GigaCloud Technology Inc. has announced the addition of several new suppliers to its GigaCloud Marketplace.
The marketplace specializes in large-parcel B2B ecommerce, offering products such as living room, bedroom, dining, and office furniture. Notable companies joining the platform include:
- Purple Innovation Inc.
- Flexsteel Industries Inc. brand Homestyles
- Corsicana Mattress Company
- Restonic
- Walker Edison
- GhostBed
- Simpli Home
CEO Larry Wu highlighted the strategic importance of the new supplier partnerships.
“These additions strengthen our platform by broadening product diversity and expanding market reach for both suppliers and resellers,” Wu said.
GigaCloud marketplace moves
President Iman Schrock outlined plans to increase the number of third-party marketplace sellers through geographical expansion and marketing initiatives. He noted that Europe has become a key growth market, with third-quarter GigaCloud revenue from the region increasing 140% year-over-year.
To attract more retail buyers, GigaCloud will leverage its acquisition of Wondersign, a cloud-based e-catalog management system purchased for $10 million in 2022. Schrock said the company aims to onboard more retailers through the platform.
Chief financial officer Erica Wei detailed three primary targets for mergers and acquisitions:
- Product brands
- Digital technology providers like Wondersign
- Europe-based businesses
Wei emphasized the importance of finding a European partner to strengthen local infrastructure and connections.
GigaCloud revenue
GigaCloud reported significant growth for the first nine months of 2024. In those first nine months, GigaCloud reported revenue of $253.17 million. That’s up 95% year over year.
Its gross profit grew 85.4% to $220.25 million. Meanwhile, GigaCloud net income rose 62% to $94.85 million.
The company expects to release its fourth-quarter earnings in March, though a specific date has not been announced. GigaCloud continues to position itself for further expansion in the global B2B ecommerce market.
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