Exciting news hit the market as Raytech listed on the Nasdaq on May 15, under the symbol “RAY”, a testament to its remarkable achievements and future potential. To support its growth ambitions, the company has raised $6 million through an initial public offering of 1.5 million shares.The company excels in sourcing and wholesaling Japan Pure Beauty-branded personal care and lifestyle electrical appliances for international brand owners. Its extensive product portfolio covers a diverse range of categories, including hair styling appliances, trimmers, eyelash curlers, and more. However, the company’s true expertise lies in sourcing and wholesaling hair dryers, where it offers a remarkable selection of salon-quality devices with advanced protective and styling features, as well as compact designs perfect for travel.
Strong and Long-Term Relation with Key Client
Raytech has forged a formidable and enduring alliance with its Japanese client, a leading corporation specialized in small appliance market that’s been operating for over 300 years since 1716, and is renowned as one of the top 10 sellers in terms of retail volume in Japan's thriving personal care electrical appliance market that commands a prominent position within the industry.
This partnership has proven to be a financial powerhouse, with the Japanese client. making substantial contributions to Raytech's revenue. In both the fiscal years ending on March 31, 2023, and 2022, The Japanese client's involvement accounted for a remarkable 91.3% and 97.8% of Raytech's total revenue, respectively.
Raytech's unwavering dedication to cultivating enduring business relationships is exemplified by its longstanding association with the Japanese client. Leveraging its extensive experience and expertise in the personal care electrical appliances industry, Raytech consistently delivers exceptional products and services, earning the unwavering trust and confidence of the client.
The partnership with the Japanese client not only solidifies Raytech's market position but also presents a gateway to boundless growth and expansion. Euromonitor International's study conducted in December 2023 revealed intriguing insights that the Japanese market presents ample opportunities for expansion, innovation, and improved consumer experiences in the personal care appliance industry. Overall sales value of personal care electrical appliances in Japan experienced a significant 10.8% increase in 2023. This growth was driven by higher average unit prices and enhanced product features, particularly in the hair care segment.
Raytech is also actively seeking to expand its market share in other markets including the United States, Europe, and Asia as the global market for personal care electrical appliances has witnessed remarkable growth, surging to a size of US$22.9 billion in 2023.
Enormous Market Growth Potential
Forecasts from IMARC Group indicate that the market will continue its upward trajectory, reaching a projected value of US$35.9 billion by 2032, with a compound annual growth rate (CAGR) of 5% during the period of 2024-2032.
The positive outlook for this market can be attributed to a multitude of factors. The industry has benefited from the significant growth of the electronics sector, coupled with rapid urbanization worldwide. Furthermore, changing consumer lifestyles and an increased emphasis on personal health and hygiene have been key drivers of market expansion.
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