Comparable Year-Over-Year First Quarter Results Expected to Reflect Nearly
200% Increase in Sales of Messi Brand Apparel, Accessories and Homewares
MIAMI, FL, BUENOS AIRES, ARGENTINA, LONDON, UK and NEW YORK, NY / ACCESSWIRE / April 25, 2023 / MGO Global Inc. (Nasdaq:MGOL), operator of The Messi Store, ("MGO" or the "Company" or "MGO Global"), today announced that based on analysis of its sales results for the first three months of 2023, the Company expects to report first quarter sales growth of over 230% when compared to the first quarter of 2022, with The Messi Store accounting for approximately 190% of the expected sales growth total.
In October 2022, MGO actively recruited new Chief Marketing Officer Matt Harward to its executive team, due in large measure to his proven expertise and impressive track record in applying data science, artificial intelligence- ("AI") enabled marketing tools and algorithmic-based marketing strategies to drive sales of digitally native brands and products. Since last fall, the Company's marketing team has focused on developing a tech-powered marketing engine proprietary to MGO. Branded as "SASHA" - an acronym for Smart Analytics and Sales Hypothesis Accelerator - SASHA, coupled with implementation of contextualized marketing strategies and smart decision-making processes, has been put to work to drive consumer awareness of The Messi Store and its expanding product line; and, in turn, fuel measurable revenue growth for the Company as a direct result of its AI-generated marketing insights and campaigns.
Based on early analysis of the various marketing promotions and brand-building initiatives implemented by the MGO marketing team in the first quarter of this year, the results reveal that traffic to The Messi Store ecommerce site was up 118% and net overall conversion rates increased 367%, compared to first quarter in the prior year. In North America alone, MGO's primary target market, traffic increased 123% and net overall conversions rose 429%. Confirmed financial results for the first quarter period ended March 31, 2023 are expected to be announced in mid-May in tandem with the filing of MGO's results on Form 10-Q with the U.S. Securities and Exchange Commission.
According to Forbes, top-performing companies are more than twice as likely to be using AI for marketing purposes. In a March 2023 article titled Embracing the Future: How AI Is Revolutionizing Marketing and Sales, the Forbes author states, "Leveraging AI in marketing and sales has become increasingly important in today's fast-paced business environment. For example, AI algorithms can analyze vast amounts of customer data and provide insights into buying patterns, helping companies to personalize their marketing campaigns and increase conversions."
Maximiliano Ojeda, Co-Founder, Chairman and CEO of MGO, noted, "Thanks to our marketing team's effort, MGO is developing a highly differentiated methodology for approaching the scaling of sales through the use of AI and machine learning integrated into every digital marketing channel, from social media and display ads to content development and image generation. With SASHA and the creative efforts of our marketing team, MGO is gleaning game-changing perspective on how to most efficiently connect with highly targeted customers in the right way, with the right message, at the right time and on the right platform. We believe that our first quarter results reflect the impact that this new marketing strategy is having on the growth of our business and will have on our growing portfolio of brands in the future."
About MGO Global Inc.
Founded in October 2018 and headquartered in Florida with remote employees and specialty contractors in London, New York and Latin America, MGO Global is a performance-driven lifestyle brand portfolio company focused on direct-to-consumer (DTC) digital commerce. Guided by its deep understanding of data analytics, personality-driven trust and algorithm-driven marketing and distribution, coupled with its leadership's track records of success and industry relationships and expertise, in late 2018, the Company launched its first DTC brand - The Messi Store, which offers a premium line of functional and sporty casual wear, accessories and homewares inspired by legendary pro soccer player Leo Messi and created by Ginny Hilfiger. For more information on MGO Global, please visit www.mgoglobalinc.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and The Messi Brand and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and perpetuating the Company's licensing rights with Leo Messi Management, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
CONTACT INFORMATION:
FOR MEDIA AND INVESTOR RELATIONS
MGO Global Inc.
Dodi Handy, Director of Communications
Phone: +1 407-960-4636
Email: [email protected]
SOURCE: MGO Global