Vancouver, British Columbia--(Newsfile Corp. - October 27, 2021) - Peekaboo Beans Inc. (CSE: BEAN) (OTC Pink: PBBSF) ("PK Beans" or the "Company") is pleased to share the following corporate update as it enters into Fiscal 2022.
PK Beans has a target to profitability this year and will continue to design, produce, and sell, via an omni-channel approach, their high-quality children's apparel. The Company aims to surpass a calculated break-even point of $4 million following unprecedented disruptions in the retail marketplace due to COVID-19.
PK Beans is pleased to have closed two tranches of financing as they entered Q1 of the 2022 fiscal year.
The Company would like to highlight the resiliency of the team, through the prolonged COVID-19 disruptions on all aspects of business, including operations, design, production, and inventory acquisition. With children schooling largely from home over most of 2020 and into 2021 the company took the time needed to prepare for the post pandemic boom.
The Company's sustainability initiative will continue to be a first mover in the second-hand circular economy space in Canada, participating in the second-hand marketspace expected to reach $77B by 20251 and has shown a 60% year over year growth in the initial launch of the new business model.
The Company's subscription box, Peekabeans Club, launched in Canada last year, has a $1 million objective revenue goal for its first year of launching the into the United States. Furthermore, the upcoming holiday season will see a new product expansion of Peekabeans Club, featuring soft goods, digital technology, and storytelling, as well as interactive clothing. PK Beans is a frontrunner in creating interactive clothing with an APP designed to improve bedtime routines for families.
The upcoming year will see PK Beans launch their healthy high-protein, low sugar snacks through their powerful brand expansion as a leader in total children's wellness after acquiring Les Petites Terribles in April of 2021.
By sector, the children's apparel market is estimated at $4,250M2 for 2020 in Canada. A global subscription box market is estimated to be $18.8B and is expected to grow 20% by 20263, the second-hand market size is $36B1, the Kids' food and beverage global market has a trajectory $141.7B by 20274 and an estimated Global Toys and Games Market of $98.4B5. With these market size and trends in consideration, with additional research and development, PK Beans is excited to execute on their company goals to surpass a break-even point of $4M and average margins of 37% and grow into a larger integrated and innovative whole children's wellness brand.
"PK Beans is set to become a leading innovative children's wellness brand, that engages, inspires and brings play back into the lives of children. We are a mission-based company that is focused on Happy Kids, Happy Families, and a Happy Planet and we are ready and excited to execute on our goals this year!" says Traci Costa, PK Beans Founder and CEO.
Sources
1. https://www.thredup.com/resale/size-and-impact
2. https://www.statista.com/outlook/cmo/apparel/childrens-apparel/canada
3. https://www.imarcgroup.com/subscription-box-market
4. "Kids' Food and Beverages - Global Market Trajectory & Analytics"
5. https://www.imarcgroup.com/toys-games-market
About Peekaboo Beans Inc.
PK Beans is an integrated and innovative children's wellness brand. From sustainable clothing options that kids love to wear, to healthy foods that fuel children's play, our mission is to provide the ingredients for a playful life. Together with our monthly adventure subscription box, consisting of interactive and engaging activities that educate and entertain, developed by an Emmy award-winning child psychologist and devoted kid-experts, our goal is to enrich, empower and nourish children through quality nutrition, clothing and play - every day. The company maximizes revenue by reaching sellers and online retailers through an omnichannel approach.
To learn more about PK Beans, visit: www.pkbeans.com
On behalf of the Board of Directors,
Peekaboo Beans Inc.
Ms. Traci Costa, President and CEO
(604) 279-2326
For more information, please contact the Company at:
IR@pkbeans.com
1-604-279-2326
Reader Advisory
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101000
