BEIJING, Dec. 1, 2019 /PRNewswire/ -- LightInTheBox
Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"),
the Chinese cross-border e-commerce platform, today announced that
sales during Black Friday 2019 grew 68% year-over-year.
Gross margin during Black Friday increased 119% which supported
a 169% increase in contribution margin and a significant 311%
increase in net profit when compared to the same point last year.
The apparel category was the best-selling vertical, with more than
5,000 units of a long-sleeved t-shirt sold during first 6 hours of
the sales event. Net sales in Europe in
particular increased 32.3% year-over-year while gross margin
expanded by over 99%.
To prepare for Black Friday this year, LightInTheBox worked
closely with more than 2,000 manufacturers in China, to
carefully select higher margin products based on its extensive
analysis of current trends and demands in each region. The
company also began working closely with key logistics partners
months in advance to shave approximately 40% off of shipping fees
and cut down shipping time from China to major European markets by half. All
of these initiatives helped significantly improve the Company's
margins and sales during this year's Black Friday sales event.
Mr. Jian He, Chief Executive Officer of LightInTheBox,
commented, "Our strong performance during this year's Black Friday
reflect the progresses we have made in stabilizing and turning our
business around. Shifting our product mix towards higher margin
products, carefully cutting costs and investing in R&D is
positioning us to drive sustainable growth going forward. Black
Friday continues to be our biggest sales event of the year and I'm
pleased to see such a marked improvement in our performance this
year."
For more details of the event, please see:
https://www.lightinthebox.com/promotions/2019blackfriday-pressrelease.html?id=5de274b4f383d71a132e2465
About LightInTheBox Holding Co., Ltd.
LightInTheBox
is a cross-border e-commerce company that delivers products
directly from manufacturers to its customers around the world. The
Company offers customers a convenient way to shop for a wide
selection of products at attractive prices through its platforms at
www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.com, and
other websites and mobile applications, which are available in 25
major languages and cover more than 140 countries.
(For more information, please visit www.lightinthebox.com.)
Investor Relations Contact
Christensen Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
Email: ir@lightinthebox.com
OR
Christensen
Ms. Linda Bergkamp Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
Forward-Looking Statements
This infographic contains forward-looking statements. These
statements are made under the "safe harbor" provisions of 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," "potential," "continue," "ongoing,"
"targets" and similar statements. Among other things, statements
that are not historical facts, including statements about
LightInTheBox's beliefs and expectations, the business outlook and
quotations from management in this announcement, as well as
LightInTheBox's strategic and operational plans, are or contain
forward-looking statements.
LightInTheBox may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in press releases and other
written materials and oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: LightInTheBox's goals and strategies; LightInTheBox's
future business development, results of operations and financial
condition; the expected growth of the global online retail market;
LightInTheBox's ability to attract customers and further enhance
customer experience and product offerings; LightInTheBox's ability
to strengthen its supply chain efficiency and optimize its
logistics network; LightInTheBox's expectations regarding demand
for and market acceptance of its products; competition;
fluctuations in general economic and business conditions and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
LightInTheBox's filings with the SEC. All information provided in
this press release and the attachments is as of the date of this
press release, and LightInTheBox does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
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SOURCE LightInTheBox Holding Co., Ltd.