NANJING, China, April 10 /Xinhua-PRNewswire-FirstCall/ -- Ever-Glory International Group, Inc. (OTC Bulletin Board: EVGY) (“Ever-Glory,” “the Company”), a leading apparel manufacturer in the People’s Republic of China (“PRC”), today announced it opened 18 retail counters to sell its LA GO GO fashion line during the fiscal first quarter ended March 31, 2008.
The retail counters, which occupy about 28 square feet on average, were established inside of large department stores in the densely populated areas of Beijing, Shanghai, Chengdu, and Tianjin. The LA GO GO brand is designed to provide high-quality, stylish fashions to younger, professional women who love to shop and tend to spend more on clothing and accessories. The counters currently offer spring and summer collections.
“We are excited to announce this initial progress in our private-label strategy, which we believe will be a major source of growth for Ever-Glory in coming quarters,” said Mr. Yihua Kang, Chairman and Chief Executive Officer of Ever-Glory. “Our emphasis on quality and remaining in step with global fashion trends has enabled us to establish a solid foundation on which to better serve the domestic Chinese apparel market.”
In addition to the retail counters, Ever-Glory plans to establish eight to 10 retail stores during the 2008 fiscal year. These stores will be both free-standing and in shopping malls in major cities.
“We look forward to increasing customer loyalty and attracting regular customer visits as we increase our presence and brand recognition across China,” said Mr. Kang.
Ever-Glory launched its private-label LA GO GO line in January 2008, under a joint venture with Shanghai La Chapelle Garment and Accessories Co., Ltd., one of the top-ranked fashion retailers in China, which operates more than 350 stores across the nation.
Management expects to open a combination of 60 to 80 retail counters and stores across China by the end of 2008.
About Ever-Glory International Group, Inc.
Ever-Glory International Group (OTC Bulletin Board: EVGY) is a U.S. publicly-traded company engaged in international garment manufacturing for well-known middle- to high-grade casual, outer, and sportswear brands. The Company’s U.S. headquarters is in Los Angeles, California, although Ever-Glory also has three subsidiaries, Goldenway Nanjing Garments Co. Ltd., Nanjing New-Tailun Garments Co, Ltd. and Nanjing Catch-Luck Garments Co., Ltd. Ever-Glory has strategic business partners in countries including China, Japan, Europe and the U.S. The Company cooperates with branded retail chains that are widely known in their respective markets. In 2007, 57% of the company’s total sales revenue came from customers in Europe, 16% from Japan, 21% from the United States and 6% from within China. For more information about Ever-Glory International Group, please visit: http://www.everglorygroup.com .
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management’s current expectations. Such factors include, but are not limited to the company’s ability to accurately complete product orders, coordinate product design with its customers, ability to expand and grow its distribution channels, political and economic factors in the People’s Republic of China, the company’s ability to find attractive acquisition candidates and/or joint venture partners, the performance of third parties with whom the company does business, dependence on a limited number of larger customers and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
