Just Baby Gifts launched on July 1st, 2009 and will serve as a superstore for baby gifts and baby bedding. As a matter of corporate policy, 5% of operating profits will be donated to the company's charitable foundation.
Our newest company, Cherrywood Capital Group, launched its first ecommerce site on July 1st. The business will specialize in baby gifts and baby bedding, among other things. It has a different ownership structure than the existing sites, thus the need for a new legal formation.
The baby site has a lot of work left before it’s really up to our standards. Only about 1 in 20 of the total product offerings are coded and available, the graphics are still kind of rough, and we need to optimize all of the product pages for search. Even with that, we are really excited about the long-term prospects. The problem we have now is time and resource allocation because there are so many opportunities and finite hours in the day.
The most unique thing about the baby gift site is that we have made a decision to donate 5% of operating profits to the Just Baby Gifts foundation, a charitable gift fund we will establish at Fidelity. We wanted to do more than just make money on this new site, we wanted to a vehicle to support causes that we believe will make the world a better place. I’m really excited to see how it goes.
