GUANGZHOU, China, Aug. 25,
2022 /PRNewswire/ -- Onion Global Limited
("Onion Global", the "Group" or the "Company") (NYSE: OG), a
next-generation lifestyle brand platform that connects the world's
fresh, fashionable, and future technology-based brands to young
people in China and across
Asia, today announced new
strategic initiatives to upgrade the Group's business in 2023,
which include the planned launch of a new business platform
(tentatively named Fairlady) by the end of 2022. To help women
achieve personal growth and self-enhancement, the new platform will
focus on cultivating and serving a community of female users,
offering various high-quality resources and features relevant to
knowledge, business, consumption, networking and social activities.
The mission of the platform is to lead and accompany female users
on a continuous journey of self-enhancement and empowerment.
Mr. Cong (Kenny) Li, Founder, and
CEO of Onion Global, commented, "Since the beginning of this year,
the overall consumer market has entered a cyclical downturn due to
factors including global macroeconomic uncertainty and the ongoing
impact of the pandemic on consumption. While many of these
disruptions are beyond our control and will not change in the short
run, our management team remains highly committed to our new
business growth strategy. We believe this strategic direction will
ultimately ensure our future long-term growth by enabling all-round
resource integration and empowerment of our cornerstone businesses,
including our excellent global brand portfolios and merchandise
supply chain, as well as our social sales platform consisting of
nearly 800,000 KOCs.
The key elements of our strategy include: (1) a commitment to
broadening our expected future profit sources; (2) improvement of
the Group's overall internal controls and management, cost
optimization and enhanced operational efficiency; (3) the launch of
a platform focused on women's personal growth and self-enhancement,
to accumulate quality users on a wider scale, sustainably enhancing
our scale and business value; and (4) conducting new technology
research and development ("R&D") in fields ranging from
biotech-based consumer goods to Web 3.0, to maintain our
competitiveness in products for future development. We believe that
these strategic initiatives will drive new business growth and
create new opportunities, and we will strive to execute on them to
drive long-term shareholder value."
Since day one, Onion Global has been committed to providing
users with all-round platform-level consumer services through brand
cooperation, brand incubation, product R&D and omnichannel
marketing. Capitalizing on the rise of the female economy, based on
years of analysis and insights into female consumers' consumption
behaviors and trends, Onion Global will launch a new platform for
female users, providing a series of services including knowledge
building, business monetization, resource connection and social
interactions by accompanying their growth. These services will help
women face the various uncertainties of the current environment and
respond to the challenges of the era with a more flexible growth
mindset, ultimately creating comfortable lives and achieving
self-fulfillment.
As the internet continues to evolve, the new Web 3.0 era is also
leading to changes in technologies and marketing strategies. Onion
Global will proactively embrace Web 3.0 through exploring the
application of new technologies, creating new spaces and scenarios
for users to connect and interact through Web 3.0 technology,
promoting digital virtual IPs and providing brands with live
streaming and short video advertising marketing channels. The Group
is also considering building an NFT platform for Chinese
traditional cultural IPs. The Group will build a reliable,
effective and sustainable growth model across multiple dimensions
including new business, new technology and new marketing, thereby
ultimately achieving success amid uncertainty.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, the Company's forecasts, general
observation of the industry, and business outlook, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties and a number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. In some cases, forward-looking
statements can be identified by terminology such as "may," "will,"
"expects," "anticipates," "target," "aim," "future," "intends,"
"plans," "believes," "potential," "estimates" "continue," "is/are
likely to," or other similar statements. Further information
regarding these and other risks is included in Onion Global's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and Onion Global does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About Onion Global Limited
Onion Global Limited (NYSE: OG) is a next-generation lifestyle
brand platform that connects the world's fresh, fashionable, and
future technology-based brands to young people in China and across Asia. The Company's mission is to be the dream
factory of lifestyle brands for young people. The Company's
platform offers an integrated solution to develop, market, and
distribute new and inspiring branded products, thereby reshaping
the lifestyle shopping and consumer culture in China. Onion Global Limited has been listed on
New York Stock Exchange since May
2021.
For more information, please visit:
http://ir.msyc.com/.
Investor Relations Contact
In China:
Onion Global
Ltd.
Investor Relations
E-mail:
ir@msyc.cc
Christensen
Mr. Eric Yuan
E-mail:
eric.yuan@christensencomms.com
Tel:
+86-10-5900-1548
In the United
States:
Christensen
Ms.
Linda
Bergkamp
E-mail:
linda.bergkamp@christensencomms.com
Tel:
+1-480-614-3004
View original
content:https://www.prnewswire.com/news-releases/onion-global-to-launch-a-new-business-platform-focused-on-empowering-womens-self-enhancement-301612423.html
SOURCE Onion Global Limited