In October this year, JWELL Global and Unilever U Chuang Incubator jointly announced a series of strategic cooperation in new social retail.
JWELL Global announced its unaudited financial results for three months ended September 30, 2021 with total revenues of $44 million for the third quarter of 2021, an increase of 76.1% year on year.
Moreover, shown from its results report, JWELL Global reported its total GMV of $62 million on its online shopping platform (JWELL Mall), an increase of 91.3% compared to $32 million for the same period in 2020.
According to JWELL’s global performance report, its main revenue sources are cosmetics, health and nutrition products and household products sold by JWELL Mall, of which cosmetics sales growth has been in the leading position. In the third quarter of 2021, its cosmetics revenue reached $20 million accounting for 44.75% of total revenue, up 478.8% year on year. Health and nutrition revenue reached $14,965,400, flat compared to the same period last year; and health and nutrition revenue reached US$14,965,400, flat compared to the same period last year. The company’s revenues from health and nutrition products reached $14,965.4 million, essentially unchanged from the same period last year, and revenues from household products reached $9,244,900, an increase of 42.2% year-over-year.
Regarding the growth in the third quarter of 2021, JWELL Global said in its earnings report that there were three main reasons. The first is the increase in its brand coverage due to the licensing from more brands and distribution of more brands including Adidas skin care products. That brings more bulk purchase customers. The second point is the continued extensive marketing and promotional efforts of JWELL Global in the third quarter of 2021, which led to a significant increase in sales. The final point is the increase in the weighted average unit price of its product sales.
Although the operating income of JWELL Global increased more, it had a net loss of $2.1002 million in the third quarter of 2021. It was because the increase in its marketing and promotion expenses as Juhao Global undertook business expansion.
According to public information, Juhao Mall from JWELL Global is one of the leading e-commerce platforms for cosmetics, health and nutrition products and household goods in China. In addition, the company sells its products through its authorized retail stores “Ai Jia Dian”, “LHH Store” and “Ju Hao You Xuan” across China. The total number of LHH stores and VIP members continued to grow steadily in the third quarter of 2021, up 8.4% and 9.7% respectively year on year.
In the term of future development, JWELL Global said it will continue to focus on executing its growth strategy and accelerating cooperation with international brands by providing an optimized platform for product enrichment. In October this year, JWELL Global and Unilever U Chuang Incubator jointly announced a series of strategic cooperation in new retail by social .