Closing of Aokang's Strategic Investment in LightInTheBox and Appointment of New Directors

Jul 23, 2015, 06:37 ET from

BEIJING, July 23, 2015 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that Zhejiang Aokang Shoes Co., Ltd. (SSE: 603001) ("Aokang") has completed the acquisition of a strategic equity interest in the Company as announced by the Company on June 10, 2015. 

As a result of the transaction, Messrs. Zhentao Wang and Wenkui Chen have joined  LightInTheBox as directors of the Company, effective July 22, 2015, succeeding Messrs. Liang Zhang and Bo Feng, who have tendered their resignations as directors of the Company, effective as of the same date.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are very pleased to welcome Zhentao and Wenkui to our Board. We are confident that their extensive investment and management experience will be a great asset to the Board and the Company as we jointly execute on our common vision by combining and integrating the complimentary skills and advantages of our two companies. Since the announcement of this strategic partnership, global cross-border ecommerce has continued to evolve rapidly, reinforcing our conviction that our partnership is timely and will allow us to grow faster and create greater value for our shareholders."

Mr. Zhentao Wang, Chairman of Aokang, commented, "Wenkui and I are delighted to join the Board of LightInTheBox and help create new business prospects for both companies, transform traditional manufacturing in China by leveraging mobile Internet technology, and introduce high-quality Chinese brands such as Aokang to global consumers."

Mr. Zhentao Wang is the founder and chairman of the board of directors of Aokang. He founded Yongjia County Aolin Shoe Factory, the predecessor of Aokang, in 1988.  Mr. Wang received his EMBA degree from Cheung Kong Graduate School of Business in 2006 and also an EMBA degree from the HEC School of Management in France in 2007. Mr. Wang has received numerous accolades and awards in China, including the National Labor Day Award in 2002, China's Industry Leader of Private Industrial Enterprises in 2003, and the Outstanding Person of China's Economic Development in 2006.

Mr. Wenkui Chen is the secretary to the board of directors of Aokang, and was previously the chief financial officer and director of the internal audit department of Aokang.  Mr. Chen received his bachelor's degree in accounting from Dongbei University of Finance and Economics in 2005.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its, and other websites and mobile applications, which are available in 27 major languages and cover more than 80% of global Internet users.

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