“In a year of major developments, such as three new granted U.S. patents in 2019, the new relationship with Amazon, a $282 billion company, is expected to start 2020 with another giant leap forward,” said Worksport CEO Steve Rossi. “For Worksport to distribute our products in the U.S., our principal market, with one of the world’s greatest companies, is something about which we are incredibly proud and excited.”
Rossi believes the Amazon relationship will be a key driver in Worksport’s revenue growth and brand recognition in coming 12-24 months. Amazon ships an average of 608 million packages each year, which equates to (an estimated) 1,600,000 packages a day. “As any observer would realize, access to this channel is expected to mean a great deal to Franchise Holdings International and Worksport,” Rossi said. “In a year in which importantly protected our valuable intellectual property, this development is like the icing on the cake, almost beyond our wildest imagination.”
Rossi added that when the partnership is completed and signed, Amazon will purchase and stock its products from Worksport and Worksport will set the Minimum Advertised Pricing (MAP) and monitor the price. Worksport is working to stock materially different and non-competing model covers that are unique to Amazon as a way of protecting its many present dealers and distributors.
“We will not sell the same light truck tonneau covers to two different markets,” Rossi said. “Both channels will be protected using exclusive product configurations.”
The terms of the agreement will be finalized over the coming weeks and the company expects to grow this relationship to global distribution in prime markets.