Mohawk Group (NASDAQ: MWK) enters a new product category with its latest acquisition of Healing Solutions LLC, a leading online seller of essential oils. Mohawk, a rapidly growing technology-enabled consumer products company, is on a “quest to become the leading e-commerce consumer brands platform,” reads an article on the developments. “MWK paid approximately $15.3 million in cash in addition to issuing approximately 1.4 million shares of Mohawk’s common stock… Healing Solutions is the latest in a string of acquisitions, which Yaniv Sarig — Mohawk Group Holdings Inc.’s co-founder and chief executive officer — hails as a step forward in the company’s mission to build the leading e-commerce consumer brands platform. ‘We are thrilled to enter the essential oils category, which further diversifies our e-commerce portfolio of brands. Consumable products with recurring purchases and subscription revenue opportunities that complement our hard goods brand have been on our radar,’ Yaniv stated in a news release announcing the acquisition.”
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About Mohawk Group Holdings Inc.
Mohawk Group is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has 12 owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high-caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics. For more information about the company, visit www.ir.MohawkGP.com.
NOTE TO INVESTORS: The latest news and updates relating to MWK are available in the company’s newsroom at https://ibn.fm/MWK
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