VLOV Inc, which designs, sources and markets VLOV-brand fashion forward apparel for men in the People's Republic of China, announced financial results for the three and six months ended June 30, 2011.
Qingqing Wu, Chairman and CEO of VLOV, commented, "We are pleased to report another quarter of solid financial performance, which reflects strong consumer response to our designs and increasing excitement around our brand. As part of our strategy to further evolve the VLOV brand to appeal to upscale consumers, we made the decision to acquire 13 VLOV store locations from our Fujian distributor. We believe direct ownership of these stores -- located near our corporate and design headquarters -- will allow us to showcase VLOV's design aesthetic and brand image, while at the same time further educating the Company's distributors about our brand DNA."
As of June 30, 2011, VLOV's products were sold through 556 points of sales ("POS") throughout China, including counters, concessions, stand-alone stores and store-in-stores. During the quarter, the Company's Chinese subsidiary, Dong Rong (China) Co., Ltd., entered into an agreement with VLOV's Fujian distributor to acquire the distributor's retail distribution network of 13 stores for $6,684,000 (RMB 44,100,000), including 2 stand-alone stores and 11 store-in-stores. The acquisition was completed on June 30, 2011.
Mr. Wu added, "We are pleased to see that our initiatives to enhance and evolve the VLOV brand over the past 18 months are continuing to generate strong financial results, as well as accolades from the industry. We are thrilled that VLOV's recognition from the China Fashion Designer's Association resulted in their recommendation to have VLOV participate in New York Fashion Week next month." VLOV will showcase its 2012 Spring/Summer collection at Mercedes-Benz Fashion Week in New York City on September 12, 2011 at 3 p.m. in the Stage venue at Lincoln Center.
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