DGAP-News: KINGHERO AG opens first flagship store
(firmenpresse) - KINGHERO AG / Miscellaneous
20.08.2010 07:32
Dissemination of a Corporate News, transmitted by
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Munich, 20. August 2010. Following the successful IPO of KINGHERO AG and
its listing in the Entry Standard at Frankfurt Stock Exchange on 6. August
2010, the company has opened its first flagship store in China, earlier
than planned. The store has a sales area of 280 m²and is in a shopping
centre located in the centre of Xiamen. The coastal city in the province of
Fujian in South-East China is one of the fastest-growing economic centres
in the country and has nearly three million inhabitants.
'The opening of our first flagship store is an important step in systematic
implementation of the growth plans we announced. We are expecting our new
store in Xiamen to generate annual sales of about EUR 0.6 million, with a
growth rate of ten per cent a year', explains ZHANG Yu, founder and CEO of
KINGHERO.
KINGHERO has invested about EUR 0.4 million in the new flagship store.
Therewith the investment volume remained below the expected average amount
of EUR 0.5 million. At the same time, the expected annual turnover is above
the average amount of EUR 0.5 million. A total of nine KINGHERO staff will
be working at the store. The sales recorded in the first days after the
opening were well above 15.000 RMB/day (EUR 1.700). The store is located in
the Dongfang Mingzhu shopping centre (Jiahe Street 211) in Siming quarter,
one of the prime locations of Xiamen. The city has 2.8 million inhabitants
and over 5 million people living in the direct urban catchment.
KINGHERO AG intends to use the proceeds of the company's IPO (EUR 13.1
million) to fund further corporate growth and to make investments that
strengthen the KINGHERO fashion brand. They mainly include the rapid
establishment of flagship stores as well as expansion of the sales network,
expansion of the value chain and the production capacities. The rapid
expansion of the flagship store network is completely financed out of the
operating cash flow and the IPO proceeds.
About KINGHERO AG
KINGHERO AG is the German Holding Company of the KINGHERO Group of
companies, active in the Peoples Republic of China (PRC). The Group is a
strongly growing apparel manufacturer and designer, featuring a leading
Chinese fashion brand for the strongly growing urban middle class in China.
The key to the Company's success is a high fashion degree with a European
'touch and feel' as well as an upscale quality. The high speed of the
design and marketing of new collections ensures a fit to the changing
demands of the growing urban middle class in China. Being in this business
for more than 25 years, the group and its 896 employees produce attire for
all seasons under the KINGHERO brand. The product portfolio includes suits,
jackets, shirts, pants, sweaters for men and women and is divided into a
business casual range and a general casual range.
In 2009, the operating companies in the KINGHERO Group generated total
sales of EUR 48.9 million, EBIT of EUR 13.3 million and net profit of EUR
10.7 million. This represents increases over 2008 of 52.3% (sales), 59.4%
(EBIT) and 54.5% (net profit). KINGHERO holds a substantial lead over the
industry average with an EBIT margin of 27%. The company expects Group
sales to increase again significantly in 2010. In the first quarter of
2010, sales rose to EUR 14.9 million. This corresponds to an increase of
42.9% over the sales of EUR 10.4 million in the same quarter the previous
year. The EBIT margin amounted to more than 31%.
Disclaimer
This publication is not an offer of any securities for sale or a
solicitation of an offer to purchase any securities. The shares have been
sold.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of
KINGHERO AG (the 'Shares') have not been registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered or sold in the United States unless registered under the Securities
Act or pursuant to an exemption from such registration. There will be no
public offering of the Shares in the United States and the Shares will not
be registered under the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
Contact for further information:
Kirchhoff Consult AG
Dr. Kay Baden
Phone: +49 (0)40 60 91 86 0
baden(at)kirchhoff.de
KINGHERO AG
Xiaoping Zhao-Moll
Montenstr. 11
80639 Munich
Germany
Phone: +49 (0)89 12 71 13 29
xiaoping.zhao-moll(at)kinghero.de
20.08.2010 07:32 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: KINGHERO AG
Montenstr. 11
80639 München
Deutschland
Phone: 089 - 127 11 329
Fax: 089 - 127 11 313
E-mail: contact(at)kinghero.de
Internet: www.kinghero.de
ISIN: DE000A0XFMW8
WKN: A0XFMW
Listed: Freiverkehr in Hamburg, Düsseldorf, Stuttgart; Open Market
(Entry Standard) in Frankfurt
End of News DGAP News-Service
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Datum: 20.08.2010 - 07:32 Uhr
Sprache: Deutsch
News-ID 32043
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