China Xiniya Fashion Limited Announces the Opening of its Sixth and Seventh Flagship Stores
China Xiniya Fashion Limited American Depositary Shares, Each Representing Four Ordinary Shares (NYSE:XNY)
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XIAMEN, China, Nov. 8, 2012 /PRNewswire/ -- China Xiniya Fashion Limited ("Xiniya" or the "Company") (NYSE: XNY), a leading provider of men's business casual apparel in China, today announced the opening of its sixth and seventh flagship stores in Urumqi City, Xinjiang Province and Shenyang City, Liaoning Province. Both stores were opened and are operated by Xiniya's distributors.
The flagship store located in Urumqi City, Xinjiang Province is 320 square meters, or 3,444 square feet, and complements 70 other Xiniya stores in Xinjiang Province as of September 30, 2012. The flagship store located in Shenyang City, Liaoning Province is 300 square meters, or 3,229 square feet, and complements 82 other Xiniya stores in Liaoning Province as of September 30, 2012.
With a population of approximately 2.7 million inhabitants, Urumqi City is a second-tier city in China's western province of Xinjiang with year-over-year GDP growth of 17.1% in 2011 and 12.2% in 2010. Disposable income growth was 12.1% in 2011. Retail sales of consumer goods grew at 23.0% year-over-year in 2011.
Shenyang City has a population of approximately 8.1 million inhabitants and is a second-tier city in China's northeast province of Liaoning with year-over-year GDP growth of 12.3% in 2011 and 14.1% in 2010. Disposable income growth was 13.6% in 2011. Retail sales of consumer goods grew at 17.5% year-over-year in 2011.
The GDP growth of Urumqi City and Shenyang City exceeds China's national GDP growth of 9.3% in 2011 and 10.4% in 2010.
"We are extremely pleased with the opening of two new flagship stores in these rapidly growing cities that are experiencing higher GDP growth than the national average," stated Mr. Qiming Xu, Chairman and Chief Executive Officer. "The new stores are among our most impressive, featuring Xiniya's complete line of menswear, shoes and accessories as well as a multi-level layout. These features will aid in attracting Shenyang and Urumqi's growing middle class with disposable income. With our new and improved store image and product displays, we are confident that Xiniya will be able to attract more authorized retailers and consumers. These stores fit directly into our expansion strategy and will aid in increasing our brand recognition over the long term.''
Other flagships include Xiniya's company-owned store in Jinjiang and Quanzhou Cities, Fujian Province, and three others opened by Xiniya distributors in Zun Yi City, Guizhou Province, Harbin City, Heilongjiang Province and Chengdu City, Sichuan Province. These flagship stores are also located in second-tier cities.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
About China Xiniya Fashion Limited
Xiniya is a leading provider of men's business casual apparel in China. The Company designs and manufactures men's business casual and business formal apparel and accessories, which are marketed under the Xiniya brand, and sells through its distribution network that includes 29 distributors. Its products are sold to consumers at over 1,600 authorized retail outlets owned and managed by third parties located in 21 provinces, five autonomous regions, and four municipalities in China. This retail network focuses on second and lower-tier cities, where increasing affluence has led to an improvement in living standards and where most international men's apparel brands do not have a significant presence. The Company's target consumers are male working professionals in China between the ages of 25 and 45 who seek fashionable clothing to suit their working and lifestyle needs. For more information, please visit the Company's website at http://ir.xiniya.com.
For more information, please contact:
China Xiniya Fashion Limited
Chee Jiong Ng,
Chief Financial Officer
Mobile +86 136 5593 9932 in China
Ms. Kimberly Minarovich
Telephone +1 212 618 1978 in New York
Mr. Christian Arnell
Telephone +86 10 5826 4939 in Beijing
SOURCE China Xiniya Fashion Limited