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|Overstock.com Celebrates One-Year Anniversary of Worldstock, Its Socially Responsible Goods Department|
SALT LAKE CITY--(BUSINESS WIRE)--Oct. 7, 2002--
Overstock.com Inc. (Nasdaq: OSTK), the Internet liquidation
leader, today announced the one-year anniversary of Worldstock, its
socially responsible goods department that turns radical economic
development principles into sound business practice.
Since launching Worldstock last year, Overstock.com has purchased more than $1.1 million of products from thousands of artisans in 40 countries. The company calculates that upwards of 2,000 families around the world are currently receiving significant income results from Worldstock. Overstock.com adheres to an audited net-5 percent profit ceiling for their goods, stimulating sales at prices that maximize the artisans' return.
Worldstock is the brainchild of Overstock.com's CEO, Patrick Byrne, who holds a doctorate from Stanford University centered upon issues related to poverty and social justice. He conceived of Worldstock as a global network of disadvantaged artisans plugging into the modern advantages of a 21st century business. Today, Overstock.com provides its expertise, technology and market exposure to artisans, who find a new platform for their own ideas and initiative.
"All of us think of Worldstock somewhat differently than last year when the concept was still new," said Rochelle Beck, president of a global artisan network and a supplier to Worldstock. "We've seen how Overstock has achieved responsible business growth and economic development in parts of the world not easy to find success stories. We're so impressed that we now send Worldstock our best new ideas first and do everything in our power to assure its continued success."
In the past year, Worldstock development expert, Marilyn Garson, has traveled to nine countries, establishing or expanding artisan networks from Chile to Burma to Afghanistan.
"Worldstock turns the usual development relationships on their head," said Garson. "Worldstock puts artisans in the driver's seat. Each group gets the real market information to make their own decisions about growth, and they tell us how they want to capitalize on the opportunities. They power Worldstock, not the other way around."
Due to the overwhelming popularity of Worldstock among Overstock's customers, the Web site has expanded its artisan network into virtually every corner of the world -- from Himalayan herbal bath products to Kashmiri rugs, Mexican glassware, Israeli jewelry, Peruvian leather furniture, African collectibles, Hungarian veil glass and Native American pottery, with new goods in production in Afghanistan.
"In the midst of one of the scariest political and economic times in recent history, Worldstock has achieved a true sense of partnership with all those involved in its commercial venture: its producers, its exporters, its designers, its importers and its customers," said Beck.
Note to Editors:
To request an interview with Rochelle Beck, Patrick Byrne or Marilyn Garson, please contact Leslie Dotson at 415/377-4414 or email@example.com.
Overstock.com delivers the best values for name-brand consumer merchandise. Since launching the site in October 1999, Overstock.com calculates that it has saved consumers more than $100 million off manufacturer suggested retail prices.
Founded on the principles of fair dealing and value investing, Overstock.com is a publicly traded company, headquartered in Salt Lake City and can be found online at www.overstock.com.
Overstock.com and Worldstock are trademarks of Overstock.com Inc.
All other trademarks are the property of their respective companies.
Overstock.com, Salt Lake City Leslie A. Dotson, 415/377-4414 firstname.lastname@example.org