GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced the launch of its
industry-first
service,
“Branding-as-a-Service” or
“BaaS”. Designed to enhance the competitiveness of furniture
suppliers, the GigaCloud BaaS Program selects and allows Sellers in
the B2B GigaCloud Marketplace to sell products under one of the
leading American furniture brands, Christopher Knight Home.
Functionality of the BaaS Program
The BaaS Program allows Sellers, who are typically furniture
suppliers or manufacturers, to sell and distribute the approved
product SKUs under the brand. Through a per-SKU approval process,
qualified Sellers will be able to sell the branded products for a
designated fee. GigaCloud sets out the product development and
quality control standards and oversees the brand management,
fulfillment, and marketing and promotion of the branded
products.
“The furniture industry faces unique challenges when it comes to
brand establishment. Infrequent purchases and slow brand value
accumulation hinder Sellers from building strong brand identities,”
said Marshall Bernes, Head of the BaaS Program, former Chief
Executive Officer of Noble House Home Furnishing LLC, and an
industry veteran with more than 30 years of experience in home
furnishing. “The BaaS Program is an innovative solution to address
these hurdles head-on. It provides Sellers with access to a
renowned furniture brand and allows them to offer high-quality
products that resonate with consumers. They can now leverage an
established brand to attract Buyers and differentiate themselves in
a competitive market. We see even more potential for growth moving
forward – collaborations with additional brands that have different
positioning will offer Sellers more exciting opportunities.”
The GigaCloud Advantage
Through the BaaS Program, GigaCloud provides guidance,
expertise, and resources needed to elevate Seller’s brand identity
and quality standards – offering a unique opportunity to work with
a nation-renowned brand. Supported by the Supplier Fulfilled
Retailing model with its end-to-end supply chain management and
quality control, BaaS Program participants can leverage the
Company’s B2B Marketplace, fulfillment capabilities, and
established customer base to accelerate growth, streamline
efficiency, and expand market reach.
“GigaCloud empowers businesses by providing essential components
that tackle the pain points of our Sellers and Buyers to drive
their growth. Our mission is to continuously optimize services and
offer a diverse toolkit for success. GigaCloud acts as a neutral
platform, aiming to optimize the efficiency of cross-border
transactions for our global marketplace participants. Through the
BaaS Program, we strive to expedite the brand-building process for
Sellers, facilitating effective product life cycle without the
typical delays associated with development and brand
establishment,” said Larry Wu, Founder, Chairman of the Board of
Directors, and Chief Executive Officer of GigaCloud. “On the other
hand, the BaaS Program will allow industry-leading brands to
introduce third-party manufactured products under their own label,
leveraging their intellectual property to expand their market
presence. This offering will help drive the industry forward,
bringing resources and products from various parties together to
drive collective success.”
Onboarding participants of the BaaS Program include Steve Silver
Company, an industry-leading importer of dining, living, bedroom,
home office, and outdoor furniture. "We're thrilled to be a part of
GigaCloud's innovative BaaS Program," said Luke Silver, President
of Steve Silver Company. “This new initiative grants GigaCloud
customers access to valuable marketing and branding resources,
while also enabling us to expand our sales reach and introduce our
product to a wider audience – a genuine win-win for all
involved.”
“I am thrilled to be working with GigaCloud on this exciting,
first-of-its-kind industry program. Christopher Knight Home’s
partnership with GigaCloud brings the brand to a bigger stage and
delivers it to a broader market. The Supplier Fulfilled Retailing
model will allow us to scale our product offerings with
market-leading fulfillment efficiencies while maintaining rigorous
quality control,” said Christopher Knight, founder of Christopher
Knight Home. “Working with GigaCloud will allow us to continue to
serve the markets that were built under visionary industry leader
Marshall Bernes while expanding beyond them. Having Marshall as a
member of the GigaCloud team will undoubtedly help propel this
program forward as we leverage his vast knowledge and
expertise.”
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s
website: https://investors.gigacloudtech.com/.
Safe Harbor Statement
This press release contains statements that may constitute
“forward-looking statements” pursuant to the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect our current view about
future events. These forward-looking statements involve known and
unknown risks and uncertainties and are based on the Company’s
current expectations and projections about future events that the
Company believes may affect its financial condition, results of
operations, business strategy and financial needs. Investors can
identify these forward-looking statements by words or phrases such
as “may,” “will,” “could,” “expect,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“propose,” “potential,” “continue” or similar expressions. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s annual report and other filings
with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology IncInvestor
RelationsEmail: ir@gigacloudtech.com
ICREmail: GigacloudIR@icrinc.com
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