CHEERS e-Mall GMV Exceeds 370% YoY to Reach RMB141 Million for 11.11 Shopping Festival
24 November 2020 - 12:00AM
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading mobile and online digital media
and entertainment company in China, today announced that the
Company achieved strong results during the 2020 11.11 Shopping
Festival (the “Shopping Festival”). During the Shopping Festival,
the gross merchandise value (“GMV”) of the Company’s CHEERS e-Mall
online e-commerce platform grew by 370% as compared to the same
period in 2019 to RMB141.0 million, order volume increased to
56,100, and daily active users (“DAUs”) exceeded 7 million.
Representing an important change from previous years, CHEERS
e-Mall decided to cooperate with Taobao and Tmall for the first
time during this year’s Shopping Festival. As part of this
collaboration, CHEERS users were able to purchase a large number of
first-rate goods from both Taobao and Tmall on CHEERS e-Mall using
coupons and rebate rewards specifically designed for CHEERS users.
During the Shopping Festival, more than 150 million Cheers users
benefited from this cooperation, obtaining access to a wider
selection of quality goods at affordable prices from around the
globe.
Highlights From the 2020 11.11 Shopping
Festival
- The number of SKUs on CHEERS e-Mall exceeded 24,000 and
included several renowned and high-quality domestic and foreign
brands, including Estee Lauder, Givenchy, SK-II, La Mer, Apple,
Huawei, TCL, Haier, and more.
- According to data from Glory Star, the provinces of Shandong,
Guangdong, Hebei, Henan, Sichuan, and Jiangsu were the top six
provinces in terms of transaction volume. Meanwhile, as a
percentage of total GMV, GMV generated in third-tier cities and
below exceeded 51.0%.
- According to Glory Star’s data, female users accounted for more
than 57.0% of total active users and became the primary consumer
group, which led to higher sales in such categories as beauty and
apparel, fashion goods, mobile phones, and home appliances.
- As of midnight on November 11, 2020, sales from commodity
investments in gold previously launched in September 2020 reached
RMB4.35 million.
- Sales from 3C products, such as Apple’s iPhone 12 series and
Huawei’s Mate 40 series, household appliance brands, such as Sony,
Toshiba, Samsung, Philips, TCL, and Haier, and cosmetics brands,
such as Estee Lauder and SK-II, all increased significantly as
compared to same period of 2019.
Mr. Bing Zhang, Founder and Chief Executive
Officer of Glory Star, said, “We executed several new initiatives
to achieve terrific results during this year’s 2020 11.11 Shopping
Festival. In light of these successes, we will continue to pursue
more innovative cooperation models, unlock the potential of new
content-based consumption scenarios, and provide our users with
more high-quality and convenient goods and services at the most
competitive prices. Meanwhile, we also aim to better meet the
aspirations of our users and customers for a better life, while
further promoting a consumption upgrade throughout the broader
society.”
About Glory Star New Media Group
Holdings LimitedGlory Star New Media Group Holdings
Limited is a leading mobile entertainment operator in China. Glory
Star’s ability to integrate premium lifestyle content, including
short videos, online variety shows, online dramas, live streaming,
its Cheers lifestyle video series, e-Mall, and mobile app, along
with innovative e-commerce offerings on its platform enables it to
pursue its mission of enriching people’s lives. The company’s large
and active user base creates valuable engagement opportunities with
consumers and enhances platform stickiness with thousands of
domestic and international brands.
Safe Harbor StatementCertain
statements made in this release are “forward looking statements”
within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995. When used
in this press release, the words “estimates,” “projected,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “should,” “future,” “propose”
and variations of these words or similar expressions (or the
negative versions of such words or expressions ) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company’s control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; and other factors listed in the Company’s Annual
Report on Form 10-K for the year ending December 31, 2019 and in
other filings made by the Company with the Securities and Exchange
Commission from time to time. The Company undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Such information speaks only as of the
date of this release.
ContactsGlory Star New Media
Group Holdings LimitedYida YeEmail: yeyida@yaoshixinghui.com
ICR LLC.Sharon ZhouTel: +1 (646) 308-0546Email:
gsnm@icrinc.com
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