Twelve years of selling international artisan goods online
SALT LAKE CITY — Nov. 20, 2013 – Overstock.com, Inc. (NASDAQ: OSTK) this month reached the milestone of having paid over $100 million to Worldstock.com’s artisan suppliers around the world. Worldstock Fair Trade® is one of Overstock.com’s socially responsible stores, found on the Overstock.com online shopping website and atwww.worldstock.com. Patrick M. Byrne, Overstock.com chairman and CEO founded Worldstock.com in 2001 after he met a small group of artisans in Cambodia that are land-mine survivors.
Through Worldstock.com, Overstock.com provides international market exposure to third-world artisans’ handcrafted products. Between 60 and 70 percent of the sales price on each item is returned to artisans or their suppliers located in over 50 countries. The handmade crafts, furniture, home decor and jewelry items come from small villages in Afghanistan, Colombia, Nepal, Malawi, Guatemala, Ghana and Kenya, to name a few.
Among the 20,000 products on Worldstock.com are handmade bronze singing bowls from Nepal; handcrafted brass and copper hammered cuff bracelets from India; wooden, hand-carved walnut oil twist stools from Thailand; and leather messenger bags from Colombia.
“When you buy handmade crafts from Worldstock, you do much more than just shop for unique gifts, you help people in these countries support their families, gain dignity and develop their villages while maintaining their ancient cultural traditions,” states Byrne. “Overstock is proud to pay artisans or their suppliers double the customary amount returned by other importers. Overstock is not looking to make any profit from these sales and any profits we have made we have donated to charity.”
Overstock.com has donated Worldstock.com profits to charities such as Solace International that support international humanitarian efforts by bringing schools, clinics, drinking water and sustainable cottage industries to these communities.
All Worldstock.com orders have Carbon Neutral Shipping at no additional cost to customers. This process balances the carbon emissions of shipping to promote clean energy and reforestation. All orders over $50 ship free.
This week, USA Network releases its spotlight of Worldstock.com in its “Character with a Cause” on-air vignette series. This series spreads the word about good corporate citizens that make a difference in the world by supporting a worthwhile cause. “Character with a Cause” offers an opportunity for a real person working on behalf of the cause or a beneficiary of the cause to relay the pro-social message to USA viewers in a positive, uplifting and inspirational way.
About Overstock.com
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com andhttp://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
About USA Network
The #1 network in all of basic cable for an unprecedented seven straight years, USA Network is seen in over 102 million U.S. homes. USA is a leader in scripted programming with a powerful stable of originals, spectacular live television and is home to the best in blockbuster theatrical films, a broad portfolio of acquired series and entertainment events. A trailblazer in digital innovation and storytelling, USA is defining, driving and setting the industry standard for Social TV. USA is a program service of NBCUniversal Cable Entertainment, a division of NBCUniversal. The award-winning website is located at http://www.usanetwork.com. Characters Welcome.
