ASX-listed Wellnex Life has launched its own e-commerce platform and brand – a move that will enable the company to sell products directly to consumers for the first time, capitalising on the large and growing online health and wellness market.

Billed as a “one-stop platform for new self-care solutions for anyone with an active lifestyle”, online retail channel TheSet.Co offers customers an initial 19 high-quality products, with the plan to roll out new products across four categories: recovery, energise, refresh and protect.

Wellnex CEO George Karafotias said the company is focused on raising awareness of the platform to accelerate revenue in a domestic online self-care product sales market worth $1.5 billion and expected to more than double to $3.5 billion by 2026.

The business-to-consumer (B2C) platform is forecasted to provide substantially increased margins – in the vicinity of 45% – compared with traditional retail sales, the CEO added.

“We are incredibly excited about our new e-commerce channel and brand, both for its growing range of products for active and outdoor enthusiasts and for the opportunities it opens for Wellnex in the growing online retail space,” Mr Karafotias told Reach Markets.

“We anticipate that our newly launched TheSet.Co platform and brand will significantly increase the overall margins of our business – which is another positive step forward for Wellnex and for our shareholders.”

Having recently gone live with a soft launch, TheSet.Co will officially launch on 15th November (which will include a special promotion for Wellnex shareholders).

Source: Wellnex

The B2C platform launch comes on the back of a recent capital raise for Wellnex Life Limited (ASX: WNX), in which the company secured $2.815 million from shareholders and an additional $3.15 million from a private placement.

The funds raised will enable Wellnex to progress on another of its goals: to be one of the first companies to offer an over-the-counter medicinal cannabis product in the Australian market.

Next Tuesday, 8th November at 12pm (AEDT), Wellnex CEO George Karafotias will be holding an investor briefing where he will provide a company update and discuss the new e-commerce platform in more detail. Click here to book in.

Reach Corporate provides Corporate Advisory Services to WNX and have been engaged by them to manage their investor communications.

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Sources: 

ASX Announcement, Launch of E-Commerce Platform and Brand – TheSet.Co