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OmniaLuo installs state of the art inventory sytems
07 Mar '08
2 min read
OmniaLuo Inc, a China-based company engaged in the business of designing, developing, marketing and distributing fine women's apparel under the brand name OMNIALUO, announced today that it has commenced the implementation of a state-of-the-art inventory system throughout all of its retail stores in China.
This new system will consolidate the inventory management of all stores into one automated platform, enable real-time inventory tracking and facilitate more efficient transfer and delivery of merchandise between locations and customers. OmniaLuo has successfully implemented this new system into 72 of its 156 stores, with an additional 20 stores to be upgraded by the end of the first quarter. The remaining stores will be upgraded later in 2008.
Contemporaneous with the closing of the reverse acquisition in October 2007, OmniaLuo completed a private placement of common stock and warrants to certain accredited institutional investors and other high net-worth individuals for gross proceeds of $6.15 million.
As part of the use of proceeds, OmniaLuo allocated $0.4 million for the implementation of a new inventory sytem to enhance inventory management and improve operational efficiency. This capital expenditure fulfills OmniaLuo's use of proceeds commitment as promised to PIPE investors and supports the Company's growth strategy of capturing greater market share of China's $25 billion women's apparel industry.
"The implementation of this state-of-the-art inventory system represents a cornerstone of the infrastructure necessary to enable our Company to continue its rapid growth in the domestic market and beyond," stated Cindy Luo, Chairwoman and Chief Executive Officer of OmniaLuo. "These operational efficiencies will decrease our inventory holding costs and increase gross profits," added Ms. Luo.
This new system will consolidate the inventory management of all stores into one automated platform, enable real-time inventory tracking and facilitate more efficient transfer and delivery of merchandise between locations and customers. OmniaLuo has successfully implemented this new system into 72 of its 156 stores, with an additional 20 stores to be upgraded by the end of the first quarter. The remaining stores will be upgraded later in 2008.
Contemporaneous with the closing of the reverse acquisition in October 2007, OmniaLuo completed a private placement of common stock and warrants to certain accredited institutional investors and other high net-worth individuals for gross proceeds of $6.15 million.
As part of the use of proceeds, OmniaLuo allocated $0.4 million for the implementation of a new inventory sytem to enhance inventory management and improve operational efficiency. This capital expenditure fulfills OmniaLuo's use of proceeds commitment as promised to PIPE investors and supports the Company's growth strategy of capturing greater market share of China's $25 billion women's apparel industry.
"The implementation of this state-of-the-art inventory system represents a cornerstone of the infrastructure necessary to enable our Company to continue its rapid growth in the domestic market and beyond," stated Cindy Luo, Chairwoman and Chief Executive Officer of OmniaLuo. "These operational efficiencies will decrease our inventory holding costs and increase gross profits," added Ms. Luo.
OmniaLuo Inc
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