XIAMEN, China, Nov. 14, 2011 /PRNewswire-Asia/ -- China Xiniya Fashion Limited (NYSE: XNY) (the "Company" or "Xiniya"), announced the opening of its fifth flagship store in the city of Quanzhou, Fujian Province. The new flagship is 450 square meters, or 4,840 square feet, and complements thirteen other Xiniya stores in Quanzhou.
With a population of over six million inhabitants, Quanzhou is a vibrant second-tier city in China that reported GDP growth of 12.8% in 2010 and GDP growth of 13.6% through June 2011. Disposable income growth was 9.8% in 2010 and 12.8% in the first half of 2011. Retail sales of consumer goods grew at 17.0% for both 2010 and for the first six months of 2011.
"We are pleased to open another flagship store in a fast growing city that meets our expansion criteria. In terms of design, this new store is the most impressive among our flagships. It is multi-level and will feature Xiniya's complete line of menswear, shoes and accessories. The atmosphere is modern and sophisticated, and should resonate well with our aspirational male customer between the ages of 25 to 45 years,'' said Qiming Xu, Chairman and Chief Executive Officer.
This new flagship is Xiniya's fifth flagship store. Other flagships include Xiniya's company-owned store in Jinjiang, Fujian Province, where its corporate headquarters were located before relocation to Xiamen in November 2011. In July 2011, Xiniya's distributors opened three flagship stores, in Zun Yi, Guizhou Province, in Harbin, Heilongjiang Province and in Chengdu, Sichuan Province. These flagships stores are also located in second-tier cities, which have had higher GDP growth rates compared to first-tier cities, such as Beijing, based on 2010 figures.
Safe Harbor Statement
This news release contains forward-looking statements. These statements constitute "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 "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," and similar statements. Such statements are based on 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 by 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 28 distributors. Its products are sold to consumers at more than 1,500 authorized retail outlets owned and managed by third parties located in 21 provinces, five autonomous regions and four municipalities in China. The authorized retail network, which is owned and managed by third parties, focuses on second-tier and smaller 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 see the Company's website 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
Telephone +1 212 618 1978 in the USA
Telephone +852 2232 3907 in Hong Kong
SOURCE China Xiniya Fashion Limited