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FUQI International to acquire Temix
22 Apr '08
3 min read
The acquisition will also bring to FUQI Temix's license to buy diamonds from the Shanghai Diamond Exchange, China's only legal, government-owned diamond supplier, which will allow FUQI to purchase diamonds directly and potentially realize additional upside to gross margin.
The Company estimates that due to the government approval process, Temix will contribute to its revenue stream in the 2008 third quarter.
Temix has been led by Mr. Chujian Huang, who is the founder and CEO of Temix and a 15 year veteran in China's jewelry industry, particularly in the Yangtze Delta region.
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.
Mr. Yu Kwai Chong, Chairman of FUQI International commented, "This acquisition will significantly enhance our presence in China's retail jewelry market.
Our strategy to initially penetrate the retail market through the acquisition of Temix is the right strategy for our business as it shortens the time for us to enter into Shanghai and Beijing by at least two full years.
Temix will immediately add 45 counters and 5 stores to our business and we are pleased to retain their quality management team and strong brand to drive our retail strategy.
With this acquisition, we are well on plan to reach our goal for the full year to open or acquire 60 to 80 retail counters and 8 to 10 retail stores. We look forward to updating our investors on our retail progress as we progress throughout the current fiscal year."
The Company estimates that due to the government approval process, Temix will contribute to its revenue stream in the 2008 third quarter.
Temix has been led by Mr. Chujian Huang, who is the founder and CEO of Temix and a 15 year veteran in China's jewelry industry, particularly in the Yangtze Delta region.
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.
Mr. Yu Kwai Chong, Chairman of FUQI International commented, "This acquisition will significantly enhance our presence in China's retail jewelry market.
Our strategy to initially penetrate the retail market through the acquisition of Temix is the right strategy for our business as it shortens the time for us to enter into Shanghai and Beijing by at least two full years.
Temix will immediately add 45 counters and 5 stores to our business and we are pleased to retain their quality management team and strong brand to drive our retail strategy.
With this acquisition, we are well on plan to reach our goal for the full year to open or acquire 60 to 80 retail counters and 8 to 10 retail stores. We look forward to updating our investors on our retail progress as we progress throughout the current fiscal year."
FUQI International Inc
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