Harris Technology takes aim at the global homewares market with its latest reseller deal
The latest deal marks the company’s third reseller agreement in the last three weeks.
For pure eCommerce business Harris Technology (ASX:HT8), strong operating momentum has been accompanied by a string of new partnerships and distribution deals in recent months.
And that continued this morning as the company announced a new agreement, this time with the ASX-listed smart lighting business Buddy Technologies (ASX:BUD).
Under the terms of the deal, HT8 will be appointed as an authorised reseller of Buddy’s LIFX Smart Lighting products.
A leading brand of LED energy-efficient lights, Buddy has seen strong growth over the last 12 months, including a period in September 2020 when it booked $30m worth of sales in 30 days.
The deal with Buddy forms part of HT8’s broader strategy to build out its product range in the global smart home market, which has seen growth accelerate in the wake of the pandemic.
Along with the increased adoption of work-from-home lifestyles, new home sales are on the rise while property prices are recording strong growth in developed markets such as the US and Australia.
Accompanying those tailwinds, demand for smart-lighting products is growing “exponentially across the globe as one of the key smart home solutions sought by consumers to reduce household energy consumption”, HT8 said.
The Buddy Technology range of lighting products are wi-fi enabled and can be controlled via smart-home systems such as Siri, Google and Alexa for voice-controlled functionality which includes colour changes and on-off scheduling.
The US is a primary market for LIFX, where it recently booked an order for 160,000 metres of LIFX Light strips. That’s more stock than it sold in all 2020.
Through its market-leading position in online reseller channels, HT8 is ideally positioned to drive growth for LIFX products in the Australian market.
HT8’s latest authorised reseller agreement continues a busy period of growth in recent weeks, where it also inked a deal with UK-listed MYSALE Group as well as separate agreements with leading gaming companies Nacon and Guillemot.
This article was developed in collaboration with Harris Technology, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.