SHISHI, China, Jan. 14, 2019
/PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company")
(NASDAQ: KBSF), a leading fully-integrated casual menswear company
in China, today announced that it has renewed a framework
sales contract with each of two major current customers:
Hangzhou Zi Yin Apparel Clothes Co., Ltd ("Hangzhou
Ziyin") and Hangzhou Yiyuan Apparel Co., Ltd ("Hangzhou
Yiyuan").The term of each contract was extended for another [12]
months until Dec 31 2019.
The Company expects that these two sales contracts to generate
approximately RMB 28 million in
total,of which RMB 20 million relates
to Hangzhou Ziyin's new orders of 450,000 Kids' down jackets and
other types of clothing and RMB 8
million from Hangzhou Yiyuan's new orders of 160,000 Men's
down jackets and other types of clothing for this year.
Mr. Keyan Yan, Chief Executive Officer of the Company
commented, "The renewals attest the successful partnership between
us and these two customers. The Company has decided to shift its
focus to profitability from the market share expansion of our own
brand products. Therefore, starting 2019, all distributors are
required to place orders based on market demands and the Company
will no longer repurchase from the distributors any excessive stock
of new orders from 2019. We are committed to staying ahead of
quality services and look forward to working with these customers
for years to come."
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited,
through its subsidiaries, is engaged in the business of designing,
manufacturing, selling and distributing its own casual menswear
brand, KBS, through a network of 38 KBS branded stores (as
of September 30, 2018)and over a number of multi-brand stores.
To learn more about the Company, please visit its corporate website
at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of KBS Fashion Group Limited,
and its subsidiary companies. All statements, other than statements
of historical fact included herein, are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements,
often identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
For further information, please contact:
Lisa Tu
Chief Financial Officer
T: +86 158-5972-2469
E: lingsantu@hotmail.com
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SOURCE KBS Fashion Group Limited