HONG KONG, June 22, 2015 /PRNewswire/ -- 361 Degrees International Limited ("361 Degrees" or the "Company", together with its subsidiaries, the "Group"; HKSE stock code: 1361), one of the leading sports brand enterprises in China, is pleased to announce that it has signed a framework agreement with LeTV Sports Culture Develop (Beijing) Co. ("LeTV Sports") today in a strategic alliance for joint co-operation in various initiatives, including the development, research and commercial production of smart sports equipment, and the promotion and marketing of sports-based applications. Currently, the technical teams of the two parties have connected and the first ever new product is under the design and development stage. This product may focus on enhancing runner's sports experience. The cross-industry strategic cooperation will raise the curtain for the two parties to joint hands in the sector of intelligent sports equipment, and develop the intelligent sports ecosystem on mobile internet and provide personalized and professional experience with humanity and wisdom, and a new intelligent lifestyle to more users.
LeTV Sports is an affiliate of Leshi Internet Information and Technology Corporation, Beijing, which is listed on the Shenzhen Stock Exchange. It recently received substantial funding from Chinese media mogul Jack Ma and Chairman of Dalian Wanda Group Company Limited Wang Jianlin, and has secured broadcast and media rights to 121 events in 12 different sports.
361 Degrees recently launched a smart shoe for kids in a separate development with Baidu, the first such product by a Chinese brand and is seeking to build on this platform with other ground-breaking products.
In a separate development, 361 Degrees has signed Yang Xu, a member of the current China's national soccer squad as a sports ambassador for the Company. Yang, aged 28, plays in the striker position and has made more than 40 international appearances for the country. He made his international debut in 2009 and has since scored more than 18 goals, including a hat-trick in China's 6-0 win over Bhutan recently.
361 Degrees will launch its own series of football boots in the third quarter of this year, capitalizing on the growing popularity of the sport since the Central Government's drive to raise standards at the grass-root level through active promotion in primary, junior and senior secondary schools throughout the country.
Commenting on these developments, Mr. Ding Wuhao, President and Executive Director of the Company said, "The strategic cooperation between LeTV and 361 Degrees is a move for both parties to consolidate their resources and develop together on the internet and achieve their strategic goals in raising intelligence, interactive and social levels with the focus on internet users. 361 Degrees will build its corporate culture under the 'internet plus' background and this strategic cooperation with LeTV is another upgrade and exploration in its course of intelligent hardware. Yang Xu has become one of our sports ambassadors. His youthful and passionate qualities resonate with the core essence of the 361° brand as we continue on our pursuit of excellence and deliver quality products to our customers."
About 361 Degrees International Limited
361 Degrees International Limited is one of the leading sports brand enterprises in China, possessing brand marketing, research and development, design, manufacturing, distribution and retail capabilities. The Group's products include footwear, apparel, accessories and equipment for sport and leisure uses. The Group has established an extensive supply chain management system through proprietary and sub-contracted manufacturing operations; and an exclusive distribution and retail network in China through distribution via authorized distributors.
For more details, please refer to its website: www.361sport.com.
For further information, please contact:
361 Degrees International Limited
Mr. Y F Chen
Vice-President, Investor Relations
361 Degrees International Limited
Email: yuanfeng@361sportshk.com
iPR Ogilvy & Mather
Natalie Tam/ Charis Yau/ Janis Lai/ Heng Tam
Tel: +852-2136-6182/ +852-2136-6183/ +852-2169-0646/ +852-3920-7656
Fax: +852-3170-6606
Email: 361@iprogilvy.com
