With 8 million new users and GMV reaching $1.9 billion, Joann is booming in the US

Recently, American retailer Joann said that due to the COVID-19 epidemic, its business has seen gratifying growth and is about to be successfully listed.

Joann adds 8 million new users

Survey data shows that since May 1, 2020, Joann has experienced strong growth, with 8 million new users and existing store sales increasing by 38%. This has enabled the company to achieve sales of up to $1.9 billion in 39 weeks, with a net profit of $174 million.

Joann is a US handicraft and fabric supplier founded in 1943. During the COVID-19 pandemic, wedding supplies have been very popular, especially masks and other products , which has led to a continuous increase in demand for handicrafts and fabrics among US consumers.

Joann said it will soon be listed on the Nasdaq with the ticker symbol "JOAN." Joann said if the company is successfully listed, it hopes to price its shares at $12 per share.

Sales peak at $120 billion

As a supplier of small businesses making products such as masks, its fabrics are popular with sellers, especially e-commerce winners like Etsy, eBay and Shopify, which have boomed during the coronavirus pandemic.

Data shows that the number of active sellers on Etsy, a platform that has become popular with mask products , jumped 62% to 4.3 million. Sales on its platform more than doubled to $10.2 billion. Shopify sold up to $120 billion in goods in 2020 , twice as much as in 2019. eBay sold up to $26.6 billion in goods in 2020, a year-on-year increase of 21%.

In the 12 months ending at the end of 2020, the stock prices of all three companies have seen significant increases, such as Etsy's stock price increased by 240% , Shopify's stock price increased by 128% , and eBay's stock price increased by 55%. It has to be said that 2020 may be the year of e-commerce.

In fact, in addition to the development of small and medium-sized enterprises, Joann said that more and more consumers are buying supplies to make masks for their friends and family. Because more and more people are spending time at home, hands-on projects have become their favorite thing.

USA

Joann

GMV