Farmmi Testing Offline Stores to Expand Brand Presence and Revenue Growth

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Aug 12, 2019, 06:00 ET

LISHUI, China, Aug. 12, 2019 /PRNewswire/ -- Farmmi, Inc. (NASDAQ: FAMI), a leading agriculture products supplier in China, today announced it is testing offline stores to expand its brand presence and revenue growth.

As part of the effort, the company is testing two brick and mortar stores using its Farmmi Baba brand. The initial brick and mortar stores are located in Hangzhou in the Puyan agricultural market in the Binjiang District and the Dinghai agricultural market in Jianggan District.

Yefang Zhang, Farmmi's Chairwoman and CEO, stated, "We are always working to increase brand awareness of our e-commerce platform and seeking to expand our profitable growth. As has been seen in other product categories, physical stores can play a hand-in-hand role in the success of online e-commerce platforms as consumers can gain higher confidence by seeing and trying products before buying. In our case, we are able to open a physical presence on a very cost effective basis because the stores we are testing are located in agricultural markets rather than higher priced shopping malls. The location suits us well because it is a natural location with built in customer foot traffic for the agricultural products Farmmi specializes in providing. We are optimistic about the potential for physical stores but will be conservative in our expansion plan in order to limit our potential financial exposure."

Farmmi's brick and mortar stores will initially feature Sanpin Yibiao agricultural products and a variety of fresh vegetables. Sanpin Yibiao agricultural products are high-quality geographical indication products that are organic, pollution-free and environmentally friendly. While these products have typically been reserved for high-end consumers, the stores will increase access to a broader base of consumers.

About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other sought-after agricultural products. The Company's Farmmi Liangpin Market is serves as a global trading platform for Chinese geographical indication agricultural products and is a one of the largest platforms for consumers to access locally sourced agricultural products. For further information, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

SOURCE Farmmi, Inc.