UPDATE: Hour Loop Expands Operations with Multiple New Offices in Taiwan
23 Febrero 2022 - 10:22AM
Hour Loop, Inc. (NASDAQ: HOUR) (“Hour Loop”), a leading online
retailer, today announced it has expanded its operations with the
opening of three new offices in Taipei, Taichung, and Tainan. These
new offices are part of Hour Loop’s expansion plans to broaden its
operational capabilities across geographies.
“Through the opening of our new offices in
Taiwan, we are rapidly expanding our employee base and operational
capabilities which will enable us to drive sustained growth over
time,” said Sam Lai, CEO of Hour Loop. “In our short time as a
public company to date, we have mandated and executed immediate,
accelerated growth as we are moving aggressively to augment our
staff from 70 to over 300 employees. This strategic expansion
displays our focus on scaling our business and capabilities as we
execute on our strategy that will ultimately drive increased value
for our shareholders.”
Hour Loop recently announced the closing of its
$6.9 million initial public offering that occurred on January 6,
2022. The Company is using the proceeds from its listing to repay
outstanding debt, purchase inventory, and expand its labor
force.
About Hour Loop, Inc.Hour Loop
is an online retailer engaged in e-commerce retailing in the U.S.
market. It has operated as a third-party seller on www.amazon.com
and has sold merchandise on its website at www.hourloop.com since
2013. The Company expanded its operations to www.walmart.com in
October 2020. To date, the Company has generated practically all of
its revenue as a third-party seller on www.amazon.com and only a
negligible amount of revenue from its own website and Walmart. Hour
Loop manages more than 100,000 stock-keeping units (“SKUs”).
Product categories include home/garden décor, toys, kitchenware,
apparels, and electronics. The Company's primary strategy is to
bring most of its vendors product selections to the customers. It
has advanced software that assists the Company in identifying
product gaps so it can keep such products in stock year-round
including the entirety of the last quarter (holiday season) of the
calendar year (“Q4”). In upcoming years, Hour Loop plans to expand
its business rapidly by increasing the number of business managers,
vendors and SKUs.
Forward-Looking StatementsThis
press release contains statements that constitute "forward-looking
statements," including with respect to the Company's business
strategy, product development and industry trends. No assurance can
be given that the offering will be completed on the terms
described, or at all. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company. While the Company believes these forward-looking
statements are reasonable, undue reliance should not be placed on
any such forward-looking statements, which are based on information
available to the Company on the date of this release. These
forward-looking statements are based upon current estimates and
assumptions and are subject to various risks and uncertainties,
including, without limitation, those set forth in the Risk Factors
section of the Company's Registration Statement and preliminary
prospectus for the offering filed with the SEC. Thus, actual
results could be materially different. The Company undertakes no
obligation to update these statements whether as a result of new
information, future events or otherwise, after the date of this
release, except as required by law.
ContactInvestor RelationsAlex
Thompson, Greg RoblesGateway Group, Inc.(949)
574-3860hourloop@gatewayir.com
Hour Loop (NASDAQ:HOUR)
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