iPower Enhances Supply Chain Operations with New Manufacturing Partner in Vietnam

Rhea-AI Summary

iPower (Nasdaq: IPW), a tech-driven online retailer specializing in home, pet, and garden products, announced a new partnership with a manufacturing partner in Vietnam. This strategic move is aimed at reducing production costs and minimizing tariffs, thus offering more competitive pricing to consumers. Operations have already commenced, marking the initiation of the first purchase order. The expanded supply chain is expected to enhance efficiency, diversify risks, and bolster resilience against global market fluctuations. CEO Lawrence Tan highlighted the importance of this partnership in diversifying and strengthening the supply chain, ensuring continued benefits for customers and partners.

Positive

• New manufacturing partner in Vietnam.
• Reduction in product costs and tariffs.
• Enhanced supply chain efficiency.
• Diversification of supply chain risks.
• Increased resilience against global market fluctuations.

Negative

• None.

RANCHO CUCAMONGA, Calif., June 20, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, today announced the addition of a new manufacturing partner in Vietnam. This strategic partnership will bring cost advantages to iPower and strengthen the capabilities and resilience of the Company’s supply chain.

iPower has commenced operations with its Vietnamese manufacturing partner, with the first purchase order already underway. By sourcing products from Vietnam, the Company will lower product costs and significantly reduce tariffs, enabling iPower to offer more competitive pricing to its customers.

With its newly expanded supply chain network, the Company can improve supply chain efficiencies and diversify risks, ensuring a more robust and adaptable network that can better withstand global market fluctuations and potential disruptions.

“We are pleased to partner with this new manufacturer and expand our operations to Vietnam,” said Lawrence Tan, CEO of iPower. “This partnership enables us to offer more cost-effective products to our customers and represents a crucial step towards diversifying our supply chain. By broadening our manufacturing base, we can reduce future risks and enhance the durability of our supplier network, ultimately benefiting our customers and partners. We look forward to further optimizing our operations as we continue to add key partners to our platform.”

About iPower Inc. 

iPower Inc. is a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services for third-party products and brands. iPower's capabilities include a full spectrum of online channels, robust fulfillment capacity, a network of warehouses serving the U.S., competitive last mile delivery partners and a differentiated business intelligence platform. With these capabilities, iPower efficiently moves a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower's website at www.meetipower.com.

Forward-Looking Statements 

All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower 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," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower 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 iPower 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 and performance in iPower's Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or the SEC, on September 15, 2023, its Quarterly Reports on Form 10-Q, and in its other SEC filings.

Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

FAQ

What recent partnership did iPower announce?

iPower announced a new partnership with a manufacturing partner in Vietnam.

How will iPower's new partnership in Vietnam benefit the company?

The partnership will reduce production costs, lower tariffs, and improve supply chain efficiency.

When did iPower announce the new manufacturing partner?

iPower announced the new manufacturing partner on June 20, 2024.

What are the expected outcomes of iPower's new supply chain strategy in Vietnam?

Expected outcomes include cost reduction, more competitive pricing, diversified supply chain risks, and enhanced resilience.