Carot provides consumers with a wide range of kitchenware products. From basic pots and pans to well-designed cutlery and beverage containers, Carot's product portfolio is designed to meet the different needs of different kitchen scenarios.
The Zhitong Finance App learned that according to news from the Hong Kong Stock Exchange on August 30, Carote Ltd (Carote Ltd) passed the Hong Kong Stock Exchange's main board listing hearing, and CMB International and BNP PARIBAS were its co-sponsors.
According to the prospectus, Carrot is a global kitchenware brand. In the eight years since Carot launched the “CAROTE (CAROTE)” brand in 2016, it has established a prominent position in the online kitchenware segment in major markets such as China, the United States, Western Europe, Southeast Asia and Japan, and has become one of the fastest growing kitchenware brands in the world. Initially, Carrot mainly provided OEM services for overseas brands. In 2013, Carrot realized market demand and instead focused on developing ODM business to design, develop and manufacture customized kitchenware products for international brand owners and retailers.
Carot provides consumers with a wide range of kitchenware products. From basic pots and pans to well-designed tableware and beverage containers, Carot's product portfolio aims to meet the different needs of different kitchen scenarios, regularly update the product lineup, launch new products and improve products to maintain customer stickiness. In 2021, 2022, 2023, and the three months ending March 31, 2024, Carrot launched 520, 1305, 1,374 and 361 SKU private label products, respectively, continuously expanding the product range to meet the changing preferences of customers. As of the last practical date (June 5, 2024), its product portfolio included more than 2,200 SKUs covering different kitchenware categories, including cookware, kitchenware, drinkware, etc.
Carrot has established a rapidly expanding global sales network, and its strategy focuses on e-commerce business. Its strategy includes partnering with leading online platforms in major international markets such as China, the US, Western Europe, Southeast Asia and Japan to ensure the global availability of products. For example, in China, Carrot collaborates with online platforms such as Tmall and JD, while internationally, Carrot cooperates with Amazon, Walmart, Lotte, Qoo10, Shopee, and Lazada. The scalability of Carot's digital sales channel helped it quickly penetrate multiple regional markets. Since Carrot's brand products first entered the international market in 2017, as of the last practical date, its online business has expanded to cover 48 self-operated online stores in 19 online markets covering 19 regional markets.
In recent years, with the increasing popularity of home cooking, the global online kitchenware industry has shown strong resistance to economic fluctuations and is expected to grow steadily. According to the Insights Advisory Report, the global online kitchenware market is expected to reach US$22.6 billion by 2028, with a compound annual growth rate of 7.5% from 2023 to 2028.
According to the Insight Consulting Report, in terms of retail sales in 2023, Carrot ranked in the top 5 in the online cookware industry in all major markets, 4th in China, 2nd in the US, 3rd in Western Europe, 2nd in Southeast Asia, and 3rd in Japan. The market shares were 1.2%, 13.1%, 1.3%, 8.6%, and 8.1%, respectively.
On the financial side, in 2021, 2022, 2023, and 2024 for the three months ending March 31, Carrot achieved revenue of approximately 0.675 billion yuan, 0.769 billion yuan, 1.583 billion yuan, and 0.503 billion yuan respectively. The profit for the period was approximately 0.032 billion yuan, 0.109 billion yuan, 0.237 billion yuan, and 0.089 billion yuan, respectively.
