- SHRG has generated $129 million in cumulative sales since its launch of own products; company revenue reached $35.4 million in Q1 2019, more than double sales from prior year
- ‘Blue Ocean Strategy’ is the unique and successful method for SHRG’s Elepreneur independent distributors to sell the company’s line of proprietary health and wellness products
- SHRG has global expansion plans to implement through 2019, according to John “JT” Thatch, CEO
Sharing Services Global Corporation (OTCQB: SHRG) has gained momentum in its record sales by employing its Blue Ocean Strategy, a unique and successful method of selling its proprietary product line through its Elepreneur independent distributors. Since the company’s own line of health and wellness products was introduced in December 2017, SHRG has reported cumulative sales of greater than $129 million. For Q1 2019, the three months ending July 31, Sharing Services reached revenues of $35.4 million, more than double that of the comparable period in 2018 (http://ibn.fm/YRX56).
The company’s deliberate approach stems from the book Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne. The Blue Ocean Strategy is a systematic approach to selling that renders the competition irrelevant by creating and operating in an uncontested market space. The approach also calls for creating and capturing new demand, and strategy execution calls for exceeding expectations (http://ibn.fm/LswWJ).
The launch of SHRG’s proprietary line of health and wellness products in 2017 through its Elepreneurs LLC and Elevacity Global LLC subsidiaries marked a company milestone. The products all are based on the D.O.S.E. product formulation of four hormones designed to promote happiness and well-being (http://ibn.fm/c6477).
“Product sales for our incredible health and wellness products of Elevacity Global were strong from the beginning and have since dramatically and consistently increased,” SHRG CEO John “JT” Thatch stated in a news release (http://ibn.fm/xKj2j). The company has announced global expansion plans that it will continue to implement throughout 2019.
In a 10-K SEC filing, SHRG reported record sales of $85.9 million for its fiscal year ended April 30, 2019 (http://ibn.fm/PBGfz). This represents a nine-fold increase or $77.5 million jump from company revenues of $8.4 million the prior year.
“Our 2019 revenues are continued proof that our Blue Ocean Strategy is being implemented and accepted in the direct-selling marketplace,” Thatch added (http://ibn.fm/ihlxt). “We continue at a record-breaking pace as our dedicated and highly talented Elepreneurs continue to execute on the mission to change the direct selling industry with best-in-class products and services.”
Thatch noted that Elevacity Global has consistently increased its sales of health and wellness products. Since the product launch in late 2017, SHRG has supported expansion with several initiatives including establishing a new corporate headquarters to accommodate growth, bringing in experienced industry talent and pursuing global expansion plans.
In the 10-K filing, SHRG reported that since inception and for its FY ended April 30, 2019, some 97 percent of its consolidated net sales have been generated by the company’s health and wellness product line. Economies of scale and selective price increases helped SHRG raise its consolidated gross margin to 66.5 percent for its FY ended April 30, 2019, compared to 52.3 percent from the year earlier period.
SHRG is a Plano, Texas-based diversified holdings company that owns and operates companies engaged in direct selling through independent sales contractors as the sales force. The company also offers services such as energy, technology and insurance. Its divisions include Elevacity Global LLC and Elepreneur LLC.
For more information, visit the company’s website at www.SHRGInc.com
NOTE TO INVESTORS: The latest news and updates relating to SHRG are available in the company’s newsroom at http://ibn.fm/SHRG