Wednesday, November 16, 2011

Xingquan gets orders worth RM333m at sales fair in China

KUALA LUMPUR (Nov 16): Xingquan International Sports Holdings Ltd (Xingquan) has received total orders of RM333 million for its GERTOP brand of shoes, apparels and accessories at its Spring/Summer 2012 Sales Fair held in Quanzhou, China.

In a statement Wednesday, Nov 16, Xingquan said the increase in sales order represented a 10.7% year-on-year growth.

Its chairman and chief executive officer Wu Qingquan said the response from its customers at the sales fair reinforced their confidence in its GERTOP brand as a well demanded outdoor casual wear brand.

'I am pleased to report that we continue to see healthy growth in orders especially for shoes and apparels,' he said.

Wu said GERTOP featured new designs of apparels and footwears and the Sales Fair was attended by a total of 31 regional distributors from 26 provinces in the PRC.

The demand for outdoor casual wear in PRC continues to grow in tandem with the rise in GDP and consumer spending power, he said.

Wu said that based on market research conducted by Converging Knowledge Pte Ltd, the outdoor casual wear market in China was expected to grow at 30% annually in the next two years (2011 ' 2012), thereafter slowing down to 20% in the third year (2013) to reach approximately RMB55 billion (RM27.3 billion) by 2013.

He said GERTOP was currently distributed through a network of more than 2,300 stores located across 26 provinces in China.

Wu said the 2012 Spring/Summer sales orders would contribute positively towards the company's sales revenue for financial year 2012 (FY2012).

The company is scheduled to announce its first quarter results for FY2012 in the third week of November 2011.


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