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FUQI Shenzhen to buy Temix chain operation
18 Jan '08
3 min read
Mr. Huang will become a full time employee of FUQI responsible for managing the Temix chain and will report to Ms. Jianying Li, Director of Retail Operations for FUQI International Inc.
Mr. Yu Kwai Chong, Chairman of FUQI International commented, "We are very pleased to welcome Temix to our growing business operations.
This addition represents a strategic opportunity for us to further penetrate an attractive consumer demographic, diversify our business operations, improve our sales and margin performance and expand our presence at the retail level.
Temix is a well known, young, white collar brand in Beijing and Shanghai and we have the opportunity to strengthen the performance at each outlet by better capitalizing Temix counters and stores to ensure they have an appropriate level of inventory, a compelling mix of fashionable jewelry designs and strong brand promotion."
Mr. Chong continued, "With 23 outlets in Shanghai, Temix will facilitate our company's retail entry into this market and lower the cost and effort to promote our brand from scratch.
We are also pleased that through this acquisition, we will be acquiring Temix's license to buy diamonds from the Shanghai Diamond Exchange, China's only legal, government-owned diamond supplier, which will allow us to purchase diamonds direct and improve manufacturing costs."
Mr. Chong concluded, "We are delighted to welcome Mr. Huang and others members of the managementteam at Temix into FUQI's operations and we look forward to the continued success of this retail chain.
With this acquisition, we will have a total of 52 outlets, comprised of 45 store counters and 7 retail stores. We remain focused on sustaining a strong level of growth in our business and believe this new addition will strengthen our presence in China's retail jewelry industry."
The Company reiterates comfort with its previously announced fourth quarter 2007 guidance of total revenue of approximately $43 million, gross margins between 11.5%-12 and diluted earnings per share in the range of $0.14 to $0.18, based on a weighted average diluted share count of 19 million shares.
Mr. Yu Kwai Chong, Chairman of FUQI International commented, "We are very pleased to welcome Temix to our growing business operations.
This addition represents a strategic opportunity for us to further penetrate an attractive consumer demographic, diversify our business operations, improve our sales and margin performance and expand our presence at the retail level.
Temix is a well known, young, white collar brand in Beijing and Shanghai and we have the opportunity to strengthen the performance at each outlet by better capitalizing Temix counters and stores to ensure they have an appropriate level of inventory, a compelling mix of fashionable jewelry designs and strong brand promotion."
Mr. Chong continued, "With 23 outlets in Shanghai, Temix will facilitate our company's retail entry into this market and lower the cost and effort to promote our brand from scratch.
We are also pleased that through this acquisition, we will be acquiring Temix's license to buy diamonds from the Shanghai Diamond Exchange, China's only legal, government-owned diamond supplier, which will allow us to purchase diamonds direct and improve manufacturing costs."
Mr. Chong concluded, "We are delighted to welcome Mr. Huang and others members of the managementteam at Temix into FUQI's operations and we look forward to the continued success of this retail chain.
With this acquisition, we will have a total of 52 outlets, comprised of 45 store counters and 7 retail stores. We remain focused on sustaining a strong level of growth in our business and believe this new addition will strengthen our presence in China's retail jewelry industry."
The Company reiterates comfort with its previously announced fourth quarter 2007 guidance of total revenue of approximately $43 million, gross margins between 11.5%-12 and diluted earnings per share in the range of $0.14 to $0.18, based on a weighted average diluted share count of 19 million shares.
FUQI International Inc
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