China Xiniya Fashion Limited Announces the Opening of its Sixth and
Seventh Flagship Stores
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
ngcheejiong@xiniya.com
Christensen
Ms. Kimberly Minarovich
Telephone +1 212 618 1978 in New
York
kminarovich@christensenir.com
Mr. Christian Arnell
Telephone +86 10 5826 4939 in Beijing
carnell@christensenir.com
SOURCE China Xiniya Fashion Limited