ELMSFORD, N.Y., July 17, 2017 /PRNewswire/ -- Party City
(NYSE: PRTY) today announced that it has entered into an agreement
with Punchbowl, Inc., Framingham,
MA, a technology platform leader for online invitations and
digital greeting cards, to launch a digital invitation platform
that enables Party City customers to make their own online
invitations. The platform is now fully functional at
PartyCity.com.
In conjunction with this agreement, Party City has made a
minority investment in Punchbowl. Ryan
Vero, Executive Vice President of Party City Holdco Inc. and
President of Party City Retail Group, has joined Punchbowl's Board
of Directors.
"Our agreement with Punchbowl represents yet another investment
as we continue to grow our portfolio of digital assets," said Party
City CEO Jim Harrison. "With this
new capability, party givers will have a single source at
PartyCity.com to create invitations while ordering their party
supplies online."
Party City's omni-channel strategy is reflected both in its
fleet of over 900 retail locations in the
United States, as well as through its own website
(partycity.com) which receives an average of 400,000 daily
visits.
"As the leading party goods supplier, Party City is an ideal
partner for us," said Punchbowl CEO Matt
Douglas. "We view this as an excellent and logical
combination of services with clear benefits for consumers,
especially the time-constrained party giver. We also welcome
Party City as a new investor who shares our enthusiasm for online
greeting cards and invitations."
The digital invitation platform will enable consumers to make
their own online invites using a wide variety of designs, colors,
fonts and themes, as well as licensed characters from Disney,
Hasbro, Sesame Street and other well-known entertainment
properties. Party City and Punchbowl hold the broadest
portfolio of licenses, which means invitations and parties can be
themed from beginning to end.
In addition to personalizing their invitations, party hosts will
be able to track RSVPs, add a co-host to each invite, and create
message boards to communicate with guests, using a platform that is
optimized for mobile devices. Consumers can purchase online
invitations on an as-needed basis and the invitations are received
by guests free of advertising.
This new agreement follows Party City's earlier announcement in
May that it is partnering with investment firm Ampology, of
Fort Lee, NJ to develop "Kazzam,"
an online marketplace that will bring party hosts together with
party services. Through Kazzam, users will be able to choose
from a spectrum of vetted service providers for party activities
and entertainment, as well as for ordering party supplies.
"By adding the Punchbowl capability adjacent to the Kazzam
marketplace, we believe that Party City will enjoy the unique
competitive position of providing end-to-end party services,"
concluded Harrison.
About Punchbowl, Inc.
Punchbowl is the company behind the critically acclaimed technology
platform for online invitations and digital greeting cards. The
company runs its platform on Punchbowl.com, best-in-class iOS and
Android apps, and also licenses its technology to carefully
selected consumer companies. More than 120 million online
invitations and digital greeting cards have been sent on the
Punchbowl platform. The company was founded by entrepreneur
Matt Douglas, is located in
Framingham, MA, and is backed by
Intel Capital, Contour Venture Partners, and Launchpad Venture
Group. To learn more, visit
https://www.punchbowl.com/company
About Party City
Party City Holdco Inc. is the leading party goods company by
revenue in North America and, we
believe, the largest vertically integrated supplier of decorated
party goods globally by revenue. The Company is a popular one-stop
shopping destination for party supplies, balloons, and costumes. In
addition to being a great retail brand, the Company is a global,
world-class organization that combines state-of-the-art
manufacturing and sourcing operations, and sophisticated wholesale
operations complemented by a multi-channel retailing strategy and
e-commerce retail operations. The Company is the leading player in
its category, vertically integrated and unique in its breadth and
depth. Party City Holdco designs, manufactures, sources and
distributes party goods, including paper and plastic tableware,
metallic and latex balloons, Halloween and other costumes, accessories,
novelties, gifts and stationery throughout the world. The Company's
retail operations include over 900 specialty retail party supply
stores (including approximately 150 franchise stores) throughout
North America operating under the
name Party City and e-commerce websites, principally through the
domain name www.PartyCity.com, as well as approximately 250-300
temporary specialty Halloween supply
stores operating under the name Halloween City.
Press Contact:
Deborah Kostroun
201-403-8185
deborah.kostroun@ketchumzito.com
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SOURCE Party City