Happiness Biotech Provides Sales Update: E-Commerce Business of Over $3 million Since November

Rhea-AI Summary

Happiness Biotech Group Limited (HAPP) announced its e-commerce subsidiary, Happy Buy, achieved over $3 million in sales since November 2020, just after its launch in September. Utilizing multiple sales channels, including live streaming and partnerships with influencers, Happy Buy has experienced consistent growth even post the '11.11' shopping festival. The company aims for $20 million in e-commerce sales by March 31, 2021. This rapid sales growth positions e-commerce as a vital part of Happiness Biotech's future strategy.

Positive

• Happy Buy recorded over $3 million in sales since November 2020.
• Achieved sales growth through various online sales models.
• Aiming for over $20 million in sales by March 31, 2021.

Negative

• None.

NANPING, China, Dec. 7, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that Happy Buy, the Company's wholly-owned subsidiary focusing on e-commerce business, has recorded over $3 million sales since this November.

Currently Happy Buy carries out a variety of sales models, including supplying our products to various online distributors on major Chinese e-commerce platform; community e-commerce, e-commerce livestreaming - mainly on Douyin (Chinese version of Tik-Tok), Internet advertising and marketing services, etc. Through the cooperation of other merchants such as Hive-Box, Multi-Channel Network (MCN) companies and social media influencers, etc., Happy Buy managed to realize incredible results quickly.

"We are very proud of the sales of Happy Buy, especially as a new business segment just established in this September. After our one-month's preparation in October, we achieved more than $3 million in sales since this November. What's more exciting is that even though the "11.11" shopping festival in China has ended, our e-commerce business is still growing at a high speed. For the past month, Happy Buy's single-day sales has constantly reached new highs. Therefore, we believe it is possible that we will achieve our goal of over $20 million in sales from our e-commerce business by the end of this fiscal year on March 31, 2021. In the future, e-commerce will definitely become a crucial part of Happiness Biotech." said Mr. Xuezhu Wang, CEO of the Company.

About Happiness Biotech Group Limited

Headquartered in Nanping, China, Happiness Biotech Group Limited is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The Company's goal is to provide high-quality products to our consumers. Over the past 14 years, the Company has established a product portfolio consisting of 32 PRC National Medical Products Administration registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. For more information, please visit: www.happ.org.cn.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE Happiness Biotech Group Limited

FAQ

What sales figures did Happiness Biotech report for its e-commerce business?

Happiness Biotech reported over $3 million in sales for its e-commerce business since November 2020.

What is Happiness Biotech's sales goal for the e-commerce business by March 2021?

The sales goal for Happiness Biotech's e-commerce business is over $20 million by March 31, 2021.

When was Happy Buy launched?

Happy Buy was launched in September 2020.

What sales channels is Happy Buy using?

Happy Buy utilizes various sales models, including e-commerce livestreaming, community e-commerce, and Internet advertising.

How did Happy Buy perform during the '11.11' shopping festival?

Happy Buy experienced consistent sales growth even after the '11.11' shopping festival.