TIDMPRIM
RNS Number : 0597T
Primorus Investments PLC
15 March 2019
Primorus Investments plc
("Primorus" or the "Company")
Update on WeShop Limited
The Board of Primorus is pleased to provide an update to
shareholders on its investee company WeShop Limited ("WeShop"),
following receipt of a shareholder update.
Primorus has invested a total of GBP875,000 in WeShop
representing approximately 3.5 per cent. of the issued share
capital of WeShop.
A summary of the update from WeShop is set out below:
Introduction
WeShop has informed its shareholders some significant
developments in its ambition to unlock the true potential of social
commerce, including:
-- Product and proposition enhancements
-- Strengthening the senior management team and the business's executional capability
-- New branding with more relevancy and specific user group focus
-- The agreement of key commercial deals as part of the plan to
develop a true social retail ecosystem
WeShop has strengthened its user proposition by agreeing access
to an online product inventory which it believes will:
-- Increase WeShop retailer count from 3,000 to 9,000+
-- Increase UK product count from circa 5m to 150m+
-- Provide access to a global product feed of circa 1.6bn products in 12 countries
-- Provide access to a global retailer count of over 20,000 merchants
WeShop has announced that it has agreed a three year licensing
agreement with a technology partner, giving consumers the
fundamental choice of which merchant they buy a product from, and
at what price point. The directors of WeShop believe this is a key
milestone in delivering the best possible experience and
proposition to its users.
WeShop has been working to ensure it can deliver the core
elements of a best-in-class retail experience for consumers
across:
-- Choice of products
-- Best price
-- Social recommendations
-- Strong AI and personalisation
-- Mobile experience
-- Trusted supply of goods and delivery
By the end of H1 2019, WeShop aims to fulfil all these criteria,
ensuring that the business is ready to begin user acquisition in Q2
2019, and drive engagement and transactions at scale.
Strengthening the senior management team and the business's
executional capability
WeShop also announces some additions to the senior team, tasked
with executing and delivering its ambitious growth plans.
James Sowerby joins as Chief Executive Officer, from Avon
Cosmetics, one of the world's largest social selling companies,
where he headed up global business development, and previously
Strategy. He brings with him deep experience in social selling,
retailer partnerships, and executing global growth plans.
Paul Ellerbeck joins as Chief Technology Officer, with an
excellent track record as a commercially-minded C.T.O in growth
tech businesses including Easy Property Group, a disruptor in the
online property market, and The Digital Property Group, one of the
UK's largest property groups that merged with Zoopla.
Martin Best joins as Chief Marketing Officer, from World Remit,
a major disruptive player in the money transfer market, having
previously held various global Marketing and Commercial Director
roles at Carlsberg. Martin has deep experience of practical
execution of growth plans in disruptive industries.
Lisa Heidemanns joins as Chief Operating Office in Q2 2019, from
LVMH where she has held a variety of senior management positions
across the LVMH portfolio of brands, including most recently as
Chief Client Officer of Rimowa. Lisa brings with her strong
expertise in developing insight-led consumer propositions and
experiences.
New branding with more relevance and focus
As part of WeShop's efforts to develop a compelling proposition
and user experience, its proposition has been refocussed
considerably on Gen-Z and Millennials (18-34 year olds), as they
have the highest levels of engagement on social media, and
penetration of online shopping, enabling the business to leverage
existing behaviours. Considerable insight, testing and research has
been carried out to ensure that the positioning, branding and
messaging is as relevant and targeted as possible.
The agreement of key commercial deals as part of the plan to
develop a true social retail ecosystem
Direct Integration: WeShop has announced that it has completed
its first commercial agreement with a retailer to directly
integrate onto the WeShop platform, allowing users to checkout on
site. The retailer provides over 100 top brand names in the world
of fashion. Not only will this lead to a frictionless checkout
experience, but the commercial rates agreed are 300% higher than
the current average affiliate.
Brand Relationships: WeShop has also announced that, over the
past 3 months, it has developed several direct relationships with
world leading brands and retailers, with signed Letters of Intent
secured. These relationships will be progressed over the coming
year with the ultimate view of directly integrating with their
distribution centres. These will be formally announced to
shareholders in the coming months.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Primorus Investments plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser: +44 (0) 20 7213 0880
Cairn Financial Advisers LLP
James Caithie / Sandy Jamieson
Broker: +44 (0) 20 3621 4120
Turner Pope Investments
Andy Thacker
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END
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