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E-Commerce Storefront to Initially Support Sales of up to 40 Personal Health and Wellness Products; Final International Certifications and Approvals Required for Formal Launch Expected This Quarter
COCONUT GROVE, Fla., Feb. 5, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ:NXPL, NXPLW))))) ("NextPlat" or the "Company"), a global e-Commerce provider, is preparing for the launch of its exclusive OPKO Health-branded storefront on Alibaba Group Holding Limited's ("Alibaba")(NYSE:BABA) Tmall Global in China following receipt of the initial set of approvals required to operate the store in the country.
Under terms of the exclusive joint e-commerce development agreement with OPKO Health Europe ("OPKO"), a subsidiary of OPKO Health, Inc. (NASDAQ:OPK) secured late last year, NextPlat is launching an OPKO Health-branded online storefront on Alibaba's Tmall Global e-commerce platform in China. The new online storefront will initially list up to 40 health and wellness products featuring an assortment of nutraceuticals for bone, joint and eye health as well as supplements for nutrition and immunity and defense, the sales of which will create a new international e-commerce revenue stream for the Company. NextPlat intends to significantly expand the OPKO online storefront with a wide array of veterinary and animal health products, subject to final Chinese regulatory approval currently expected during the second quarter of 2024. All in-country sales and marketing support for the OPKO Health Tmall Global e-commerce site is being provided by a local online specialist, a Tmall Global-preferred merchant partner.
"We are pleased to reach this strategic milestone with our partners OPKO and Alibaba because we believe in the global potential of health and wellness as millions of consumers in China and around the globe continue to prioritize their wellbeing, contributing to the continued growth of this large and valuable product category. Through the launch and expansion of the OPKO Health storefront and the planned introduction of new e-commerce healthcare offerings later this year, we are executing on our plans to capitalize on the many revenue growth opportunities we see in the large global healthcare market," said Charles M. Fernandez, Executive Chairman and CEO of NextPlat.
The sales of OPKO products in China will be managed through NextPlat and will be made available to purchase for Chinese consumers through Tmall Global. Tmall Global is China's leading import e-commerce platform where consumers can access over 46,000 international brands.
David Phipps, President of NextPlat and CEO of Global Operations, added, "Our e-commerce team continues to work closely with the multiple international regulatory authorities required to import, list, and sell OPKO's market-proven health and wellness products in China. In anticipation of shortly receiving the final governmental approvals, we continue to expand the number of products available on the OPKO Health online storefront to ensure we can present potentially millions of Chinese consumers with an expansive catalogue of offerings for immediate sale on launch day."
NextPlat's e-commerce development program, held in coordination with local Florida chambers of commerce, initially aims to help Florida-based businesses and manufacturers market and sell their products to potentially millions of new customers. The development program features NextPlat's turnkey global e-commerce solution and leverages the capabilities and reach of key partners including Alibaba and its Tmall Global platform, a premier B2C cross-border solution for global brands to reach Chinese consumers. NextPlat intends to expand this unique e-commerce development opportunity to businesses throughout the United States, North America as well as in Central and South America.
For more information about NextPlat, please visit www.NextPlat.com and connect with us on Facebook and X (formerly Twitter).
