InvestorNewsBreaks – Mohawk Group Holdings Inc. (NASDAQ: MWK) Enters Essential Oils Category Through Strategic Acquisition
Feb 2, 2021
Mohawk Group Holdings (NASDAQ: MWK) today announced its acquisition of the assets of e-commerce company Healing Solutions LLC, a leading online seller of essential oils. According to the update, Healing Solutions’ unaudited trailing 12-month revenue and operating income, excluding inventory liquidations, as of Oct. 31, 2020, reached approximately $65.2 million and $12.7 million, respectively. “Our mission to build the leading e-commerce consumer brands platform has taken another meaningful step forward today. We are thrilled to enter the essential oils category, which further diversifies our e-commerce portfolio of brands,” said Yaniv Sarig, co-founder and CEO of Mohawk Group Holdings. “Consumable products with recurring purchases and subscription revenue opportunities that complement our hard goods brands have been on our radar. Our strategy to create a supply chain and technology platform designed to operate e-commerce brands across a wide spectrum of categories at scale continues to bear fruit. We are still at the early stages of executing on our ambitious goals and are looking forward to developing new products for the brands we are acquiring as well as extending their reach internationally.”
To view the full press release, visit https://ibn.fm/5tjVf
About Mohawk Group Holdings Inc.
Mohawk Group Holdings, together with its subsidiaries (“Mohawk”), is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. In addition to Healing Solutions, Mohawk has eleven owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information, visit www.ir.Mohawkgp.com.
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