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.
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Investor Relations Contact
Onion Global Ltd.
Mr. Eric Yuan
In the United States:
Ms. Linda Bergkamp
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Source: Onion Global Limited Related Stocks: NYSE:OG