-GAAP and GAAP net profit and the overall scale of our business to continue growing significantly on a year-over-year basis next quarter and for the year. We are confident in the rapid development potential of our business throughout the remainder of the year and going forward.”
Mr. Song Wang, Chief Financial Officer of Dingdong, stated, “In the third quarter of 2024, we generated revenue of RMB6.54 billion, a year-over-year increase of 27.2%. This significant growth also allowed us to achieve a new historic high in profitability with a non-GAAP net profit of RMB162 million, over nine times higher than the same period last year. Non-GAAP net profit margin was 2.5%, an increase of 2.2 percentage points from the same period last year. GAAP net profit was RMB133 million, an increase of RMB131 million year-over-year with net profit margin expanding 2.0 percentage points from the same period last year to 2%. Operating net cash inflow reached RMB400 million, an increase of RMB270 million compared to the same period last year. This marks the fifth consecutive quarter of net cash inflow from operating activities.”
Third Quarter 2024 Financial Results
Total revenues were RMB6,538.2 million (US$931.7 million) compared with total revenues of RMB5,139.7 million in the same quarter of 2023, increased by 27.2% year over year, primarily attributed to the accelerating increased numbers of transacting users and frequency of monthly purchases and expanding our station network in Jiangsu, Zhejiang, and Shanghai this year.
Product Revenues were RMB6,458.4 million (US$920.3 million) compared with product revenues of RMB5,082.5 million in the same quarter of 2023.Service Revenues were RMB79.8 million (US$11.4 million) compared with service revenues of RMB57.2 million in the same quarter of 2023, primarily driven by the increase of customers subscribing to Dingdong’s membership program.
Total operating costs and expenses were RMB6,438.5 million (US$917.5 million) compared with RMB5,163.7 million in the same quarter of 2023, with a detailed breakdown as below:
Cost of goods sold was RMB4,591.4 million (US$654.3 million), an increase of 28.3% from RMB3,577.5 million in the same quarter of 2023. Cost of goods sold as a percentage of revenues increased slightly to 70.2% from 69.6% in the same quarter of 2023.Fulfillment expenses were RMB1,397.8 million (US$199.2 million), an increase of 17.1% from RMB1,193.4 million in the same quarter of 2023. Fulfillment expenses as a percentage of total revenues decreased to 21.4% from 23.2% in the same quarter of 2023. This was mainly due to the increased order volume that boosted operational efficiency. In addition, we optimized the layout of the regional processing centers in the second half of 2023, which will continue to improve their operation efficiency this year.Sales and marketing expenses were RMB144.9 million (US$20.6 million), an increase of 39.1% from RMB104.2 million in the same quarter of 2023. Sales and marketing expenses as a percentage of total revenues increased to 2.2% from 2.0% in the same quarter of 2023, mainly due to the increased spending on sales and marketing activities to acquire new customers.General and administrative expenses were RMB102.0 million (US$14.5 million), an increase of 14.2% from RMB89.3 million in the same quarter of 2023, mainly due to the increase of staff cost.Product development expenses were RMB202.4 million (US$28.8 million), a slightly increase of 1.6% from RMB199.3 million in the same quarter of 2023. While advocating for energy and resource saving, we will continue to invest in our product development capabilities, agricultural technology, data algorithms, and other technology infrastructure, to further enhance our competitiveness.
Income from operations was RMB110.5 million (US$15.8 million), compared with operating loss of RMB8.6 million in the same quarter of 2023.
Non-GAAP income from operations, which is a non-GAAP measure for income from operations that excludes share-based compensation expenses, was RMB138.8 million (US$19.8 million), increased by 2,804.1% year over year, compared with non-GAAP income from operations of RMB4.8 million in the same quarter of 2023.
Net income was RMB133.4 million (US$19.0 million), increased by 6,240.6% year over year, compared with net income of RMB2.1 million in the same quarter of 2023. Net income margin was 2.04% compared with 0.04% in the same quarter of 2023.
Non-GAAP net income, which is a non-GAAP measure that excludes share-based compensation expenses, was RMB161.6 million (US$23.0 million), increased by 942.0% year over year, compared with non-GAAP net income of RMB15.5 million in the same quarter of 2023. In addition, non-GAAP net income margin, which is the Company’s non-GAAP net income as a percentage of total revenues, was 2.4% compared with 0.3% in the same quarter of 2023.
Basic and diluted net income per share was RMB0.40 (US$0.06), compared with net loss per share of RMB0.00 in the same quarter of 2023. Non-GAAP net income per share, basic and diluted, was RMB0.49 (US$0.07), compared with RMB0.04 in the same quarter of 2023.
Cash and cash equivalents, restricted cash and short-term investments were RMB4,296.9 million (US$612.3 million) as of September 30, 2024, compared with RMB4,157.6 million as of June 30, 2024. We have been working diligently to optimize our capital usage and financing structure. The total balance of cash and cash equivalents, restricted cash and short-term investments deducting the balance of short-term borrowings, is RMB2.64 billion, a net increase for the fifth consecutive quarter.
Guidance
The Company has raised its expectations for both net profit and scale compared to that in last quarter, and is anticipating considerable year-over-year growth for the fourth quarter and this year. The Company is looking to achieve both non-GAAP and GAAP profits in the fourth quarter and for the entire year of 2024.
Management change
As part of the Company’s ongoing efforts to optimize our organizational structure and enhance operational efficiency, the Company has re-evaluated certain executive roles. Ms. Hongli Gong, previously the CHRO, has been reassigned to other management positions in the Company. The responsibilities previously overseen by CHRO will be redistributed to other existing leadership team member to ensure seamless continuity in the Company’s human resources functions. This change reflects the Company’s commitment to agile and effective management, aligning the Company’s resources with strategic priorities to better serve the stakeholders.
On behalf of the Company and the Board, Mr. Changlin Liang, Chairman and CEO of Dingdong, expressed, “We would like to give our warmest and heartfelt thanks to Ms. Hongli Gong for her remarkable stewardship and contributions service as Chief Human Resources Officer. We wish her the best of success in her new roles within the Company.”
Conference Call
The Company’s management will hold an earnings conference call at 7:00 A.M. Eastern Time on Wednesday, November 6, 2024 (8:00 P.M. Beijing Time on the same day) to discuss the financial results. The presentation and question and answer session will be presented in both Mandarin and English. Listeners may access the call by dialing the following numbers:
International:
1-412-317-6061
United States Toll Free:
1-888-317-6003
Mainland China Toll Free:
4001-206115
Hong Kong Toll Free:
800-963976
Conference ID:
6835527
The replay will be accessible through November 13, 2024 by dialing the following numbers:
International:
1-412-317-0088
United States:
1-877-344-7529
Access Code:
1452469
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.100.me.
About Dingdong (Cayman) Limited
We are a leading fresh grocery e-commerce company in mainland China, with sustainable long-term growth. We directly provide users and households with fresh groceries, prepared food, and other food products through delivering a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. Leveraging our deep insights into consumers’ evolving needs and our strong food innovation capabilities, we have successfully launched a series of private label products spanning a variety of food categories. Many of our private label products are produced at our Dingdong production plants, allowing us to more efficiently produce and offer safe and high-quality food products. We aim to be the first choice for fresh and food shopping.
For more information, please visit: https://ir.100.me.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP net income, non-GAAP net income margin, non-GAAP net income attributable to ordinary shareholders and non-GAAP net income per share, basic and diluted, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges and do not correlate to any operating activity trends. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company’s definition of non-GAAP financial measures may differ from those of industry peers and may not be comparable with their non-GAAP financial measures.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, business outlook and quotations from management in this announcement, as well as Dingdong’s strategic and operational plans, contain forward-looking statements. Dingdong may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Dingdong’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Dingdong’s goals and strategies; Dingdong’s future business development, financial conditions, and results of operations; the expected outlook of the fresh grocery ecommerce market in China; Dingdong’s expectations regarding demand for and market acceptance of its products and services; Dingdong’s expectations regarding its relationships with its users, clients, business partners, and other stakeholders; competition in Dingdong’s industry; and relevant government policies and regulations relating to Dingdong’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.
DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$)
As of
December 31,
2023
September 30,
2024
September 30,
2024
RMB
RMB
US$
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
1,209,225
899,769
128,216
Restricted cash
480
4,673
666
Short-term investments
4,099,977
3,392,420
483,416
Accounts receivable, net
107,879
136,089
19,393
Inventories, net
471,872
593,436
84,564
Advance to suppliers
73,732
100,633
14,340
Prepayments and other current assets
187,486
136,345
19,429
Total current assets
6,150,651
5,263,365
750,024
Non-current assets:
Property and equipment, net
189,084
171,619
24,456
Operating lease right-of-use assets
1,262,134
1,323,093
188,539
Other non-current assets
96,687
115,109
16,403
Total non-current assets
1,547,905
1,609,821
229,398
TOTAL ASSETS
7,698,556
6,873,186
979,422
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
1,422,183
1,735,794
247,349
Customer advances and deferred revenue
240,280
269,109
38,348
Accrued expenses and other current
liabilities
656,408
775,869
110,560
Salary and welfare payable
233,073
268,815
38,306
Operating lease liabilities, current
653,529
578,411
82,423
Short-term borrowings
3,300,214
1,656,477
236,046
Total current liabilities
6,505,687
5,284,475
753,032
Non-current liabilities:
Operating lease liabilities, non-current
568,039
701,812
100,007
Other non-current liabilities
126,206
135,612
19,325
Total non-current liabilities
694,245
837,424
119,332
TOTAL LIABILITIES
7,199,932
6,121,899
872,364
DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands of RMB and US$)
As of
December 31,
2023
September 30,
2024
September 30,
2024
RMB
RMB
US$
(Unaudited)
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ EQUITY (CONTINUED)
Mezzanine Equity:
Redeemable noncontrolling interests
116,090
122,994
17,527
TOTAL MEZZANINE EQUITY
116,090
122,994
17,527
Shareholders’ equity:
Ordinary shares
4
4
1
Additional paid-in capital
14,061,992
14,155,411
2,017,130
Treasury stock
(20,666)
(51,176)
(7,293)
Accumulated deficit
(13,679,965)
(13,474,064)
(1,920,039)
Accumulated other comprehensive
income/(loss)
21,169
(1,882)
(268)
TOTAL SHAREHOLDERS’ EQUITY
382,534
628,293
89,531
TOTAL LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY
7,698,556
6,873,186
979,422
DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
For the three months ended
September 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
Revenues:
Product revenues
5,082,513
6,458,447
920,321
Service revenues
57,168
79,788
11,370
Total revenues
5,139,681
6,538,235
931,691
Operating costs and expenses:
Cost of goods sold
(3,577,451)
(4,591,429)
(654,273)
Fulfillment expenses
(1,193,391)
(1,397,785)
(199,183)
Sales and marketing expenses
(104,176)
(144,868)
(20,644)
Product development expenses
(199,313)
(202,412)
(28,843)
General and administrative expenses
(89,337)
(101,988)
(14,533)
Total operating costs and expenses
(5,163,668)
(6,438,482)
(917,476)
Other operating income, net
15,359
10,796
1,538
(Loss) /income from operations
(8,628)
110,549
15,753
Interest income
40,103
38,446
5,479
Interest expenses
(24,412)
(9,650)
(1,375)
Other loss, net
(1,463)
(2,865)
(408)
Income before income tax
5,600
136,480
19,449
Income tax expenses
(3,496)
(3,074)
(438)
Net income
2,104
133,406
19,011
Accretion of redeemable noncontrolling interests
(2,187)
(2,363)
(337)
Net (loss) /income attributable to ordinary
shareholders
(83)
131,043
18,674
DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(CONTINUED)
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
For the three months ended
September 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
Net (loss) /income per Class A and Class B ordinary
share:
Basic and diluted
(0.00)
0.40
0.06
Shares used in net (loss) /income per Class A and
Class B ordinary share computation:
Basic
325,139,721
324,194,950
324,194,950
Diluted
325,139,721
330,928,010
330,928,010
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustments
(12,481)
(36,009)
(5,131)
Comprehensive (loss) /income
(10,377)
97,397
13,880
Accretion of redeemable noncontrolling interests
(2,187)
(2,363)
(337)
Comprehensive (loss) /income attributable to
ordinary shareholders
(12,564)
95,034
13,543
DINGDONG (CAYMAN) LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
For the three months ended
September 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
Net cash generated from operating activities
130,111
397,639
56,663
Net cash used in investing activities
(380,246)
(352,490)
(50,229)
Net cash generated from/ (used in) financing activities
18,448
(200,107)
(28,515)
Effect of exchange rate changes on cash and cash
equivalents and restricted cash
(785)
(2,267)
(323)
Net decrease in cash and cash equivalents and
restricted cash
(232,472)
(157,225)
(22,404)
Cash and cash equivalents and restricted cash at the
beginning of the period
1,530,180
1,061,667
151,286
Cash and cash equivalents and restricted cash at the
end of the period
1,297,708
904,442
128,882
DINGDONG (CAYMAN) LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
For the three months ended
September 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
(Loss) /income from operations
(8,628)
110,549
15,753
Add: share-based compensation expenses (1)
13,406
28,210
4,020
Non-GAAP income from operations
4,778
138,759
19,773
Operating margin
(0.2 %)
1.6 %
1.6 %
Add: share-based compensation expenses
0.3 %
0.5 %
0.5 %
Non-GAAP operating margin
0.1 %
2.1 %
2.1 %
Net income
2,104
133,406
19,011
Add: share-based compensation expenses (1)
13,406
28,210
4,020
Non-GAAP net income
15,510
161,616
23,031
Net income margin
0.0 %
2.0 %
2.0 %
Add: share-based compensation expenses
0.3 %
0.5 %
0.5 %
Non-GAAP net income margin
0.3 %
2.5 %
2.5 %
Net (loss) /income attributable to ordinary shareholders
(83)
131,043
18,674
Add: share-based compensation expenses (1)
13,406
28,210
4,020
Non-GAAP net income attributable to ordinary
shareholders
13,323
159,253
22,694
Net (loss) /income per Class A and Class B ordinary share:
Basic and diluted
(0.00)
0.40
0.06
Add: share-based compensation expenses
0.04
0.09
0.01
Non-GAAP net income per Class A and Class B
ordinary share:
Basic and diluted
0.04
0.49
0.07
(1) Share-based compensation expenses are recognized as follows:
For the three months ended
September 30,
2023
2024
2024
RMB
RMB
US$
(Unaudited)
Fulfillment expenses
5,335
4,707
671
Sales and marketing expenses
332
1,057
151
Product development expenses
6,881
13,288
1,893
General and administrative expenses
858
9,158
1,305
Total
13,406
28,210
4,020
View original content:https://www.prnewswire.com/news-releases/dingdong-cayman-limited-announces-third-quarter-2024-financial-results-302297367.html
SOURCE Dingdong (Cayman) Limited
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PHILADELPHIA, Nov. 6, 2024 /PRNewswire/ — Phoenix IB®, a part of J.S. Held, a leading middle market special situations investment bank and independent licensed broker-dealer under federal and state securities law (CRD#: 132710/SEC#: 8-66628), acted as the exclusive investment banker to its long-term client, Spray Products Corporation, in arranging, structuring, and negotiating a $40 million loan package with Legacy Corporate Lending.
“Phoenix IB is delighted with the credit package we were able to arrange for Spray Products,” noted Michael Jacoby, a Senior Managing Director at Phoenix IB. “Not surprisingly, there was a lot of interest from a variety of lenders, both regulated and non-regulated. The Legacy team spent the time to understand the Company and its business plan, and tailored a solution that fit Spray’s needs and will provide the necessary support for years to come.”
Spray Products is a leading custom contract manufacturer of aerosol and liquid consumer products. Proceeds from the financing will be utilized to refinance the Company’s existing credit facilities and fund additional working capital to finance its continued growth and capital expenditures. Peter Bastian, Executive Vice President of Spray Products LLC, shares, “We could not be more pleased with the closing of our new financing with Legacy Corporate Lending and the guidance we received throughout the transaction from Phoenix IB. The Phoenix team was able to successfully communicate our story, and through our new facility with Legacy, we are confident we have partnered with a firm that shares our values and is excited to support Spray’s next phase of growth.”
Legacy Corporate Lending LLC, in alliance with Bain Capital Credit, L.P., specializes in providing revolving credit facilities and term loans to businesses across diverse industries. The firm aims to facilitate access to capital for companies seeking alternatives to traditional bank lending or the syndicated lending market.
“We were extremely impressed with the refinancing process that Phoenix IB led for Spray Products,” said Clark Griffith, CEO of Legacy Corporate Lending, LLC. “The professionalism and fairness shown by Steven Warsaw, Michael Jacoby, and the team was refreshing to experience and appreciated in this competitive market. Our process was easy to navigate given the quality of the information, their responsiveness to questions, and the approach they took in understanding the best borrower/lender fit.”
Doug Greer, Spray Products Chief Financial Officer, adds, “Michael Jacoby, Steven Warsaw, and their team spent considerable time to understand the intricacies of our business and worked closely with us to develop a financing structure that meets our needs for the next several years. We believe that we will continue to see the benefits of their collaboration with our business well beyond our engagement.”
Across a broad spectrum of client types, from start-ups in an early stage with exciting growth potential to a mature company amid a corporate turnaround, Phoenix IB capital raising services are designed to provide tailored financing solutions across the capital structure, particularly for clients faced with complex growth or funding situations. “At Phoenix IB, every transaction we close reflects our precision, perseverance, and partnership with our clients,” shares Phoenix IB Managing Director Steven C. Warsaw. Mr. Warsaw continues, “The robust interest in financing Spray Products created a highly competitive process, and we are very pleased to have selected the loan package provided by Legacy, which we feel is best positioned to provide needed flexibility as Spray facilitates its next chapter of growth.”
About Phoenix IB
Phoenix IB is a boutique, special situations-oriented investment bank providing seamless investment banking solutions, including M&A advisory, complex restructurings, and capital placements. Phoenix IB is a US registered broker-dealer and member of FINRA and SIPC.
As a part of J.S. Held, Phoenix works alongside more than 1500 professionals globally and assists clients – corporations, insurers, law firms, governments, and institutional investors.
J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high-stakes events demanding urgent attention, staunch integrity, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.
J.S. Held professionals serve organizations across six continents, including 81% of the Global 200 Law Firms, 70% of the Forbes Top 20 Insurance Companies (85% of the NAIC Top 50 Property & Casualty Insurers), and 65% of the Fortune 100 Companies.
J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held, its affiliates and subsidiaries are not law firms and do not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB, a part of J.S. Held, member FINRA/ SIPC or Ocean Tomo Investment Group, LLC, a part of J.S. Held, member FINRA/ SIPC. All rights reserved.
Media Contact
Kristi L. Stathis, J.S. Held, +1 773 294 4360, Kristi.Stathis@jsheld.com, JSHeld.com
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SOURCE Phoenix IB, a part of J.S. Held
Technology
Grovara’s Safe B2B CPG Global Trading Platform Expands Product Offering Into Eyewear, Will Add 10-Plus Complementary Verticals By End Of 2025
Published
52 mins agoon
November 6, 2024By
PHILADELPHIA, Nov. 6, 2024 /PRNewswire/ — Grovara, the safe, all-in-one platform streamlining global trade for the Business-to-Business (B2B) Consumer Packaged Goods (CPG) industry, is expanding the offerings on its online marketplace beyond food and beverage beginning with the rapidly growing eyewear market.
The global eyewear market is projected to grow by more than 18% through 2029, presenting a tremendous growth opportunity via higher margins and increasing online sales. Grovara is now selling Popticals, collapsible sunglasses for active lifestyles featuring Italian craftsmanship and superior lens technology. In the coming weeks there are plans to add additional eyewear brands, which can now tap Grovara’s technology to simplify their typical sales transaction from three weeks to three clicks.
“The potential for Grovara’s platform is infinite, and expanding into the eyewear vertical is a great step forward as we ramp up and evolve our SaaS technology offering,” says Grovara CEO Peter Groverman. “Whether you’re selling a kombucha or carousel of sunglasses, the transaction process is the same and Grovara’s platform handles the full process.”
Popticals deliver an unequaled combination of quality, performance, and convenience. The brand boasts an innovative nylon-based lens technology, plus a patented micro-rail system that allows its glasses to collapse down for uniquely easy storage.
“We are excited to join Grovara’s growing platform and bring our unique product within the premium sunglasses market to a global audience,” says Gary DiSalvo, Owner and CEO of Popticals. “This partnership allows us to share our commitment to quality and innovation with more people. Additionally, it aligns with Grovara’s mission of making high-quality, complementary products easily accessible to businesses around the world.”
Over the last decade, Grovara has become a leader in the natural food and beverage sector by growing the global profile of some of the most well-known brands in the world – like GT’s Kombucha, True Citrus, and Honey Stinger — and helping them break into new markets. Grovara’s expansion into other complementary verticals will include 10 new product categories over the next 12 months, including beauty, pets, home goods, and alcohol.
Grovara’s CPG expansion is powered by its partnership with Accelerate360, an omni-commerce sales, media, and distribution company that propels promising brands by supercharging affinity and availability. Accelerate360 recently launched 50 models of premium reader eyeglasses on Grovara with many more categories and brands on the way.
“We are excited to partner with Grovara as they establish new product categories and provide expanded opportunities for entrepreneurs and challenger brands” says Accelerate360’s Sam Roberts, VP of eCommerce – Pure Play & Omni-Channel Retail.
Those CPG brands interested in joining Grovara’s platform can reach out for a demo of its SaaS technology here.
Contact:
J.A. Petrucci
215-203-2227
385927@email4pr.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/grovaras-safe-b2b-cpg-global-trading-platform-expands-product-offering-into-eyewear-will-add-10-plus-complementary-verticals-by-end-of-2025-302297505.html
SOURCE Grovara
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Phoenix IB Advises Spray Products in Successful $40 Million Refinancing
Grovara’s Safe B2B CPG Global Trading Platform Expands Product Offering Into Eyewear, Will Add 10-Plus Complementary Verticals By End Of 2025
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