SYNERGY HOUSE SUCCESSFULLY CONCLUDES  INAUGURAL CROSS BORDER E-COMMERCE COLLABORATION CONFERENCE

Synergy House partners with Wayfair, plays the role of an E-Commerce Enabler to enhance local vendor integration to tap on global market

SHAH ALAM, 3 JULY 2024 – Synergy House Berhad (“Synergy House” or the “Group”), a cross-border e-commerce seller and furniture exporter of ready-to-assemble (“RTA”) home furniture, is pleased to share that the Group has successfully concluded the inaugural Cross Border E-Commerce Collaboration Conference today at Sofitel Kuala Lumpur Damansara. Participants for the event includes representatives from Wayfair team, members of Selangor and Kuala Lumpur Furniture Association, members of Muar Furniture Association, more than 50 furniture manufacturers (“Vendors”) and various other service providers that are involved in the e-commerce ecosystem.

The conference marked a significant milestone for Synergy House, as it highlighted the engagement of its wholly-owned subsidiary, Synergy House Global Sdn. Bhd. (formerly known as Sunny & Ker Furniture Industries Sdn. Bhd.) (“SHG”), as the authorised service provider in Malaysia by Wayfair LLC (“Wayfair”), a leading e-commerce player based in United States. This partnership aims to support Malaysian local Vendors by facilitating their seamless integration into Wayfair’s global e-commerce platform and co-organizing events with Wayfair in Malaysia.

Attendees of the conference were introduced to amongst others Wayfair’s business model, product category insights and opportunities, navigating in Wayfair’s platform and the path to success. Participants are able to learn from representatives of Wayfair directly which provided invaluable insights into the opportunity there is. Through the event, the furniture manufacturers were also introduced to various other service providers such as third-party logistics provider, testing lab, payment gateway and insurance provider which could facilitate the operations in Wayfair.

Executive Director of Synergy House, Mr. Tan Eu Tah commented, "We are immensely excited about the successful conclusion of our inaugural Cross Border E-Commerce Collaboration Conference. This event aims to strengthen the collaboration between Wayfair and Synergy through SHG to enhance the influence of Malaysian furniture and home products manufacturers on Wayfair’s extensive e-commerce platform. We believe this cooperation between Wayfair and SHG will bring more business opportunities for all parties and further solidify Malaysian products in the global market through the support given to the Vendors.”

Executive Director of Synergy House, Mr. Teh Yee Luen added, "We are proud to be selected as an authorised service provider in Malaysia by Wayfair. For the Vendors, they have a partner in SHG who are equally invested to ensure the success of them in Wayfair. SHG is committed to ensure we play our role with full dedication and transparency to ensure success of this program.”

The engagement with Wayfair is not expected to have any immediate material effect on the earnings, earnings per share, net assets per share, and gearing of the Group. There are no foreseeable significant risks other than manageable operational risks associated with the engagement. None of the directors, major shareholders, and/or persons connected to them have any interest, direct or indirect, in the engagement.