NEXTEYE signed an exclusive supply agreement with Chinese duty-free e-commerce company

- NEXTEYE signed an exclusive supply agreement with Chinese duty-free e-commerce company 'SOMIGO'. Complete with the first shipment of products.

- Partner with Chinese Wangfujing Group, BTG Homeinns Hotels Group's shopping platform SOMIGO.

Sunny Chen, the corporate representative of NEXTEYE (The 5th from left) with employees of NEXTEYE finish loading export products at the port of Incheon.

NEXTEYE(137940), a Korea-China cosmetics company, has been selected as SOMIGO's exclusive supplier in Korea. SOMIGO, one of the top eight duty-free licensed companies in China, is a Chinese shopping platform jointly established by Wangfujing Group, a large department store in China, and BTG Homeinns Hotels, a large hotel chain.

NEXTEYE signed an exclusive supply agreement with SOMIGO(Shanghai) Co., Ltd., a Chinese duty-free cross-border e-commerce company, and has completed the shipment of the first batch of products.

NEXTEYE has been making efforts to secure an international distribution channel centered in China since it entered the cosmetics business in partnership with Weimeidu Group which is the largest shareholder. This partnership with SOMIGO was designed to expand and stabilize the product supply network in an exclusive strategic way from the early stages of the project.

A NEXTEYE officer told the company will export 10 billion won worth of products such as cosmetics and beauty equipment through SOMIGO, which has strong distribution competitiveness in China. The shipment of the first batch of products has been completed at the port of Incheon, and the products are expected to arrive at SOMIGO bonded warehouse in the near future.

SOMIGO helps product suppliers quickly turn over capital by ensuring that new products are immediately available. Eliminated complex foreign exchange clearing systems. Eliminated the 15-day settlement cycles and duty-free. NEXTEYE plans to create new opportunities and maximize profits by developing Korean products and expanding the market.

SOMIGO said that the import of Korean wave products worth 10 billion won (10 million U.S. dollars) is to repay the 150 million premium members of BTG Homeinns Hotels group for their enthusiasm for K-Beauty. We look forward to more accurately grasping Chinese consumers' demand for Korean wave products with the experience, trend prediction, and product planning capabilities of NEXTEYE and Weimeidu Group in the cosmetics industry.