Good for Business, Innovations, Investments, Latvia, Technology, USA

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 16:36

Draugiem Group to list Printful on U.S. stock exchage

BC, Riga, 16.11.2016.Print version
Printful, a member of Latvia's Draugiem Group, has launched its second print on demand workshop in the United States and prepares for listing the company's shares on the U.S. stock market, the group's representative Janis Palkavnieks told LETA.

He said that the second Printful plant was opened this week in Charlotte, North Carolina, in the presence of Latvian Ambassador to the U.S. Andris Teikmanis and North Carolina’s officials. This week, Printful printed the millionth T-shirt, the design of which was created by using pictures posted by clients on social media.


“We have printed more than one million T-shirts and half a million other print products. We have a second plant in the U.S. already and in a year’s time we will open a third one in a European country. The plan for the future is to become the first Latvian enterprise to be listed on the U.S. stock market,” said Lauris Liberts, the founder of the Draugiem Group.


The company’s representatives informed that the 9,000 square meters large printing workshop in Charlotte has been equipped with powerful printing equipment meant for printing T-shirts, posters, pillowcases, caps, bags and other print products. The enterprise will employ 200 people, including five citizens from Latvia who will be working in the company’s management.

The group has invested USD 1.5 mln (EUR 1.34 mln) in the printing plant, which has been opened in the U.S. because 90% of orders come from that country. The company’s programming, design, and project management operations are still being organized from the Draugiem Group’s office in Marupe, outside Riga.


Printful has been provides product printing services to such well-known bands like Shopify, WooCommerce and Storenvy, among others.


Printful, which employs 37 people in Latvia and more than 200 in the U.S., turnover over EUR 7.8 mln last year, becoming the largest and fastest-growing company of the Draugiem Group.

The Malta-registered Draugiem Group comprises 15 various companies, employing over 250 people. In 2015, Draugiem Group turned over EUR 22.855 mln and generated EUR 2.355 mln in profit.






Search site