Tagged: TEX

China Fordoo Holdings Limited (Stock Code: 2399) Announces 2014 Interim Results

— Turnover Reached RMB766.2 Million

— Gross Profit Increased by 13.0% to RMB269.1 Million

HONG KONG, Aug. 28, 2014 /PRNewswire/ — China Fordoo Holdings Limited (“Fordoo” or the “Company” and, together with its subsidiaries, the “Group”, Stock Code: 2399), a reputable menswear brand in the PRC, is pleased to announce its interim results for the period ended 30 June 2014 (the “period”).

During the period, benefited from the growing recognition of the Group’s “FORDOO” brand and an increase in the average wholesale price of products, the Group’s turnover increased to RMB766.2 million, representing an increase of 6.8% over the corresponding period last year (1H2013: RMB717.4 million). The expansion of distribution network further strengthened the profitability of the Group. Net profit increased by 8.5% to RMB128.7 million over the corresponding period in 2013. Basic and diluted earnings per share were RMB36 cents, representing an increase of 8.5% as compared to the corresponding period last year (1H2013: RMB33 cents).

Mr. Kwok Kin Sun, Executive Director, Chief Executive Officer and Chairman of the Board said, “In the first half of 2014, China’s economic growth continued to slowdown and the retail market remained weak. For the apparel retail industry, the total retail sales of garments, hats, footwear and knitwear recorded a 10.0% year-on-year increase, which was 1.9 percentage points lower than that of the corresponding period in 2013. Therefore, the Group adopted a prudent operation strategy and focused on improving the distribution channel management and enhancing product quality and design. We are very satisfied that the purchase orders from the sales fair held in March 2014 increased by 24% from the ones held in September 2013.”

Business Review

As a reputable menswear brand in the PRC, by product type, Fordoo continued to lead the market in the men’s trousers segment. In the first half of 2014, turnover from men’s trousers increased by 16.9% to RMB458.1 million as compared to the corresponding period last year (1H2013: RMB392.0 million). In addition, sales of trousers remained the major contributor to the total turnover with a proportion of 59.8%. In terms of product style, the Group maintained a healthy growth in the business formal and business casual series. The business casual series continued to be the largest turnover contributor to the Group with a proportion of 63.4% (1H2013: 61.1%).

The Group has been striving to optimize its retail and sales network for the sustainable business growth. As of 30 June 2014, the retail and distribution network of the Group further expanded to 52 distributors and 180 sub-distributors. During the period, the Group had a total 1,353 retail outlets (including 2 self-operated retail stores), representing a net increase of 53 retail outlets as at 31 December 2013, spanning over 240 cities and 31 provinces, autonomous regions and central government-administered municipalities in the PRC. The increase in retail outlets was a strategy to further penetrate into the markets in the second and third-tier cities.

In the first half of 2014, as part of the Group’s marketing and promotion plan to enhance and reinforce its brand image, the renovation of 41 existing stores had completed, and the plan for renovating another 59 stores by the end of the year remained on track. In addition, the Group continued to actively carry out regular advertising and promotion campaign through various channels, such as advertisements in fashion magazines, promotion activities in the internet and other media, as well as advertisements on large outdoor billboards in airports, highways and well-known department stores.

Prospects

Looking ahead to the second half of 2014, the Group sustains its cautiously optimistic view with respect to the growth of consumer demand in menswear market in China. It is confident that the ongoing urbanization and expanding middle class in China will generate a strong demand on apparels in the long run. Therefore, the Group maintains its target for distributors of adding approximately 200 retail outlets within the year. In the coming 2014 spring/summer sales fair to be held in September 2014, the Group will launch a new casual fashion line targeting young customers aged 18 to 30.

Mr. Kwok concluded, “Fordoo will strive to seize the opportunities arising from the continuous growth of the men’s casual wear and trousers market in PRC, as well as strengthen its cooperation with the distributors and sub-distributors. The Group will equip itself for the future development through enhancing its product design and development capability and kicking off the implementation of the ERP system. Driven by the success of men’s trousers, business formal and business casual series, it is believed that the Group could continue its sustainable growth and maximize shareholders’ returns.”

– End –

About China Fordoo Holdings Limited

Fordoo is a reputable menswear brand in the PRC. Positioned in the middle-upper menswear segment, Fordoo primarily targets men aged 30 to 60. According to Frost & Sullivan, Fordoo brand was ranked sixth in the middle-upper menswear market with a market share of 2.9%, fifth in both the middle-upper business casual menswear segment and the middle-upper business formal menswear segment with respective market share of 4.0% and 2.9%, and second in the men’s trousers category with a market share of 3.0%, all of which were in terms of retail sales in 2013. Fordoo manages and operates the business through a strategically integrated model, comprising brand management and marketing, design and product development, ordering process, procurement of raw materials, self-production and outsourced production and sales and distribution. As of 30 June 2014, Fordoo’s distribution network comprised of 52 distributors, 180 sub-distributors and 1,353 retail outlets (excluding the two self-operated stores).

Issued by Porda Havas International Finance Communications Group for and on behalf of China Fordoo Holdings Limited.

TOMS Partners With Bain Capital To Accelerate Growth And Increase Scale Of One For One™ Movement

LOS ANGELES, Aug. 21, 2014  /PRNewswire/ — TOMS, the company that turned the idea of One for One™ into a global movement, today announced the signing of a definitive agreement to partner with Bain Capital, a leading global private investment firm, to accelerate the growth of the company and its giving programs around the world. TOMS Founder and Chief Shoe Giver Blake Mycoskie will continue as visionary of the company and remain the 50% owner of TOMS. Financial terms of the private transaction were not disclosed.

Founded in 2006, TOMS began as a shoe company that matched every pair of shoes purchased with a pair of new shoes given to a child in need – One for One. Since then, TOMS’ giving has grown to serve other basic needs. TOMS Eyewear gives sight to a person in need with every pair of eyewear purchased, and TOMS Roasting Co. gives one week of clean water to a person in need for every bag of coffee purchased. To date, TOMS has given over 25 million new pairs of shoes to children in need and helped restore sight to more than 250,000 people.

“This partnership will enable TOMS to grow faster and give to more people in more ways than we could otherwise,” said Mycoskie. “In eight short years, we’ve had incredible success, and now we need a strategic partner who shares our bold vision for the future and can help us realize it. We’re thrilled that Bain Capital is fully aligned with our commitment to One for One, and clearly they have the expertise to help us improve our business and further expand the scale of our mission.”

Mycoskie added, “While I believe TOMS has done a lot of good up to this point, there is so much more we can and should be doing. More importantly, I want TOMS to be relevant not only to the next generation, but the one after that, and far beyond.”

Mycoskie plans to give away at least half of his profits from the transaction by establishing a fund that identifies and supports social entrepreneurship and other causes to which he and his wife, Heather, are deeply committed.

In keeping with the One for One promise, Bain Capital has committed to give back to the community through a new charitable endeavor, funded by Mycoskie and a matching investment from Bain Capital, which will be established to support social entrepreneurs around the world.

Bain Capital has a long track record of investing in and partnering with management teams to help grow companies. Some of its consumer and retail investments have included Canada Goose, Bombardier Recreational Products, Bright Horizons, Jack Wolfskin, The Sealy Corporation, Michaels Stores, The Gymboree Corporation, Dunkin’ Brands Group, Burlington Stores and Dollarama.

“TOMS is synonymous with social responsibility and corporate impact and has demonstrated the power of being an authentic, mission-driven organization,” said Ryan Cotton, a Principal at Bain Capital. “We are extremely excited to partner with Blake Mycoskie to support the continued growth of the business and the expansion of the TOMS mission. As a firm and as individuals, we are strongly aligned with the principles of the One for One movement and its contribution to the global community.”

“Charitable involvement, social impact and global responsibility have always been important at Bain Capital,” said Josh Bekenstein, a Managing Director and a co-founder of Bain Capital. “We donate time, expertise and resources to a wide array of charitable and non-profit organizations around the world each year through partnership initiatives that make a real difference in our communities. This investment and our support of TOMS’ mission are entirely consistent with this approach.”

The Sage Group, LLC is serving as the exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to TOMS. Financo, LLC. is serving as financial advisor, Ropes & Gray LLP is acting as legal counsel, and PwC LLP is serving as accounting advisor to Bain Capital. Committed financing for the transaction is being provided by Jefferies & Company, Inc.

About TOMS:
In 2006, American traveler Blake Mycoskie befriended children in a village in Argentina and found they had no shoes to protect their feet. Wanting to help, he created TOMS, a company that would match every pair of shoes purchased with a pair of new shoes given to a child in need. One for One.® Since then, TOMS has given nearly 20 million pairs of new shoes to children in need.

Five years later, TOMS realized this movement could serve other basic needs and launched TOMS Eyewear. With every pair purchased, TOMS will help give sight to a person in need. One for One.® Since launching, TOMS has helped save or restore the sight of more than 200,000 people worldwide.

In 2014, TOMS launched TOMS Roasting Co. For each bag of coffee beans sold a person will get clean water for a week, and for every cup of coffee sold someone gets water for day.

About Bain Capital Private Equity
Bain Capital, LLC (www.baincapital.com) is one of the world’s foremost privately-held alternative investment firms, with more than $75 billion of assets under management in several pools of capital including private equity, venture capital, public equity, credit products and absolute return. Bain Capital’s more than 300 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Founded in 1984, Bain Capital has made private equity, growth, and venture capital investments in over 450 companies around the world, and has deep experience across five key vertical industries including consumer/retail, financial services and institutions, healthcare, industrials, and technology, media and telecommunications. Through the Bain Capital Community Partnership and Bain Capital Children’s Charity (www.baincapital.com/community), the firm and its employees serve as trusted partners with over 500 civic organizations around the world whose missions inspire them, helping to build great communities and improve the quality of life where they live and work. Bain Capital has offices in Boston, New York, Chicago, Palo Alto, London, Munich, Tokyo, Shanghai, Hong Kong, Mumbai and Sydney.

Media Contacts:

TOMS
Doug Piwinski
SVP, Marketing and Communications
310.228.8801
doug@toms.com

or

Lex Suvanto
212 729 2463
lex.suvanto@edelman.com

For Bain Capital
Alex Stanton
Stanton PR & Marketing
212-780-0701
astanton@stantonprm.com

EBEL Wave: The Evolution of an Icon Continues

BIEL/BIENNE, Switzerland, Aug. 18, 2014 /PRNewswire/ —

EBEL Introduces The New Wave Lady With Pink Dial

EBEL is proud to introduce an exciting new style within its freshly reimagined Wave collection. Merging seamlessly into the modern women’s wardrobe, the collection’s newest addition features an universally feminine shade of pink that will dominate international runways this fall.

(Photo: http://photos.prnewswire.com/prnh/20140818/700972)

“Since 1911 EBEL has dedicated their talents, passion and creativity to create distinctive and enduring watch designs,” said Mary Leach, Chief Marketing Officer, Movado Group, Inc. “The new EBEL Wave Lady perfectly reflects the brand’s ability to blend technical precision with an unmistakable sense of modern sophistication.”  

Featured in the image above is the new EBEL Wave Pink Dial. Find out more by following this link: http://www.multivu.com/players/English/7276253-ebel-wave-pink-dial/

Available fall 2014, the new Wave Lady artfully combines EBEL’s rich heritage of fine watchmaking with contemporary trends. Featuring fluid lines, sensuous curves and on-trend pink dial, this chic new watch is designed for women desiring to make a fashion statement.

About EBEL 

A passion for innovation and excellence in watch design has always been at the heart of the EBEL brand.

EBEL was founded by Eugene Blum and Alice Levy, in La Chaux-de-Fonds, Switzerland in 1911. Since its inception, EBEL has remained true to their core values, manufacturing fine Swiss watches that marry technical expertise and distinctive style.  

Renowned today for its iconic bracelet design with signature wave-shaped links, EBEL continues to create timepieces that embody luxury and contemporary elegance with subtle, yet exquisite detail.  

Contact
Cliona HUGI
EBEL Communication Dept.
MGI Luxury Group S.A.
Silver Tower
Place de la Gare 2B
2501 Bienne
Switzerland
chugi@ebel.ch
+41(0)32-329-36-92

Video: 
http://www.multivu.com/players/English/7276253-ebel-wave-pink-dial/

Wang Tai Holdings Limited Announces 2014 Interim Results

Revenue Increased by 31.5% to RMB419.8 Million

Net Profit Surged by 42.5% to RMB37.0 Million

HONG KONG, Aug. 18, 2014 /PRNewswire/ —

Financial Highlights

For the Six Months Ended 30 June (RMB MM)

2014

2013

Changes (%)

Revenue

419.8

319.3

+31.5%

Gross profit

82.9

53.3

+55.5%

Gross profit margin

19.8%

16.7%

+3.1pts

Profit attributable to owners
of the Company
(Net profit margin)

37.0
(8.8%)

26.0
(8.1%)

+42.5%
(+0.7pts)

Basic earnings per share

RMB 3.70cents

RMB 2.60cents

+42.3%

Wang Tai Holdings Limited (“Wang Tai” or the “Company” and, together with its subsidiaries, the “Group”; stock code: 1400), a fabrics and yarns manufacturer in China, reported a significant upsurge of 42.5% in its profit attributable to owners of the Company for the six months ended 30 June 2014(the “Period”) to approximately RMB 37.0 million(2013 corresponding period: approximately RMB26.0 million), with basic earnings per share increased to RMB3.70 cents (2013 corresponding period: RMB2.60 cents).

During the Period, the Group’s business growth was in line with the growth of PRC textile market in the highly competitive environment. The Group’s revenue amounted to approximately RMB419.8 million, representing an increase of 31.5% as compared to the corresponding period last year (2013 corresponding period: approximately RMB319.3 million). Gross profit increased by 55.5% to RMB82.9 million as compared to RMB53.3 million in the corresponding period last year. Gross profit margin increased by 3.1 percentage points to 19.8% (2013 corresponding period: 16.7%).

Engaged in the production and sale of fabrics and yarns in the PRC, the Group made tremendous progress during the period. Production volume from full scale production in first phase of Hubei production facilities provided the Company to enjoy advantage of economies of scale of lowering unit and overall cost of sales. Part of yarns is used for the Group’s own needs, which resulted in reducing the cost and enhancing the flexibility of the fabric of production. With highly automated production processes, the Group enjoyed a lower fixed labour costs than peers. The Group always focused on providing a large variety of tailor-made products to charge higher selling prices to customers. While the Group actively participated in trade fairs and exhibitions in China in the first half of the year and placed advertisements to increase the brand awareness.

During the period, fabrics continued to be the major products of the Group, which contributed revenue of RMB371.8 million, accounting for 88.6% of the Group’s total revenue. The increase was mainly due to the increased sales volume of fabrics upon the commencement of operations of the first phase of the Hubei production facilities with the designed annual production capacity of fabrics of 23,449 km in June 2013. Increase in gross profit margin of yarns from 16.7% for the six months ended 30 June 2013 to 19.8% for the six months ended 30 June 2014 was mainly due to increase in the average unit selling price from 19,193 per tonne to 19,435 per tonne and enjoyment of lower cost of sales from the economies of scale.

Going forward, the Group will continue to concentrate on the two existing business segments, namely fabrics and yarns, by focusing on providing tailor-made products to those customers with high quality demands and specific requirements, to charge higher selling prices resulting in higher gross profit margin of the products. The Group will continue the construction of the second and third phase of Hubei production facilities and be currently doing a feasibility study of the second phase of the Hubei production facilities. The Group will also actively carry out sales and marketing activities through sales and marketing department in Shishi and Hubei. The Group intends to establish the sales offices in Guangzhou and Changshu for promotion of its products in Guangdong and Jiangsu provinces.

Mr. Lin Qingxiong, Chairman of Wang Tai, said, “Benefiting from the favourable government policies, we will continue to maintain our competitive strengths in product innovation, research and development, enhancing the productivity and expanding market share while satisfying the diverse needs of the market to strengthen our position and expand our market presence. Meanwhile, we will also actively carry out sales and marketing activities to enhancing our brand recognition and bring greater returns for our shareholders.”

About Wang Tai Holdings Limited

Wang Tai Holdings Limited is principally engaged in the production and sale of fabrics and yarns in the PRC. The Company offers a wide range of fabric products with different features to its customers, which are tailor-made according to customer specifications and principally used in the manufacturing of apparels including casual wear and business trousers, shorts, shirts and outer suit jackets. With production facilities in Fujian and Hubei Provinces, Wang Tai attracts customers located in Fujian, Zhejiang, Guangdong, Hubei, Jiangxi, Jiangsu, Shanghai and Guangxi. Leveraging on its strategic location, strong research and development capabilities, highly automated production process and quality products, Wang Tai can effectively adapt to the changes in the market and to customer needs, and capture the opportunities brought by the Twelfth Five-year Plan of the textile industry in Fujian Province and Hubei Province, respectively.

To see the full version of this release, including financial tables, click here: http://photos.prnasia.com/prnk/20140818/8521404619-a