viewBuddy Technologies Ltd

Buddy Technologies to sell LIFX smart lights in Target stores in the US

The company’s consumer business trades under the LIFX brand and has established a leading market position as a provider of smart lighting solutions.

Buddy Technologies Ltd - Buddy Technologies to sell LIFX smart lights in Target stores in the US
Buddy is headquartered in Adelaide, with offices in Melbourne, Seattle, Dublin and Shenzhen.

Buddy Technologies Ltd (ASX:BUD) (OTCMKTS:POTTF) has a signed a deal with Target Corporation (NYSE:TGT) under which the US retailer will stock the company’s LIFX brand of smart lights in its online e-commerce and bricks and mortar retail stores.

Target has already placed initial orders for the 2020 holiday online assortment and is expected to place further orders to meet the needs of bricks and mortar assortment in Target’s ~1,900 stores across the US in 2021.

The US retail corporation has just reported an e-commerce sales growth of 155% on a quarter on quarter basis, as US retail customers are increasingly looking to online shopping amid the COVID-19 pandemic.

5,000 major big-box retail stores to have LIFX products

Winning assortment in Target means that LIFX will become only the second smart light brand to be stocked in this channel, and it affirms LIFX’s market position and market perception of quality and brand strength.

LIFX already has an assortment in Costco and Sam’s Club and with the addition of Target to the list of retail channels stocking, over 5,000 major big-box retail store locations in the US will have LIFX products on their shelf in 2021.

The visibility this will provide for the LIFX brand to the US consumer is unparalleled.

Quick facts: Buddy Technologies Ltd

Price: 0.048 AUD

Market: ASX
Market Cap: $138.15 m

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