Boxed, the online wholesale retailer, has become the "Costco for millennials" after launching five years ago from a garage in central New Jersey.
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The online warehouse club that delivers items in bulk straight to your door has reached an excess of $100 million in gross revenue, according to the company’s CEO Chieh Huang.
“Within about three years after launch, about 36 months from the garage to 36 months post the garage, we already doing a hundred million-plus,” he told FOX Business’ Stuart Varney on Monday. “We’ve been growing at a steady pace ever since then.”
Boxed is looking to compete with Amazon and Costco by increasing its growth potential with an investment from the largest Japanese grocer. It has garnered $111 million in funding from Japanese retailer Aeon Co.
“Outside of just selling toilet papers, paper towels, and chips, we’re now going to start licensing some of the IP that we’ve built,” Huang said.
Huang said the biggest challenge the company has faced is drawing the right talent. Boxed recently named Prentis Wilson, a former Amazon executive, as the company's first president. It also hired Rhonda Ramparas as the company’s chief financial officer.
“I can start taking a step back and allowing folks, the pros, to do kind of their jobs,” Huang said.
This story has been updated to correct the name of the company's current chief financial officer. An earlier version of the story listed the CFO as Naeem Ishaq, who left Boxed in 2018.