Throughout the rise of the ecommerce marketplaces, millions of sellers have emerged, but few have endured long along to reach a billion dollars in lifetime revenue. Kaspien is pleased to announce that, this week, we reached this milestone.
“One billion in lifetime revenue represents a significant milestone in the history of our company,” said Brock Kowalchuk, Chief Financial Officer at Kaspien Inc. “It symbolizes our ability to endure as one of the original third-party retailers in the marketplace industry. Not only have we persevered as the industry continues to evolve, but we’ve also built a scalable business that is meeting a real need for brands looking to optimize and grow on online marketplaces.”
According to Marketplace Pulse’s recent post, The Disappearing Amazon Resellers, “There are still successful resellers left, and some new entrants manage to build a business around it. The few that remain are very strong … Successful resellers are now often positioned much more like agencies than retailers.”
Kaspien has adapted with the market, expanding from our wholesale retail roots to also offer a best-in-class marketplace agency, as well as seller software solutions. Our robust offerings were created in our pursuit to become the one-stop ecommerce shop for brands; whatever brands need for selling on the marketplaces, we’ve got it. Our ability to adapt quickly and expand our offerings has been foundational to us reaching this billion-dollar milestone.
Additionally, on Jan. 22, 2021, Kaspien Holdings received written notice from the Listing Qualifications Staff of The Nasdaq Stock Market confirming that the company had regained compliance with the continued listing requirements after the company’s market value exceeded $35MM for 10 consecutive days in January.
Significant highlights of the past year include:
- Rebranded parent company from Trans World Entertainment to Kaspien Holdings Inc.
- Named Kunal Chopra CEO of Kaspien Holdings
- Moved corporate headquarters from Albany, NY to Spokane Valley, Wash.
- Announced a net revenue increase of +36% in Q3 2020 compared to prior year
- GMV increase of 127% in Q3 2020 compared to prior year, led by gains in subscription business
Kaspien’s full Q3 earnings report can be found here.
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