HANGZHOU, China, July 31, 2021 /PRNewswire/ -- Yunji Inc.
("Yunji" or the "Company") (NASDAQ: YJ), a leading membership-based
social e-commerce platform, today announced that it celebrated the
11th anniversary of its private label skincare brand
Solo Life.
Established in 2010 by Shanglue Xiao, the Company's Solo Life
brand opened its first flagship store on Tmall, Alibaba's online
retail platform for brand-name goods. In its initial stages of
growth, Solo Life received limited platform support and minimal
public exposure from Tmall and other third-party platforms.
Following Yunji's partnership with the brand in 2015, the Company
leveraged its platform's unique social e-commerce features to
empower Solo Life and allow it to better connect with its target
customers. Solo Life has experienced tremendous growth through the
utilization of Yunji's social e-commerce platform, accumulating
sales of approximately RMB3.7 billion
since the partnership began, launching multiple megahit products,
and expanding beyond Yunji's platform to other third-party
platforms in China.
Yunji's membership-based social e-commerce model uses social
sharing and product recommendations to reconstruct the
relationships between people, goods, and online and offline
shopping centers, making it different from that of traditional
e-commerce platforms. On the Yunji platform, traffic is driven by
Key Opinion Consumers, who specialize in providing highly curated
selections of products to consumers in an efficient manner.
By utilizing its differentiated capabilities, the Company helped
the private label Solo Life brand to accumulate a large group of
loyal users on its platform, after which it deployed the brand onto
other mainstream third-party e-commerce platforms, and popular live
streaming platforms in China.
Owing to its powerful word-of-mouth promotional strategy and
operational backing, the Company cultivated a groundswell of
support for Solo Life and set the stage for growth on other
third-party platforms. By the end of 2020, Solo Life had become a
skincare brand with annual sales of more than RMB1 billion on the Yunji platform.
Shanglue Xiao, Founder and CEO of Yunji, commented, "In recent
years, consumers have become increasingly supportive of local
skincare brands. According to the 2020 China Skincare Brand
Consumer Index and Ranking published by Kantar Consumer Index,
domestic brands accounted for seven of the top ten skincare brands
in China in 2020. The growing
strength of the domestic industry underscores Solo Life's potential
for continued growth."
"Solo Life is the role model for our other private label
brands. Over the past 11 years, we have focused on enhancing
Solo Life's products, refining its formulas, and bolstering its
competitive advantages. We work with top international cosmetics
processing factories to create a variety of products with strong
efficacies and high repurchase rates. In the future, we plan to
collaborate with innovative technology firms, international
laboratories, and world-renowned formula producers to build our own
skincare research center and develop more effective skincare
products. We will also cooperate with domestic consulting firms to
better strengthen our connection to our consumer base."
Safe Harbor Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "aims," "future," "intends,"
"plans," "believes," "estimates," "confident," "potential,"
"continue" or other similar expressions. Among other things, the
quotations from management in this announcement, as well as Yunji's
strategic and operational plans, contain forward-looking
statements. Yunji may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about Yunji's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Yunji's growth strategies; its future
business development, results of operations and financial
condition; its ability to understand buyer needs and provide
products and services to attract and retain buyers; its ability to
maintain and enhance the recognition and reputation of its brand;
its ability to rely on merchants and third-party logistics service
providers to provide delivery services to buyers; its ability to
maintain and improve quality control policies and measures; its
ability to establish and maintain relationships with merchants;
trends and competition in China's
e-commerce market; changes in its revenues and certain cost or
expense items; the expected growth of China's e-commerce market; PRC governmental
policies and regulations relating to Yunji's industry, and general
economic and business conditions globally and in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in Yunji's filings with the SEC. All information
provided in this press release and in the attachments is as of the
date of this press release, and Yunji undertakes no obligation to
update any forward-looking statement, except as required under
applicable law.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce platform in
China that has pioneered a unique,
membership-based model to leverage the power of social
interactions. The Company's e-commerce platform offers high-quality
products at attractive prices across a wide variety of categories
catering to the day-to-day needs of Chinese consumers. In addition,
the Company uses advanced technologies including big data and
artificial intelligence to optimize user experience and incentivize
members to promote the platform as well as share products with
their social contacts. Through deliberate product curation,
centralized merchandise sourcing, and efficient supply chain
management, Yunji has established itself as a trustworthy
e-commerce platform with high-quality products and exclusive
membership benefits, including discounted prices.
For more information, please visit
https://investor.yunjiglobal.com/
Investor Relations Contact
Yunji Inc.
Investor Relations
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
ICR, LLC.
Robin Yang
Email: Yunji.IR@icrinc.com
Phone: +1 (646) 224-6957
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SOURCE Yunji Inc.