The Chill Brands Group PLC (LON: CHLL) spiked 5.19% after announcing its first third-party product line listing on the Chill.com marketplace. The company just added Mad Tasty, America's leading brand of hemp-infused beverages, to the Chill.com website. The products are available for purchase by people residing in the US.
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Mad Tasty was founded by Rayan Tedder, the lead singer of OneRepublic, in 2018 and offers a variety of hydrating and functional beverages infused with premium hemp extract. The brand has garnered significant media attention due to its partnership with Interscope Records. It has enjoyed extensive media coverage.
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Chill Brands intends to launch cross-selling campaigns with Mad Tasty to boost sales on the Chill.com website. The company will earn a commission on all sales made via its website. The listing of Mad Tasty is a massive win for Chill Brands, given the significant media attention that Mad Tasty has had due to its celebrity founder.
Leading media outlets like Rolling Stone, Forbes, British GQ, Fortune, and Buzzfeed have covered Mad Tasty. The cross-promotional activities planned by both companies should bring more attention to Chill.com and attract more sellers to the platform.
Chill Brands intends to develop the website as the online destination for sales of unique products while championing in-demand consumer-packaged goods that may be underserved or overly restricted by leading eCommerce marketplace sites.
Callum Sommerton, Chill Brands’ CEO, commented:
“We are extremely proud to welcome Mad Tasty to Chill.com and can think of no better brand partner to kickstart this expansion of our eCommerce strategy. This is the first visible step towards the creation of a marketplace on Chill.com, which we intend to aggressively develop as a home for novel products, natural ingredients, and compelling brands. Most importantly, this marketplace model will also serve as a scalable new revenue stream that will complement the imminent expansion of our own ‘Chill' branded product range.”
By opening up its website to third-party brands, the company stands to make money from sales of other products while attracting more customers who may be interested in its products. This is the same strategy used by Amazon.
*This is not investment advice.
The Chill Brands’ share price.
The Chill Brands share price spiked 5.19% higher to trade at 4.05p, from Wednesday’s closing price of 3.85p.
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