GigaCloud Technology Inc Expands Global Fulfillment Network to Support Continued Growth of Its B2B Marketplace
30 April 2024 - 10:30PM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced its global
fulfillment network has surpassed 10 million square feet of total
space following the signing of a new lease in Ontario, California.
This expansion strengthens GigaCloud's ability to support the
continued growth of its B2B marketplace and deliver enhanced
fulfillment support to its B2B marketplace participants.
The new Ontario fulfillment center, spanning approximately
562,100 square feet, is set to commence operations in July 2024.
With this latest addition, GigaCloud’s global fulfillment network,
comprising strategically positioned fulfillment centers and other
facilities designed for efficient inventory management and order
fulfillment, expands to 42 locations with over 10.5 million square
feet — an increase of 169% from approximately 3.9 million square
feet as of March 31, 2023. Since then, GigaCloud has doubled its
facilities and expanded into five additional key global areas,
establishing a vast and optimized infrastructure framework with
presence in the U.S., the U.K., Germany, Canada, and Japan.
“GigaCloud is a valued customer who has leased eight Prologis
facilities in the U.S.,” said Kevin Apel, Senior Vice President at
Prologis, the global leader in logistics real estate and the owner
of GigaCloud's Ontario fulfillment center. “Since just last
September, GigaCloud has expanded into five of Prologis'
facilities, totaling over 2.5 million square feet. We are proud to
be a partner and look forward to supporting their continued growth
in the future."
“This expansion reflects the continued growth and high demand of
our marketplace, which has created a new way to trade large parcel
goods virtually across the globe,” said Larry Wu, Founder,
Chairman, and Chief Executive Officer of GigaCloud. “Our Supplier
Fulfilled Retailing model revolutionizes the traditional B2B
ecommerce by streamlining every step of the supply chain. The
Company’s in-house algorithms continuously optimize infrastructure
and operations efficiency, delivering end-to-end fulfillment
solutions for marketplace participants. We partner with logistics
providers to ensure a streamlined fulfillment process within our
marketplace ecosystem. Our self-operated facilities are a vital
part of this seamless experience. This latest fulfillment center
contributes to the continued expansion of our infrastructure
capabilities, ensuring our sustained delivery of efficient and
scalable solutions to our thriving marketplace community.”
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC. We have made rounding adjustments to reach
some of the figures included in this press release. Consequently,
numerical figures shown as totals may not be arithmetic
aggregations of the figures that precede them.
For investor and media inquiries, please contact:
IR at GigaCloud Technology Inc
Email: ir@gigacloudtech.com
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