Webuy Announces the Launch of its Sing Select Gift Series—a New Line of Premium Gift Sets

Rhea-AI Summary

Webuy, a Southeast Asian community e-commerce retailer listed on Nasdaq (WBUY), announced the launch of its Sing Select gift series. This new product line aims to celebrate Singapore's rich culture. The series began with the Plum Wine Gift Set, launched in May 2024, which saw impressive sales of over 700 units in one day.

Following this success, Webuy plans to expand the series to include gift sets like healthy nuts, premium teas, and gourmet coffees. CEO Vincent Xue Bin highlighted the company's commitment to high-quality, affordable products and its strategy to penetrate the $14 billion global gift market. Webuy leverages its social e-commerce platform to identify market trends and rapidly introduce proprietary, high-margin products.

Positive

• Successful launch of the Sing Select gift series with the Plum Wine Gift Set selling over 700 units in one day.
• Plans to expand the product line, including healthy nuts, premium teas, and gourmet coffees.
• Commitment to high-quality and affordable products in a $14 billion global gift market.
• Leveraging a social e-commerce platform for rapid market trend identification and product introduction.

Negative

• None.

Designed to celebrate the rich and diverse culture of Singapore

Reports successful launch with plans to rapidly expand Company’s own branded products within the multi-billion-dollar global gift market

Singapore, June 26, 2024 (GLOBE NEWSWIRE) --  Webuy Global Ltd. (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today announced the launch of its Sing Select gift series, a new line of high-quality, thoughtfully curated gift sets designed to celebrate the rich and diverse culture of Singapore. The series was officially launched in May 2024 with the Plum Wine Gift Set as the first proprietary product in the series. Consumer demand for the Plum Wine Gift Set has exceeded expectations, with more than 700 sets sold in a single day.

Building on the initial success of the Plum Wine Gift Set, Webuy is expanding the Sing Select gift series to include a variety of other high-quality Company-designed and wholly owned branded products. Upcoming launches will feature a range of gift sets such as healthy nuts, premium teas, and gourmet coffees. Each set will uphold Webuy’s high standards of quality at affordable prices.

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, stated, “We are extremely pleased with the overwhelming customer response to the Plum Wine Gift set, and look forward to rolling out additional proprietary products within the Sing Select gift series through our established distribution channels. We are committed to offering our customers the highest quality brands across Southeast Asia and worldwide. With heightened consumer interest in premium local products, we are intent on rapidly expanding our penetration within the $14 billion global gifts retailing market. Overall, we believe our unique social e-commerce platform provides us with a distinct competitive advantage that allows us to identify market trends and rapidly introduce our own proprietary, high-margin products to the widest possible audience through our efficient group leader sales model,” concluded Mr. Xue.

About Webuy Global Ltd

Webuy Global Ltd (Nasdaq: WBUY) is an innovative, technology-focused company with a goal of building the most trusted retail brand and advanced e-commerce platform in Southeast Asia, designed to leverage data in order to provide a community-driven experience for consumers. The Company's unique 'group buy' business model is set to revolutionize traditional shopping practices, by offering substantial cost savings to customers through an efficient purchasing model and community-centric approach. Akin to group purchases and bulk orders, this approach simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the Company’s business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model. The Company’s vision is to enable the ten million families in Southeast Asia to live a healthier, higher-quality lifestyle. Additional information about the Company is available at http://webuy.global/

Forward-Looking Statements

This press release contains forward-looking statements regarding the Company’s current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties are described more fully in the section captioned "Risk Factors" in the Company’s registration statement on Form F-1 related to the public offering (SEC File No. File No. 333-271604) and annual report on Form 20-F. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

FAQ

What is the Sing Select gift series launched by Webuy (WBUY)?

The Sing Select gift series is a new line of high-quality, thoughtfully curated gift sets designed to celebrate Singapore's culture, launched by Webuy.

When was the Sing Select gift series by Webuy (WBUY) launched?

The Sing Select gift series by Webuy was officially launched in May 2024.

How did the Plum Wine Gift Set perform after its launch by Webuy (WBUY)?

The Plum Wine Gift Set sold more than 700 units in a single day, exceeding expectations.

What upcoming products are included in Webuy's (WBUY) Sing Select gift series?

Upcoming products in the Sing Select gift series include gift sets of healthy nuts, premium teas, and gourmet coffees.

What market is Webuy (WBUY) targeting with its Sing Select gift series?

Webuy is targeting the $14 billion global gift retailing market with its Sing Select gift series.