Peekaboo Beans Inc (“Peekaboo Beans” or the “Company”) (TSXV: BEAN) is pleased to announce the Company has recruited a record 288 stylists in Q2, representing a 423% increase over Q2 2017.
The increase has been attributed to the Company’s consistent marketing in Canada, and the launch and increased marketing activity in the United States. The Company is pleased with the success of the “Boutique in a Box” marketing campaign, that incentivized stylists to sell Peekaboo products.
Over the course of Q2 2018, 48 stylists were recruited from the United States, a significant increase of 60% over Q1 2018. Since launching into the U.S. at the end of 2017, the Company has already acquired stylists in 34 U.S. states.
Traci Costa, CEO of Peekaboo Beans, commented: “We are extremely satisfied with our Q2 sales and recruitment with very strong growth in all areas. The reception we have received from our expansion into the U.S. has been very positive and we are excited at the traction we are gaining there. U.S. sales accounted for 7% of our total sales in Q1 and we anticipate that US sales will account for an increasing percentage as we expand our footprint and marketing efforts across the United States. Our goal throughout 2018 was to increase our U.S. presence, and we believe this is monumental step for Peekaboo, and we look forward to our continued success throughout this year.
The United States represents a major growth opportunity for Peekaboo Beans. Data from the Direct Selling Association showed a record 20.5 million people were involved in direct selling in the United States in 2016, a 1.5% increase from the prior year. The direct sales industry in the US has grown from $29B in sales in 2011 to over $35.5B in 2016, corresponding to a 5% CAGR and quantifying the emergence of the direct sales model relative to traditional retail channels.
About Peekaboo Beans Inc.
Peekaboo Beans is a Canadian public company with a majority female Board of Directors producing high-quality, ethically manufactured children’s apparel. Peekaboo Beans is sold exclusively through its direct-sales network of stylists or independent sales representatives. In line with its mission, Peekaboo Beans develops custom fabrics and designs its apparel to promote play in children’s lives. Through the direct-sales model, Peekaboo Beans trains women to be entrepreneurs, build a business and generate income on their own terms.
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
For more information, please contact Investor Relations
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The company mentioned in this press release is a client and sponsor of PinnacleDigest.com.