GigaCloud Technology Adds Three Warehouses in the U.S. and Germany
September 22 2023 - 8:24AM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, announced today it has entered into
three new warehouse leases in September 2023. These warehouses are
scheduled to commence operations in October 2023, resulting in 24
total warehouses globally for the Company. The additional capacity
need was fueled by further expansion of GigaCloud’s B2B marketplace
and ensures customers receive the logistical support they need to
run their businesses.
Two of these warehouses will be situated in the U.S. in
Savannah, Georgia, and Rancho Cucamonga, California, covering a
combined area of approximately 784,300 square feet, resulting in a
20.7% increase of the warehousing space in the U.S. The third
warehouse, located in Bremen, Germany, will encompass a total space
of approximately 110,400 square feet, marking a 47.8% increase of
the total warehouse areas in Germany. These strategically placed
warehouses will primarily serve as key distribution centers for
GigaCloud's large parcel merchandise, ensuring efficient storage,
processing, and distribution of products. Following the addition of
three new warehouses, totaling approximately 894,700 square feet,
the GigaCloud global warehouse network now spans across North
America, Europe, and Asia, encompassing a total area of
approximately 5.2 million square feet.
“The decision to expand our warehouse footprint is a clear
indicator of the continued organic growth of our marketplace,” said
Larry Wu, Founder, Chairman, and Chief Executive Officer of
GigaCloud. “Moreover, the establishment of our new warehouse in
Savannah, Georgia represents a significant step in our warehouse
network. This new location is fully aligned with our strategy to
optimize efficiency and scalability while enhancing the seamless
load balancing across our nationwide operations. It is set to
facilitate transactions and strengthen our fulfillment capabilities
to enhance our supplier fulfilled retailing business model.”
“Our growing warehouse network is a testament to our commitment
to meet the evolving demands of our customers,” said Iman Schrock,
President of GigaCloud. “Our 3P seller GigaCloud Marketplace GMV
grew by 65% from the 12 months ended June 30, 2022 to 2023,
and our existing warehouses are close to full utilization, creating
the need to expand the space available to customers across our
worldwide network. The three new warehouses, which we expect to be
fully operational by the end of October, give us the ability to not
only continue to meet the needs of our customers in the U.S., but
allow us to support the expansion of our footprint in Europe.”
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
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,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company 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 the Company 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 in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology IncGreta Tang, PR & IR
ManagerEmail: greta.tang@gigacloudtech.com
ICRRyan GardellaEmail:
GigacloudIR@icrinc.com
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