Delivers Strong Revenue Performance in January
Establishing West Coast Presence Through California Fulfillment & Replenishment Facility Opening in Q2 2022, Further Positioning Packable to Accelerate Sales Growth
Business Combination with Highland Transcend Partners I Corp. on Track to Close Later this Year
Packable (the “Company”), a leading tech-enabled e-commerce company, sitting at the intersection of brands, marketplaces and customers, announced today its financial performance highlights for January 2022 as well as the Company’s geographic expansion. Today’s announcement demonstrates the Company’s continued growth and follows the announcement of Packable’s intention to become a public company through a merger with Highland Transcend Partners I Corp. (“Highland Transcend”) (NYSE: HTPA).
January 2022 Financial Performance Highlights
Packable experienced preliminary estimated average daily net revenue of approximately $1.6 million during the month of January 2022, an increase as compared to the average daily net revenue of $1.5 million during Q4 2021. The Company also experienced net revenue growth of mid-30% in the month ended January 31, 2022 as compared to January 2021.
“This is an exciting time of growth for Packable,” said Andrew Vagenas, CEO of Packable. “2022 is off to a great start and we are proud of the accelerated growth we delivered in January. Packable is well-positioned to continue building momentum and supporting our brand partners.”
Geographic Expansion
With the growth of third-party marketplaces, Packable has been handling orders from an increasing volume of customers located on the West Coast. Recognizing the need for a local facility to service these customers, Packable is opening a 333,000 square foot facility in Perris, California in Riverside County that will include a temperature-controlled fulfillment and replenishment center. Packable intends to hire more than 270 employees in the first five years, offering a compelling employment opportunity, including competitive salary and benefits and the ability to shape a dynamic and engaging culture and company. The facility is set to open in Q2 2022.
Through the opening of the new Riverside County facility, Packable remains on track to accelerate sales in Q2 2022 with the addition of the incremental warehouse capacity. The new facility will provide certain key advantages, including allowing Packable to (i) reduce air freight usage and facilitate ground shipments to the West Coast, (ii) increase product listing availability as a result of lower shipping costs and the ability to source products more effectively from West Coast vendors and (iii) diversify the product offerings to include products that require special handling, such as fragrances.
“The ability to manage and fulfill orders out of California will support faster turnaround times, enhance the experience of our growing customer base on the West Coast and substantially reduce shipping costs,” added Vagenas. “Importantly, we look forward to building long-term relationships in the community, creating new employment opportunities and driving positive economic development.”
Jones Lang LaSalle Incorporated (JLL) served as the broker for Packable’s new Riverside County facility, and the lease is from Blumenfeld Development Group.
Packable is expected to be listed under the new ticker symbol “PKBL” in connection with the closing of the merger with Highland Transcend. It is currently anticipated that the business combination will be consummated as promptly as possible following the general meeting of Highland Transcend shareholders to be held on March 29, 2022, subject to satisfaction or waiver of the closing conditions to the consummation of the business combination.
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