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Just two years ago, online novelty retailer Wish was a darling of the ecommerce category.
The online dollar store brand had passed $1 billion in revenue in 2020, hitting unicorn status. It went public at $24 per share and seemed to be reaching a higher stratosphere in the business world thanks to the low cost items available on its marketplace.
But the IPO turned out to be the brand’s inflection point—shares are now worth just 69 cents.
In the ContextLogic-operated platform’s most recent quarterly earnings, the company saw revenues of $134 million, a decrease of 80% YoY.
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