· WHITEPAPER · 2025· 1P WHOLESALE RETAIL INFRASTRUCTURE
Mulberry.
Retail Infrastructure,
Not a Service Provider.
The core challenge of 1P wholesale retail isn't channel access — it's that most operators approach a retail system with an e-commerce mindset. 1P is a continuously running procurement and retail system. Any project-based approach breaks down at scale.
VERIFIED REVENUE
$100M+
2025 1P Retail Sales (Auditable). We don't report GMV — we account for Net PPM.
ACTIVE INVENTORY
~5,000
Active 1P wholesale SKUs across dorectly managed operations.
OFFICIAL STATUS
AVS
Authorized Vendor Service partner.
Dedicated official priority support channel.
—— WHAT WE DO
Your Domain vs. Ours
We enable brands to operate as 1P (first-party) wholesale sellers - long-term, auditable, and predictable. Our job isn't to get you a retail channel account. It's to make the entire retail system work on your product line.
YOUR DOMAIN
Product & Supply Chain
Focus on product development, cost control, and supply chain delivery. Deliver products with clear market competitiveness. That's your lane — own it fully.
MULBERRY'S DOMAIN
The Full Complexity of 1P Retail
PO procurement, fulfillment, compliance, chargeback management, remittance, and system workflows. All tightly coupled, constantly in motion, and interdependent.
PO Compliance
Chargeback Recovery
Remittance
Not PPM Accounting
FIT DISCLAIMER
— We're Not for Everyone
If your product's blended net margin is below the threshold required to sustain a 1P retail profit model, or you haven't established
a stable shipping cadence, 1P may not be the right fit right now. In our first-step assessment, we'll tell you directly — including a
clear No-Go if that's the answer.
—— CORE PRINCIPLE
Any 1P retail operation that does not use Net PPM (Net Pure Profit Margin — the retailer's core profitability metric) as its primary accounting framework cannot accurately assess real retail returns or validate whether growth is creating value.
—— TRUST BRSIS
Scale & Core Team
Built around three core 1P retail competencies: Platform Policy & Risk
Control · Scaled Operations Execution · Retail-Grade Fulfillment
// All figures are from Mulberry's directly managed and auditable operations.
// We don't report GMV — we account for Net PPM.
Leo Liu
Platform Policy & Risk Control
RETAIL PLATFORM · SEATTLE
RETAIL PLATFORM · LUXEMBOURG
RETAIL PLATFORM · SHENZHEN
Former retail platform insider across three global offices. Responsible for platform policy research and merchant risk control systems.
Led merchant management and business growth within the platform's cross-border operations.
At Mulberry: Leads compliance and risk control module design, translating the platform's internal policy logic into actionable brand SOPs.
Rebecca Peng
SCALED OPERATIONS
ETEKCITY
SPOTTER
Managed 1P wholesale operations for both brand (Etekcity) and agency (Spotter) sides. Broke down complex retall operations into replicable SOPs, ensuring stable execution across tens of thousands of SKUs.
At Mulberry: Manages day-to-day operations, covering PO management, Catalog governance, and inventory cadence.
Eric Nie
RETAIL-GRADE FULFILLMENT
WALMART
SUPPLY CHAIN
From Walmart's retal fulfilment ecosystem. Deep experience in large- scale warehouse coordination, PO risk management, and supply
chain efficiency optimization. Brings enterprise-level fulfillment standards.
At Mulberry: Responsible for PO fulfillment efficiency, overseas warehouse cadence management, and supply chain risk control.
—— DELIVERY SYSTEM
Mulberry 1P Operating System
Four modules, fully integrated. Not a checklist of services - a single
operating system that runs your 1P wholesale business end-to-end.
CHANNEL & IDENTITY ACCESS
Scarce Channel Access
01
→ Access to high-authority 1P wholesale accounts
→ Products sold and fulfilled directly by the retailer
→ Establish brand identity within the 1P retail
ecosystem
PROFIT MODEL INTEGRITY
Net PPM Calibration
02
→ Profit model calibration centered on Net PPM
→ Repair retail margin discrepancies, identify systemic loss points
→ Complete MDF and projected loss accounting before engagement
FULL-SERVICE DAILY OPERATIONS
Operations Execution Layer
03
→ PO management, Catalog governance
→ Inventory cadence optimization & Cash Flow
Efficiency
→ Compliance risk control and chargeback
management
OFFICIAL PRIORITY SUPPORT
Priority-Level Support
04
→ Direct connection to retail platform vendor management teams
→ Priority handling for seasonal campaigns, promotions, and account issues
→ Early warning on non-public policy changes
FEE STRUCTURE
Mulberry Service Commission
3.0%
Official Vendor Service Program Fee
0.6%
Total
3.6%
Mulberry only earns when your brand actually sells through the retail channel.
No fixed fees · No upfront payments · No hidden charges · Based on actual retail PO value.
Total Cost Comparison
Compared to 3P self-fulfillment, 1P wholesale at scale can save on platform storage fees, logistics losses, and operational labor costs. Blended net returns under product-fit conditions are typically superior. Numbers will be calculated during the fit assessment phase.
—— Engagement Process
How We Work Together
STEP 01
Fit Assessment
STEP 02
System Onboarding
STEP 03
Scaled Operations
Risk Gate
Net PPM calculation, VC fit evaluation.
Not a fit → Clear No-Go.
Product listing · Business training
Shipping rules · Compliance pre-review
PO issuance → Fulfillment optimization → Stable remittance cycle
—— Key Questions
FAQ
The real questions brands ask before partnering with us. We answer them directly.