Partnerships with Amazon and Menards Could Be This Stocks Golden Ticket
ToughBuilt Industries, Inc. (NASDAQ: TBLT), a designer, manufacturer and distributor of innovative tools and accessories to the building industry, announced it has partnered with WingPoint Group, a manufacturers’ consulting agency, to help launch and manage ToughBuilt’s Amazon online store front and overall online presence.
WingPoint will also aid in expanding ToughBuilt’s product portfolio into new product categories, both online and offline.
WingPoint is a retail consultancy firm comprised of former senior executives from Amazon, Google, and Best Buy. WingPoint specializes in ecommerce strategy, online and offline retail account management, and digital marketing.
According to GlobeNewswire,
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “We are pleased to partner with WingPoint, as they have an impressive track record driving online sales for a number of leading brands. Launching an Amazon storefront and our entry into other market places globally is an important next step in our strategy to grow our overall presence.
In addition, we are adding new SKUs and expanding into new product categories, both online and offline, in order to leverage the strong brand loyalty among our customers.”
Ben Bounketh, Co-Founder and Vice President of WingPoint Group, stated, “We are truly excited to work with Michael Panosian and the ToughBuilt team to support the global expansion of their brand and product lines, both online and across their retail network.
Our goal is to establish a strong online presence, while introducing new product categories, in order to capitalize on the growing customer demand.”
In addition to launching the online storefront with Amazon, the company also recently announced that it has formally launched product sales with Menards, Inc.
Panosian also commented on this deal: “We are delighted to formally launch product sales within Menards, one of the leading U.S. home improvement chains, which dramatically expands our footprint across the U.S. into hundreds of retail locations.
Under the agreement, we will be supplying tools and accessories under both the ToughBuilt brand and private label. We are now supplying this retailer with over 75 different SKUs, which we expect to expand over time. In the short time since our launch, the feedback from our partner and consumer response has been extremely positive.
Overall, we are consistently gaining traction expanding our network in the U.S. and abroad given what we believe to be the superior quality and strong appeal of our products within both the do-it-yourself and professional markets.”
As a result, the stock is looking encouraging based on the outlook heading into 2019.
TBLT should be considered a buy if momentum increases.
Look for an entry at $1.79 with a price target of at least $3.19 based on the pattern in the chart.