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PR Newswire

EZVIZ celebrates the 19th Asian Games Hangzhou, empowering a connected and harmonious future as the official IoT services of smart home appliances

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HANGZHOU, China, Sept. 23, 2023 /PRNewswire/ — EZVIZ, a global leader in smart home technology, contributes to the dawn of “smart games” and “a smart city” as an official sponsor of the 19th Asian Games in Hangzhou and the 4th Asian Paralympic Games. As the brand designated to represent a wide range of smart home appliances including security cameras, video doorbells and door locks, EZVIZ exemplifies Hangzhou City’s value of innovation and vitality in the digital era, resonating with the games’ vision for a better, stronger, smarter future.

EZVIZ takes great pride in being the official IoT service provider for smart home appliances at the 19th Asian Games, contributing to one of the world's most significant sporting events.
EZVIZ takes great pride in being the official IoT service provider for smart home appliances at the 19th Asian Games, contributing to one of the world’s most significant sporting events.

From September 23 to October 8, athletes from 45 countries（regions）will compete for 481 medals in Hangzhou, China. Home to many Internet pioneers including Alibaba, Hangzhou not only celebrates the spirit of true sportsmanship, but is also an advocate for a globally connected, shared and harmonious future powered by technology.

EZVIZ is dedicated to the idea of easy smart living, and shares the ambition communicated through the Game’s slogan “Heart to Heart, @Future.” With EZVIZ security cameras and smart devices, millions of families have been able to stay connected, “heart-to-heart” with their loved ones regardless of distance, and are one-step closer to a futuristic home powered by remote, intuitive controls. Since 2013, EZVIZ has led the market in developing an extensive product portfolio, ranging from top-notch smart home security cameras to reliable home appliances such as doorbells, door locks, air purifiers and more.

During the 19th Asian Games, EZVIZ will demonstrate its cutting-edge smart home technologies to a wider audience from a variety of cultural backgrounds while facilitating the athletes’ stay in Hangzhou with a smart and secure living space. As an Asia-born brand that is growing globally with great momentum, EZVIZ has served more than 80 million users from across 130 countries, and over 130 million devices have been connected to EZVIZ Cloud.

“It’s a great honor for EZVIZ to participate in the Asian Games to provide both convenience and enjoyment to people who visit and enjoy the city,” said Sandra Zheng, global marketing director of EZVIZ, “From Hangzhou to the world, EZVIZ will take this great opportunity to showcase its vision of smart living for everyone, exhibit its capabilities for developing helpful technologies, and demonstrate its values as an internationally inclusive brand.”

Source: EZVIZ Inc.

PR Newswire

FOSI AUDIO CELEBRATES 6TH ANNIVERSARY WITH EXCLUSIVE FANS CAMPAIGN AND SALES

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NEW YORK, Sept. 21, 2023 /PRNewswire/ — Fosi Audio, a rapidly emerging HiFi audio brand, is dedicated to delivering a high-fidelity experience to music enthusiasts worldwide. Their diverse product range spans mini amplifiers, preamps, DACs, and speakers, with their compact Class-D amplifiers gaining particular acclaim. Over the span of six years, Fosi Audio has established itself as a HiFi brand recognized by audiophiles across the globe. Their distribution network now spans over 100 countries, with a staggering 20 million audio products sold. On Amazon, the world’s leading online shopping platform, Fosi Audio stands tall as a leading HiFi brand across 18 of its marketplaces, often securing the ‘best seller’ title and achieving a market share of around 20%.

In gratitude for the unwavering support from their fanbase, Fosi Audio are hosting a 6th-anniversary celebration themed “Together We Can…” All fans are encouraged to share their stories, photos, or videos of their experiences with Fosi Audio’s products over the past six years on Facebook. Participants stand a chance to win exquisite memorabilia from Fosi Audio, including their flagship product of the year 2023, the V3 mini stereo amplifier, the newly developed retro VU meter mini Bluetooth amplifier MC101 (currently crowdfunding on Indiegogo, see link), and commemorative T-shirts specially designed for fans. Since the launch of this campaign, over ten thousand users have enthusiastically participated and shared their stories, showering Fosi Audio with heartfelt blessings and wishes for its journey towards becoming a legendary audio brand.

Moreover, with the theme “Together We Can Make Deals Epic!”, Fosi Audio are hosting grand anniversary sales across platforms like Amazon, eBay, Aliexpress, and their official shop. Star products like the V3 amplifier, BT20A Pro Bluetooth amplifier, K5 Pro gaming DAC amp, Box X2 phono preamp, and M04 subwoofer amplifier are available at discounts of up to 20%. This fan appreciation sale will run for two weeks, starting on Sept. 19th and concluding on Oct. 2nd. During the sale, Fosi Audio will also host livestreams on Youtube and Amazon Live to draw the winners of their fans campaign and interact with fans instantly.

About Fosi Audio

Embracing a vision to create HiFi products that are “affordably priced yet deeply moving”, Fosi Audio remains committed to profound engagement with its user base. By understanding their needs, the brand translates these insights into impressive products through their R&D team with expertise in the audio field. The first half of 2023 saw the launch of their V3 mini amplifier first co-created with HiFi enthusiasts, which garnered widespread acclaim (See the video on Youtube “The Story Behind Fosi Audio V3 Amplifier”). Audiophiles were captivated by its stellar performance. More crucially, Fosi Audio’s commitment to truly user-centric design, coupled with a promise of a 2-year warranty for every product, has earned them high praise. Renowned media press like Wirecutter & Headphonesty, well-known audiophile influencers like Cheapaudioman & Z Reviews, and authoritative forums like AudioScienceReview have also given Fosi Audio their objective, positive, and sincere endorsement after rigorous product evaluations. Ryan Huang, the founder of Fosi Audio, said that their achievements today would not have been possible without the unwavering support of audiophile fans. They will keep the goal at heart: to redefine the value of home audio with unmatched performance.

For more information, visit: https://www.fosiaudio.com/
Official User Community: https://www.facebook.com/fosiaudioglobal

Media Contact
marketing@fosiaudio.com

PR Newswire

City Beach Partners with NewStore to Launch Mobile Consumer App

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Australia’s leading lifestyle and youth fashion brand will leverage the NewStore Consumer App to extend its digital footprint and enhance customer loyalty

BOSTON and BRISBANE, Australia, Sept. 20, 2023 /PRNewswire/ — NewStore, a modular, mobile-first omnichannel cloud platform for retail brands worldwide, today announced a new partnership with City Beach, one of Australia’s premier youth fashion destinations. The retailer will leverage the NewStore Consumer App to design and launch the City Beach App, which will debut on iOS and Android in Australia, New Zealand, and the United States in the coming months.

Since its inception in 1985, City Beach has championed a legacy of youth fashion. With over 65 stores throughout Australia, the retailer boasts a curated selection of 300+ brands and is supported by a team of more than 3,000. City Beach’s digital footprint is equally as impressive, with its ecommerce operations accounting for a significant percentage of the company’s revenue. By rolling out the City Beach App, the business will extend its ecommerce presence beyond desktop and mobile web, strengthening its digital prowess while also enriching customer relationships and driving sales.

“After a comprehensive evaluation, it became evident that the NewStore platform was the perfect match from a feature-functionality standpoint,” said Chris Lockwood, Head of Ecommerce, City Beach. “This journey marks a turning point for City Beach, and we are confident that the end product will benefit our business and further our commitment to offering a superior customer experience.”

With NewStore, City Beach will have access to all the essential capabilities it needs to run a modern and engaging app, as well as real-time omnichannel inventory visibility, custom push notifications, and interactive product lookbooks. NewStore Consumer Apps also offer the following differentiating features:

  • Brand Stories: Provide an unmatched, on-brand in-app experience with interactive storytelling.
  • Immersive Videos: Seamlessly integrate videos to unlock captivating brand visuals that drive engagement.
  • Digital Loyalty: Offer a unique, members-only experience with out-of-the-box capabilities designed to create “superfans.”
  • App Extensions: Easily add external features for endless customization possibilities.

City Beach will benefit from the fact that NewStore Consumer Apps are proven to increase both engagement and brand loyalty. Compared to typical mobile website metrics, NewStore customers have seen 3x more visits from their app users and in-app conversion rates as high as 7x. At the same time, brands using NewStore Consumer Apps have significantly reduced customer acquisition costs, with 90% of users accessing the app directly versus through paid search advertisements.

“Youth fashion retail has its own set of challenges, and businesses must have a vision and strive to continue to adapt. NewStore not only gets this, but the team also brings a much-needed spirit of partnership and collaboration to the table,” added Troy Elliott, Head of Operations, City Beach. “In a rapidly evolving retail landscape, their innovative app development approach and commitment to our brand’s success truly set them apart.”

“The NewStore Consumer App is a vital component of our larger omnichannel platform,” said Stephan Schambach, Founder and CEO, NewStore. “Our modularity is a key differentiator, and brands like City Beach can choose how to leverage our offerings. Their decision to launch a NewStore Consumer App speaks not just to meeting today’s consumer demands but also to their forward-looking vision for retail’s future.”

NewStore runs apps for 25 brands in 40+ countries. To learn more about the NewStore Consumer App and request a demo, visit: https://www.newstore.com/mobile-retail-experience/

About City Beach
For more than three decades, City Beach has been a beacon of Aussie lifestyle, fashion and culture, growing from a small surf and skate shop established in 1985, to an international brand with over 65+ stores Australia wide. Over the years, it has evolved into Australia’s leading lifestyle brand, recognised and adored for its trendsetting apparel, footwear, and accessories.

With an unwavering commitment to an immersive shopping experience, City Beach continues to innovate and expand its global presence via their epic international online offering. City Beach stocks over 300 of the world’s biggest brands, with new arrivals landing every day.

About NewStore
NewStore provides Omnichannel-as-a-Service for retail brands worldwide that want to accelerate their digital transformation. Built with MACH principles, NewStore allows brands to easily deliver amazing shopping experiences that store associates and consumers love. Its mobile-first, modular cloud platform includes POS, order management, clienteling, inventory, and consumer apps. NewStore customers such as Burton, Faherty Brand, G-Star RAW, Marine Layer, Roots Canada, UNTUCKit, and Vince benefit from the most complete, global omnichannel retail solution available — now supercharged with Tap to Pay on iPhone. The company is backed by General Catalyst, Activant Capital, and Salesforce Ventures. Learn more at www.newstore.com

Logo – https://techent.tv/wp-content/uploads/2023/09/city-beach-partners-with-newstore-to-launch-mobile-consumer-app.jpg

Source: NewStore, Inc.

PR Newswire

LightInTheBox Reports Second Quarter 2023 Financial Results

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SINGAPORE, Sept. 15, 2023 /PRNewswire/ — LightInTheBox Holding Co., Ltd. (NYSE: LITB) (“LightInTheBox” or the “Company”), an apparel e-commerce retailer that ships products to consumers worldwide, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter and First Half 2023 Financial Highlights

Three Months Ended

Year-over-

Six Months Ended

Year-over-

In millions,

June 30,

June 30,

Year %

June 30,

June 30,

Year %

except percentages

2022

2023

Change

2022

2023

Change

Total revenues

$

132.4

$

191.8

44.9

%

$

226.1

$

339.5

50.2

%

– Apparel sales

$

108.7

$

163.2

50.1

%

$

175.9

$

282.5

60.5

%

 Apparel sales/total 
    revenues

82.1

%

85.1

%

3.0

%

77.8

%

83.2

%

5.4

%

Gross margin

55.3

%

57.5

%

2.2

%

53.4

%

56.7

%

3.3

%

Net loss

$

(2.4)

$

(1.5)

$

(7.9)

$

(5.4)

Adjusted EBITDA

$

(1.5)

$

(0.7)

$

(6.1)

$

(3.8)

As of June 30,

As of June 30,

In millions

2022

2023

Cash, cash equivalents and restricted cash

$

65.7

$

94.6

Mr. Jian He, Chairman and CEO of LightInTheBox, commented, “We’re pleased to deliver a strong operational and financial performance in the second quarter of 2023. Amid a complex macro environment, we achieved the highest quarterly revenue in our history, primarily driven by apparel sales growth of 50% over one year ago. Meanwhile, our efforts to enhance operating efficiency paid off, evidenced by improved profitability with fulfillment and G&A expenses as a percentage of revenue at an all-time low. Furthermore, our cash balance was $95 million as of the end of this quarter, illustrating our robust free cash flow generation ability.

“These solid results once again demonstrate our effective business strategy, as well as our core competitive advantages across our value-for-money offerings, quality customer cohorts, and innovative technologies. As we move into the third quarter 2023, we are seeing that macroeconomic turbulence, together with normal seasonality in the apparel sector, is impacting on our top-line performance. Nevertheless, we will continue to execute our proven business strategy and refine our operations to navigate the evolving market dynamics as we strive to deliver sustainable value to all of our stakeholders in the long run,” Mr. He concluded.

Second Quarter 2023 Financial Results

Total revenues increased by 44.9% year-over-year to $191.8 million from $132.4 million in the same quarter of 2022. Sales from apparel increased by 50.1% to $163.2 million in the second quarter of 2023, compared with $108.7 million in the same quarter of 2022. Revenues from apparel represented 85.1% of total revenues in the second quarter of 2023 and 82.1% in the same quarter of 2022.

Total cost of revenues was $81.6 million in the second quarter of 2023, compared with $59.2 million in the same quarter of 2022.

Gross profit in the second quarter of 2023 was $110.2 million, compared with $73.2 million in the same quarter of 2022. Gross margin was 57.5% in the second quarter of 2023, compared with 55.3% in the same quarter of 2022. The increase in gross margin was a result of the increase in the percentage of sales represented by apparel, which grew from 82.1% to 85.1%. Apparel typically has higher margins than other product types.

Total operating expenses in the second quarter of 2023 were $111.8 million, compared with $75.6 million in the same quarter of 2022.

  • Fulfillment expenses in the second quarter of 2023 were $9.9 million, compared with $7.8 million in the same quarter of 2022. As a percentage of total revenues, fulfillment expenses were 5.2% in the second quarter of 2023, compared with 5.9% in the same quarter of 2022 and 5.8% in the first quarter of 2023.
  • Selling and marketing expenses in the second quarter of 2023 were $94.0 million, compared with $58.2 million in the same quarter of 2022. As a percentage of total revenues, selling and marketing expenses were 49.0% in the second quarter of 2023, compared with 44.0% in the same quarter of 2022 and 46.8% in the first quarter of 2023.
  • G&A expenses in the second quarter of 2023 were $8.2 million, compared with $9.7 million in the same quarter of 2022. As a percentage of total revenues, G&A expenses were 4.3% in the second quarter of 2023, compared with 7.3% in the same quarter of 2022 and 6.1% in the first quarter of 2023. As part of G&A expenses, R&D expenses in the second quarter of 2023 were $5.1 million, compared with $4.7 million in the same quarter of 2022 and $5.2 million in the first quarter of 2023.

Loss from operations was $1.6 million in the second quarter of 2023, compared with $2.5 million in the same quarter of 2022.

Net loss was $1.5 million in the second quarter of 2023, compared with $2.4 million in the same quarter of 2022.

Net loss per American Depository Share (“ADS”) was $0.01 in the second quarter of 2023, compared with $0.02 in the same quarter of 2022. Each ADS represents two ordinary shares. The diluted net loss per ADS in the second quarter of 2023 was $0.01, compared with $0.02 in the same quarter of 2022.

In the second quarter of 2023, the Company’s basic weighted average number of ADSs used in computing the net loss per ADS was 113,369,462.

Adjusted EBITDA was negative $0.7 million in the second quarter of 2023, compared with negative $1.5 million in the same quarter of 2022.

As of June 30, 2023, the Company had cash and cash equivalents and restricted cash of $94.6 million, compared with $65.7 million as of June 30, 2022.

First Half 2023 Financial Results

Total revenues increased by 50.2% year-over-year to $339.5 million from $226.1 million in the same period of 2022. Sales from apparel increased by 60.5% to $282.5 million in the first half of 2023, compared with $175.9 million in the same period of 2022. Revenues from apparel represented 83.2% of total revenues in the first half of 2023 and 77.8% in the same period of 2022.

Total cost of revenues was $146.9 million in the first half of 2023, compared with $105.5 million in the same period of 2022.

Gross profit in the first half of 2023 was $192.7 million, compared with $120.7 million in the same period of 2022. Gross margin was 56.7% in the first half of 2023, compared with 53.4% in the same period of 2022. The increase in gross margin was a result of the increase in the percentage of sales represented by apparel, which grew from 77.8% to 83.2%. Apparel typically has higher margins than other product types.

Total operating expenses in the first half of 2023 were $198.2 million, compared with $129.5 million in the same period of 2022.

  • Fulfillment expenses in the first half of 2023 were $18.5 million, compared with $14.6 million in the same period of 2022. As a percentage of total revenues, fulfillment expenses were 5.5% in the first half of 2023, compared with 6.5% in the same period of 2022.
  • Selling and marketing expenses in the first half of 2023 were $163.2 million, compared with $97.3 million in the same period of 2022. As a percentage of total revenues, selling and marketing expenses were 48.0% for the first half of 2023, compared with 43.0% in the same period of 2022.
  • G&A expenses in the first half of 2023 were $17.2 million, compared with $17.7 million in the same period of 2022. As a percentage of total revenues, G&A expenses were 5.1% for the first half of 2023, compared with 7.8% in the same period of 2022. Included in G&A expenses, R&D expenses in the first half of 2023 were $10.3 million, compared with $9.3 million in the same period of 2022.

Loss from operations was $5.6 million in the first half of 2023, compared with $8.9 million in the same period of 2022.

Net loss was $5.4 million in the first half of 2023, compared with $7.9 million in the same period of 2022.

Net loss per American Depository Share (“ADS”) was $0.05 in the first half of 2023, compared with $0.07 in the same period of 2022. Each ADS represents two ordinary shares. The diluted net loss per ADS for the first half of 2023 was $0.05, compared with $0.07 in the same period of 2022.

In the first half of 2023, the Company’s basic weighted average number of ADSs used in computing the net loss per ADS was 113,349,914.

Adjusted EBITDA was negative $3.8 million in the first half of 2023, compared with negative $6.1 million in the same period of 2022.

Share Repurchase Program

On June 27, 2023, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to $10 million of its ordinary shares in the form of ADSs no later than December 31, 2023. As of September 12, 2023, the Company has repurchased 517,240 ADSs with a total aggregate value of approximately $0.7 million.

Business Outlook

For the third quarter of 2023, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $145 million and $160 million.

Non-GAAP Financial Measure

In evaluating the business, the Company considers and uses a non-GAAP measure, Adjusted EBITDA, as a supplemental measure to review and assess operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s non-GAAP financial measure excludes share-based compensation expenses, depreciation and amortization expenses, interest income, interest expenses and income tax expense.

The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measure helps identify underlying trends in its business. The Company also believes that the non-GAAP financial measure could provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. The Company’s non-GAAP financial measure does not reflect all items of income and expenses that affect the Company’s operations and does not represent the residual cash flow available for discretionary expenditures. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for the limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Result” set forth at the end of this press release.

Conference Call

The Company’s management will hold an earnings conference call at 8:00 a.m. Eastern Time on September 15, 2023 (8:00 p.m. Hong Kong/Singapore Time on the same day).

Preregistration Information

Participants can register for the conference call by going to https://s1.c-conf.com/diamondpass/10033153-fue64r.html. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the event passcode followed by your unique registrant ID, and you will be connected to the conference instantly.

A telephone replay will be available two hours after the conclusion of the conference call through September 22, 2023. The dial-in details are:

US/Canada:

+1-855-883-1031

Singapore:

800-101-3223

Hong Kong, China:

800-930-639

Replay PIN:

10033153

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lightinthebox.com.

About LightInTheBox Holding Co., Ltd.

LightInTheBox is an apparel e-commerce retailer that ships products to consumers worldwide. With a focus on serving its middle-aged and senior customers, LightInTheBox leverages its global supply chain and logistics networks, along with its in-house R&D and design capabilities to offer a wide selection of comfortable, aesthetically pleasing and visually interesting apparels that bring fresh joy to customers. LightInTheBox operates its business through www.lightinthebox.com, www.miniinthebox.com, www.ezbuy.sg and other websites as well as mobile applications, which are available in over 20 major languages and over 140 countries and regions. The Company is headquartered in Singapore, with additional offices in California, Shanghai and Beijing.

For more information, please visit www.lightinthebox.com.

Investor Relations Contact

Investor Relations
LightInTheBox Holding Co., Ltd. 
Email: ir@lightinthebox.com

Jenny Cai
Piacente Financial Communications
Email: lightinthebox@tpg-ir.com

Brandi Piacente
Piacente Financial Communications
Tel: +1-212-481-2050
Email: lightinthebox@tpg-ir.com

Forward-Looking Statements

This announcement 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 in 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 in 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.

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Balance Sheets

(U.S. dollars in thousands, or otherwise noted)

As of December 31,

As of Jun 30,

2022

2023

ASSETS

Current Assets

Cash and cash equivalents

88,575

88,157

Restricted cash

5,993

6,451

Accounts receivable, net of allowance for credit losses

695

1,424

Inventories

14,260

9,427

Prepaid expenses and other current assets

6,452

18,120

Total current assets

115,975

123,579

Property and equipment, net

2,946

2,794

Intangible assets, net

5,630

4,404

Goodwill

28,177

26,835

Operating lease right-of-use assets

10,874

8,728

Long-term rental deposits

1,211

1,259

TOTAL ASSETS

164,813

167,599

LIABILITIES AND EQUITY / (DEFICIT)

Current Liabilities

Accounts payable

26,518

38,981

Advance from customers

32,241

27,559

Operating lease liabilities

4,993

5,184

Accrued expenses and other current liabilities

90,357

94,671

Total current liabilities

154,109

166,395

Operating lease liabilities

6,576

4,103

Long-term payable

34

10

Deferred tax liabilities

111

150

Unrecognized tax benefits

107

107

TOTAL LIABILITIES

160,937

170,765

EQUITY / (DEFICIT)

Ordinary shares

17

17

Additional paid-in capital

282,722

282,805

Treasury shares

(28,615)

(28,105)

Accumulated other comprehensive loss

(1,024)

(2,754)

Accumulated deficit

(249,224)

(255,129)

TOTAL EQUITY / (DEFICIT)

3,876

(3,166)

TOTAL LIABILITIES AND EQUITY / (DEFICIT)

164,813

167,599

LightInTheBox Holding Co., Ltd.

Unaudited Condensed Consolidated Statements of Operations

(U.S. dollars in thousands, except per share data, or otherwise noted)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2023

2022

2023

Revenues

Product sales

129,828

189,730

221,171

334,331

Services and others

2,527

2,037

4,952

5,217

Total revenues

132,355

191,767

226,123

339,548

Cost of revenues

Product sales

(58,214)

(81,142)

(103,284)

(145,318)

Services and others

(983)

(435)

(2,167)

(1,538)

Total Cost of revenues

(59,197)

(81,577)

(105,451)

(146,856)

Gross profit

73,158

110,190

120,672

192,692

Operating expenses

Fulfillment

(7,774)

(9,906)

(14,638)

(18,542)

Selling and marketing

(58,225)

(94,038)

(97,257)

(163,150)

General and administrative

(9,661)

(8,176)

(17,727)

(17,233)

Other operating income

26

332

92

677

Total operating expenses

(75,634)

(111,788)

(129,530)

(198,248)

Loss from operations

(2,476)

(1,598)

(8,858)

(5,556)

Interest income

7

143

17

173

Interest expense

(1)

(1)

(3)

(2)

Other income, net

83

(1)

945

20

Total other income

89

141

959

191

Loss before income taxes

(2,387)

(1,457)

(7,899)

(5,365)

Income tax expense

(9)

–

(9)

(48)

Net loss

(2,396)

(1,457)

(7,908)

(5,413)

Net loss attributable to LightInTheBox Holding
Co., Ltd.

(2,396)

(1,457)

(7,908)

(5,413)

Weighted average numbers of shares used in
calculating loss per ordinary share

—Basic

226,140,929

226,738,924

226,124,192

226,699,828

—Diluted

226,140,929

226,738,924

226,124,192

226,699,828

Net loss per ordinary share

—Basic

(0.01)

(0.01)

(0.03)

(0.02)

—Diluted

(0.01)

(0.01)

(0.03)

(0.02)

Net loss per ADS ( 2 ordinary shares equal to 1 ADS )

—Basic

(0.02)

(0.01)

(0.07)

(0.05)

—Diluted

(0.02)

(0.01)

(0.07)

(0.05)

LightInTheBox Holding Co., Ltd.

Unaudited Reconciliations of GAAP and Non-GAAP Results

(U.S. dollars in thousands, or otherwise noted)

Three Months Ended

Six Months Ended

June 30,

June 30,

June 30,

June 30,

2022

2023

2022

2023

Net loss

(2,396)

(1,457)

(7,908)

(5,413)

Less: Interest income

7

143

17

173

Interest expense

(1)

(1)

(3)

(2)

Income tax expense

(9)

–

(9)

(48)

Depreciation and amortization

(861)

(826)

(1,719)

(1,655)

EBITDA

(1,532)

(773)

(6,194)

(3,881)

Less: Share-based compensation

(30)

(78)

(66)

(83)

Adjusted EBITDA*

(1,502)

(695)

(6,128)

(3,798)

* Adjusted EBITDA represents loss from operations before impairment loss on investment, share-based
compensation expense, interest income, interest expense, income tax expense and depreciation and amortization
expenses.

Source: LightInTheBox Holding Co., Ltd.

PR Newswire

Cross-border eCommerce Enabler Buyandship Secures Initial US$10M in Series B Funding with Strategic Investment from Cool Japan Fund

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HONG KONG, Sept. 12, 2023 /PRNewswire/ — Buyandship, a leading global cross-border eCommerce platform headquartered in Hong Kong, announced today first closing of its Series B raise with a US$10 million strategic investment led by Cool Japan Fund. The funds will be allocated to automation of operations, research, and development in Artificial Intelligence (AI) and Machine Learning, and market expansion into the Southeast Asia (SEA) regions.

Cool Japan Fund was founded in November 2013 as a public-private fund backed by the Japanese government, with the aim of contributing to the sustainable growth of Japan’s economy through the expansion of overseas demand and supply of attractive products and services unique to Japanese lifestyle and culture. 

Through its strong community, data analytics, and logistics network, Buyandship has been a market leader in cross-border ecommerce, having processed US$383 million in GMV in the last fiscal year. Buyandship has continuously strived to enhance its technological capabilities to drive real value for consumers. Over the past 12 months, it has built an automated shopping assistant, utilizing a Robotic Process Automation (RPA) model to boost its order processing capacity. Going forward, an AI-powered recommendation system will be integrated into the Buyaholic social commerce platform. This system will utilize algorithm to feed user-generated content (UGC) automatically based on behavioral records to enhance user stickiness and engagement.

Sheldon Li, Co-founder and CEO of Buyandship, said, “Buyandship continues to realize its mission of offering consumers a simple and intuitive ecommerce experience, to purchase products globally, at the most competitive pricing. The latest round of investment, alongside funding from the HKSTP Elite Program, will further cement Buyandship’s leadership and competitiveness in space with AI-driven functionality and machine learning in its service offering, deepened community engagement, and enhanced margins from warehouse automation. From a geographical expansion perspective, Buyandship looks forward to widening its coverage within SEA and South Korea, benefiting even more consumers in the region.”

Kenichi Kawasaki, President, CEO and COO of Cool Japan Fund, said, “This investment will encourage overseas consumers to purchase local Japanese e-commerce products that do not support overseas shipping, and will help raise the profile of Japanese products among overseas users, while expanding sales opportunities.”

The global B2C e-commerce market was valued at an estimated $4.92 trillion, representing 19.6% of all commerce being conducted electronically in 2021. By 2025, these numbers are projected to increase to $7.39 trillion and 24.5% respectively. Included within these statistics is the segment of cross-border e-commerce, which is predicted to experience a swift expansion, growing from $780 billion in 2019 to a projected $4.82 trillion in 2026[1].

For corporate image, please visit: https://bns.is/3Upu4V1.

About Buyandship
Established in 2014, Buyandship is committed to empowering consumers to buy any product globally through big data, global pricing comparison, social commerce, and logistics technologies. Buyandship’s core value is “more product, lowest priced and easy.” 

The company has expanded its presence across 11 countries and regions, operating 11 overseas warehouses and 1.72 million registered users, handling over 11 million packages to date. Our vision is to be consumers’ default shopping platform.

For more information, please visit the company website: https://www.buyandship.today/.

PR Newswire

Gaabor Launches Spectacular 9.9 Promotion This September in the Philippines

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MANILA, Philippines, Sept. 4, 2023 /PRNewswire/ — Leading household appliance brand Gaabor is bringing great deals to shoppers as the year-end shopping season in the Philippines officially starts with the 9.9 Super Shopping Day. With a strong focus on product quality and specialization in kitchen appliances and household cleaning, Gaabor aims to revolutionize the market.

From September 9th to 11th, embark on a shopping journey like never before with Gaabor’s 9.9 sale this September. Get ready to unlock discounts of up to 80% OFF on a diverse range of must-have products on TikTok, Shopee, and Lazada.

Here are some incredible products:

  • 1.8L Mini Rice Cooker: A versatile cooker with a non-stick inner pot and a steamer.
  • Multifunctional Breakfast Sandwich Maker: Makes breakfast preparation easy.
  • 2L Airfryer – Dorm Friendly: Compact airfryer suitable for smaller spaces.
  • 4.5L Airfryer – LARGE CAPACITY, 60 mins timer: Spacious airfryer with a 60-minute timer.
  • 2 in 1 Electric Pot with 2L Capacity 600w High Power: Convenient electric pot with high power.
  • 3L Intelligent Rice Cooker, One-click Quick Cooking: Smart rice cooker with quick cooking functionality.

And that’s not all, some freebies and vouchers can save you up to 200%!

Gaabor’s ethos centers around bringing the essence of a “Prime Life” to everyone. This means making things easier and affordable while having a wide range of products for all aspects of modern life.

With a focus on what users need and using more than a decade of strong technology, Gaabor is rewriting the rules of daily routines and gaining recognition in local markets throughout Southeast Asia.

From bustling household products to the serene corners of personal spaces, Gaabor products seamlessly integrate into diverse scenarios, making life more comfortable and efficient while ensuring that it has something for everyone. Gaabor is revolutionizing the way we approach our daily routines, offering convenience, affordability, and an abundance of possibilities— one where quality is never compromised.

To be updated on Gaabor’s Newest Sales, Stay connected, inspired, and informed by following Gaabor on Facebook, Instagram, and TikTok!

PR Newswire

Dreame Technology Launches Revolutionary Flagship Robotic Vacuum L20 Ultra with Industry First* AI-Driven MopExtend™ Technology at IFA 2023

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SAN FRANCISCO, Sept. 4, 2023 /PRNewswire/ — Dreame Technology, the industry leader in home appliances, is launching its new flagship robotic vacuum L20 Ultra, featuring leap-forward technology, at IFA 2023. Held in Berlin from September 1st to September 5th, the world’s renowned consumer electronics and home appliances show is the perfect setting to showcase the L20 Ultra’s features, including the new breakthrough AI-driven MopExtend™ technology, which provides in-depth edge cleaning. The L20 Ultra also offers several other powerful features that provide a revolutionary cleaning experience for its users.

Dreame Technology Launches Revolutionary Flagship Robotic Vacuum L20 Ultra with Industry First* AI-Driven MopExtend™ Technology at IFA 2023
Dreame Technology Launches Revolutionary Flagship Robotic Vacuum L20 Ultra with Industry First* AI-Driven MopExtend™ Technology at IFA 2023

The L20 Ultra is the latest release in smart home appliances from Dreame Technology, which takes detailed cleaning to a whole new level, a fully automatic robotic vacuum that cleans floors and cleans itself. In addition, L20 Ultra will be the first product with Dreame Technology’s brand new logo, leading the brand new era of Dreame Technology.

Industry First* AI-Driven MopExtend™ Technology

Aiming to tackle the difficulty that edge cleaning always leaves much space , Dreame Technology has developed its own exclusive core technologies, Mop-Extend™ and Duo-Scrub™ mopping system, to provide a better solution to such predicament.

Industry First AI-Driven MopExtend™ Technology
Industry First AI-Driven MopExtend™ Technology

The featured Mop-Extend™ technology incorporates several Position Sensitive Detectors, which are able to automatically and precisely identify corners and edges. When corners and edges are identified, Mop-Extend™ technology will be further activated and extend the mop to the wall edges as closely as possible, for a deeper, closer, and corner-to-corner cleaning experience. Furthermore, the algorithms of Mop-Extend™ technology can help L20 Ultra to excel in terms of edge cleaning in even complex house environments, ensuring that consumers’ edge cleaning needs are addressed more thoroughly and efficiently.

Equipped with two high-speed rotary mops in its Duo-Scrub™ mopping system, L20 Ultra is designed to tackle stubborn stains and worn-in dirt. In addition, the L20 Ultra has built-in dirt detection technology, which uses data garnered from previous cleaning cycles to detect whether the rooms require additional cleaning. For example, the L20 Ultra can respond to seasonal changes and the associated impact, such as pet fur, pollen or additional dirt brought into the home, and uses that information to deliver a level of cleaning synchronized with Dreame Technology’s home appliances.

Automatic All-round Performance

Featuring the newly upgraded automatic base station, L20 Ultra can offer consumers an even more automatic cleaning experience, compared to the previous models. With DualBoost 2.0 technology and a 3.2L dust bag, the automatic base station can store the dust for up to 75 days without users having to manually take out the dust. Other than that, L20 Ultra can also clean and dry the mop by itself. When the mops get dirty, they will be washed within the automatic base station with a 4.5L water tank. After the self-cleaning is finished, the mops will be rapidly dried with hot air, which can last up to 2 hours, to prevent mildew formation and bad odors.

Automatic All-round Performance
Automatic All-round Performance

Automation is also leveled up with auto water refilling and auto cleaning solutions refilling. L20 Ultra will automatically refill the water tank to keep the mop wet, in preparation for efficient cleaning at any time. Nevertheless, the cleaning solutions can also be automatically refilled to save the users from many troubles.

Advanced Cleaning System

L20 ultra is designed to deliver unparalleled performance to its users with its advanced cleaning system and different functions to cope with different house environments.

With Dreame Technology’s advanced Vormax™ Suction System, L20 Ultra optimizes vacuuming efficiency  to pull household debris up from rugs, out of carpets, and off of hard floors. The powerful Vormax™ Suction System packs 7,000Pa of suction power for excellent vacuuming. This power guarantees effective dust removal while achieving a remarkable high pick-up rate. And the liftable rubber brush provides easy hair detangling with mop-removal technology for a powerful cleaning within an adaptable design.

Moreover, L20 Ultra is well equipped with ultrasonic carpet recognition and mop-removal technology combined for enhanced carpet and rug cleaning. When carpets and rugs are recognized, users can decide which option to conduct from three carpet cleaning options: mops removal, mops raising, or carpet avoidance, coping with different kinds of carpets and rugs or avoiding wetting carpets and rugs at all.

Advanced Cleaning System
Advanced Cleaning System

Other intelligent features include Pathfinder™ Smart Navigation, which uses AI learning and 3D structure light technology to scan the room ahead, recognize any obstacles and avoid them, preventing items that may have been left on the floor by mistake from being vacuumed up, which, in turn, prevents interruptions in your planned cleaning process and ensures completion of the task at hand.

Intelligent Environment Sensing
Intelligent Environment Sensing

The flagship L20 Ultra combines upgraded power, AI technology, and years of R&D to deliver a robotic vacuum that will prove to be a revolution in cleaning for its user. The leap-forward introduction of Mop Extend™ Technology delivers superior cleaning, enabling the L20 Ultra to get closer to hard-to-reach edges, as well as clean in between furniture and smaller spaces.

Price And Availability

This compact and efficient L20 Ultra will be available to purchase from September 20th  2023 in United States, via the Dreame’s official stores on Amazon, starting from 1499.99 USD. Pre-Order starts on September 1st , users have the option to purchase a discount code for $19.99 on the official website, which can be used to obtain a $450 discount. Upon its official release on September 20, the price will be reduced to $1049.99 when the code is applied (or $1199.99 without the code).

To witness the next revolution in cleaning first-hand, and see the L20 Ultra in action, visit Dreame at IFA 2023. We are located in Hall: City Cube_A at Stand CCA-209.

About Dreame Technology

Established in 2017, Dreame Technology is an innovative consumer product company that focuses on smart home cleaning appliances with the vision to empower lives through technology. Follow us on Facebook, Instagram, TikTok and Twitter. For more information please visit https://www.dreametech.com/. 

PR Newswire

Gaabor Launches 9.9 Super Sales on TikTok

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JAKARTA, Indonesia, Sept. 3, 2023 /PRNewswire/ — Leading household appliance brand Gaabor is bringing great deals to shoppers as the second half-year shopping season in the Southeast Asian market officially kicks off with the TikTok 9.9 Brand Festival Sale.

From September 1 to 9, Gaabor is running giveaway and buy 1 get 1 free, and big discounts on the TikTok, including on a wide variety of kitchen, cleaning and personal care products: 

  • Air fryer (AF40M-BK03A): a 4L large-capacity air fryer, the innovative single knob operation, and the precise cooking time setting controlled with fixed stabilized temperature make preparing gourmet dishes very convenient.
  • Electric cooker (GR-N18A): a 600W high-power cooker with 1.8L capacity and double layers that can cook for three to four people, and the non-stick coating is fume-free and easy to clean.
  • Vacuum cleaner (VCW14M-BE01A): a lightweight model with 14,000Pa suction power and two replaceable brushes can handle various tasks with ease and get rid of dust problems completely, and the cyclone filtration system extends the service life of filters and guarantees vacuuming efficiency.
  • Hair dryer (GHD-N700A): a powerful 700W hair dryer with a comfortable grip that comes with a unique silent air duct design that can create perfect hairstyles without the noise, and three temperature settings catering to different hairstyles and hair types.

Gaabor officially entered the Southeast Asian markets in 2021 and achieved great success in last year’s 9.9 Super Shopping Day event – and ranks top three in the category of small household appliances in the Southeast Asia region of the Shopee platform, and its home appliances products rank second in the Philippines and fourth in Malaysia, Indonesia, and Vietnam. Gaabor’s smoke-free air fryer products are the No.1 bestselling in Shopee’s Indonesian official store.

With a user-centric design approach and more than ten years of core technology advantages, the Gaabor brand is becoming more prominent in the local markets across Southeast Asia. This year’s 9.9 Brand Festival Sale Gaabor will also bring a shopping spree on TikTok with high-quality products and multiple offers for users.

Upholding the brand philosophy of “Easy Life and More,” Gaabor is committed to creating innovative, diversified products to relieve the burden of household chores, making everyday life more convenient for our customers.

CONTACT: Gaabor, Gaabor.officialteam@gmail.com

PR Newswire

Goodbaby International Holdings Limited Announces 2023 Interim Results Performance

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Strategic Brands Revenue and Group Profitability Momentum both Heightened despite Persisting Macro Challenges

HONG KONG, Aug. 30, 2023 /PRNewswire/ — Goodbaby International Holdings Limited (“Goodbaby International” or the “Company”, HKEX stock code: 1086, together with its subsidiaries, the “Group“), a leading global parenting products company, announced its unaudited interim results for the six months ended 30 June 2023 (the “Period”). Revenue of the Group’s strategic brands and profitability momentum accelerated during the Period. Revenue of the strategic brands returned to positive growth, with stronger momentum into the second quarter. With its positive momentum of profitability improvement continuing into the Period from the second half of 2022, the Group’s operating profitability had significantly improved. The Group also generated strong operating cash inflow during the Period.

During the Period, Group revenue was approximately HK$3,889.2 million (1H 2022: HK$4,372.8 million). Reported gross profit increased by 5.9% to approximately HK$1,784.8 million (1H 2022: HK$1,684.9 million). In addition, the reported operating profit surged by 499.5% to approximately HK$112.7 million (1H 2022: HK$18.8 million). Net profit amounted to approximately HK$29.9 million (1H 2022: HK$2.4 million), representing a remarkable increase of 1,145.8%.

CYBEX achieves record high revenue and operating profit and successfully gains market share

Despite the persistently challenging market conditions and the presence of geopolitical conflicts, the CYBEX brand recorded strong growth of 11.2% (a 14.4% increase on a constant currency basis) in the Period to reach a record first half revenue of approximately HK$1,814.8 million (1H 2022: HK$1,631.8 million). Consumer demand for CYBEX products remained very strong, resulting in record high half year revenue and operating profit. The growth momentum was primarily driven by very strong brand position, innovative product portfolio, and continuous expansion of its global omni-channel distribution network. In particular, the successful launch of its e-commerce platform in Europe and the United States has played a significant role in driving this growth. CYBEX has consistently outperformed market players, gaining market share in key markets, reinforcing its global leading position as the premium “technical-lifestyle” brand.

gb remains committed to right-sizing its business in response to the changing consumer behaviors in the post-pandemic era and decline in birth rate

Revenue from the gb brand was approximately HK$638.6 million (1H 2022: HK$791.7 million). The brand consistently pursued business right-sizing and underwent transformation to adapt to the changing consumer behaviors in the post-pandemic era and birth rate decline in China. In addition, gb continued to enrich its consumer-centric retail strategy through an enhanced product portfolio. During the Period, the brand received an award from the prominent iF design organization, in recognition of its upgraded innovative products.

Evenflo displays resilience by outperforming competitors and expanding its market share

Revenue of the Evenflo brand amounted to approximately HK$1,101.3 million (1H 2022: HK$1,229.7 million). Despite the impact from destocking by major retailers in the United States, Evenflo continued to outperform the competition and expand its market share in the key US market through growth in digital channels, strong consumer acceptance of its innovative products, elevated product portfolio and brand image. The brand also recorded promising momentum in its gross margin evolution, driven by a successfully improved product mix and input costs decrease.

Outlook

Looking ahead, CYBEX will continue its global growth strategy across all key geographical regions and further increase its market share with an innovative product portfolio, new product launches, category extensions, e-commerce platforms and expansion of national distribution platforms in new geographic territories. Conscious cost control measures, combined with the stabilization of key supply chain costs, will continue to improve profitability. The gb brand will further right-size and transform its business to provide a strong focus on profitability and maintain positive cash flow. It will continue its brand upgrade, further development of social media-based owned channels, complete the reformation of its wholesale distribution channel, and focus on product innovation, technologies and new product launches, which will establish the foundation for profitability improvement. Evenflo will continue to launch new and more profitable products and gain new business from major retailers, as the brand is recognized for its commitment to overall brand enhancement and product innovation. The improved product mix and stabilization of supply chain costs will continue to contribute to the brand’s gross margin development.

Mr. Tongyou LIU, CEO of Goodbaby International said, “Despite facing macro challenges, the Group has demonstrated strong resilience and achieved favorable performance in the first half of 2023. We maintain cautious optimism for the rest of the year, considering potential headwinds such as retailer and customer destocking in certain markets, weaker consumer sentiment and slow economic recovery globally. However, by leveraging the Group’s one-dragon vertically integrated platform of own diversified brands, globally balanced omni-channel distribution platforms, and own manufacturing and operational services, we are confident in our ability to continue gaining market share and sustaining global competitiveness. Furthermore, the Group is well-equipped to navigate through macro uncertainties and drive long-term, profitable growth.”

About Goodbaby International Holdings Limited

Goodbaby International Holdings Ltd. (stock code: 1086) is a world-leading parenting products company. The Group serves millions of families around the world through design, research and development, manufacture, marketing and sales of children’s car safety seats, strollers, apparel and home textile products, feeding, nursing and personal care products, cribs, bicycles and tricycles and other children’s products.

For more information, please visit Goodbaby’s corporate website: www.gbinternational.com.hk.

PR Newswire

ND Market: From Namdaemun Market in Korea to Amazon, a global retailer and wholesaler

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SEOUL, South Korea, Aug. 30, 2023 /PRNewswire/ — ND Market, operating as a wholesale and retail platform, represents a pioneering startup dedicated to the digitization of the largest wholesale market in Korea – the Namdaemun Market. Drawing a daily crowd of 400,000, Namdaemun Market uniquely caters to a wide array of categories, which include accessories, children’s wear, pet supplies, and homeware.

ND Market
ND Market

Through ND Market, wholesale and retail traders can access over 10,000 wholesalers via website and app, without having to visit them in person. Platform services include customer management, order processing, secure payment, and efficient delivery. By digitizing wholesale and retail activities, Namdaemun merchants have been able to prioritize product development.

Significantly, it provided a new opportunity for the Namdaemun wholesale market, which was directly affected by COVID-19. Five businesses achieved cumulative sales in excess of 100 million won (USD 77,000) last year. Furthermore, with 60% of Namdaemun market transactions attributed to overseas exports, ND Market’s impressive performance has both boosted its domestic market and expanded its international reach.

ND Market consolidates products from different suppliers into one shipping box. This allows retailers to individually place delivery requests with various wholesalers, resulting in a cost-efficient alternative to accumulating separate delivery charges. Further, the product itself can be delivered directly to the end consumer through packaging, quality assessment, and consignment delivery services, resulting in a significant reduction in delivery time.

ND Market also offers a unique service by operating its own professional photography studio for the purpose of capturing images of wholesalers’ products. As a result of this strategic offering, wholesalers now have access to a comprehensive digital catalog of products with high-quality visuals. For retailers, the inconvenience of purchasing individual samples and photographing them one by one can now be eliminated.

ND Market’s CEO, Yang Seung-woo, emphasized, “We are not content with merely being a transactional bridge between wholesalers and retailers. We have examined what wholesalers and retailers genuinely require and have successfully implemented it.”

He presented a new perspective, stating, “Our vision now entails venturing into the global wholesale (B2B) market as the Amazon.”

NDmarket participates in “SEASONS Hong Kong: Fashion Jewellery & Accessories Fair” held in Hong Kong. The event takes place at the Hong Kong Convention and Exhibition Centre (HKCEC) from September 20th to 24th for four days.