MGO Global Reports on Stand Flagpoles' Performance Since Brand Launch in March 2023
Rhea-AI Summary
MGO Global (NASDAQ: MGOL) reported that since launching its Stand Flagpoles brand in March 2023, the brand's sales have exceeded expectations, with revenues increasing by over 30% from March 15, 2023, to May 31, 2024, compared to the same period the previous year.
The company's CEO, Maximiliano Ojeda, attributed this growth to the general rise in global ecommerce and MGO's targeted, consumer-centric marketing strategies. According to industry insights from GFK, direct-to-consumer sales are expected to grow, driven by consumer demand for value, personalization, and sustainability.
MGO's proactive marketing efforts have successfully reached patriotic American consumers and U.S. commercial enterprises, promoting their high-quality flagpoles and related products.
Positive
- Sales of Stand Flagpoles brand grew over 30% from March 15, 2023 to May 31, 2024.
- Performance of Stand Flagpoles has remained strong and steady in Q2 2024.
- Growth attributed to the general rise in global ecommerce trends.
- MGO's targeted, consumer-centric marketing strategies are effective.
- Direct-to-consumer sales expected to continue growing, driven by consumer demand for value, personalization, and sustainability.
Negative
- No specific financial figures or profit margins provided.
- Potential over-reliance on optimistic projections without detailed financial backing.
- Uncertainty about the long-term sustainability of the growth trend.
News Market Reaction 1 Alert
On the day this news was published, MGOL declined 5.45%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MIAMI, FL AND LONDON, UK / ACCESSWIRE / June 4, 2024 / MGO Global Inc. (NASDAQ:MGOL), a digitally-native, lifestyle brand portfolio company, ("MGO," "MGO Global" or the "Company") today reported that since first launching its Stand Flagpoles brand in mid-March 2023, the brand's sales results have continued to outperform MGO's internal projections, climbing over
"We continue to be very optimistic about the future growth prospects of Stand Flagpoles products, particularly given the brand's current performance in the second quarter of 2024, thus far, which has remained strong and steady. We believe that this growth is being fueled by the general underpinning growth of global ecommerce coupled with MGO's highly targeted, consumer-centric marketing strategies," stated Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO Global. "According to industry marketing firm GFK in its "The Evolving Direct-to-Consumer (DTC) Journey 2024," the firm noted that ‘direct sales, though presently in infancy state, will continue to grow, tapping into consumers' desire for value, personalization, sustainability and immersive shopping experiences.' Through MGO's thoughtful, proactive marketing of our high quality flag poles and related products directly to patriotic American consumers and U.S. commercial enterprises, we are reaching and compelling consumers to choose Stand Flagpoles."
About MGO Global Inc.
MGO Global Inc. is actively engaged in building a portfolio of independent, digitally native, lifestyle brands, which are unique and differentiated, yet all defined by distinctive, high-quality products and a shared commitment to delivering high-touch customer experiences across its ecommerce and wholesale channels. MGO is currently comprised of two business units: Americana Liberty, which markets a growing, high-end line of thoughtfully curated home and outdoor products, including Stand Flagpoles; and MGO Digital, which leverages data analytics, advanced technology-enabled marketing and our leadership's industry relationships and expertise to identify, incubate and introduce to market new, authentic lifestyle brand concepts. For more information on MGO, please visit www.mgoglobalinc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its businesses and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
CONTACT INFORMATION:
MGO Global Inc.
Dodi Handy, Director of Communications
Telephone: 407-960-4636
Email: ir@mgoteam.com
SOURCE: MGO Global
View the original press release on accesswire.com
FAQ
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