KBS Fashion Group Limited Announces Contract Renewals
SHISHI, China, Jan. 14, 2019 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that it has renewed a framework sales contract with each of two major current customers: Hangzhou Zi Yin Apparel Clothes Co., Ltd ("Hangzhou Ziyin") and Hangzhou Yiyuan Apparel Co., Ltd ("Hangzhou Yiyuan").The term of each contract was extended for another  months until Dec 31 2019.
The Company expects that these two sales contracts to generate approximately RMB 28 million in total,of which RMB 20 million relates to Hangzhou Ziyin's new orders of 450,000 Kids' down jackets and other types of clothing and RMB 8 million from Hangzhou Yiyuan's new orders of 160,000 Men's down jackets and other types of clothing for this year.
Mr. Keyan Yan, Chief Executive Officer of the Company commented, "The renewals attest the successful partnership between us and these two customers. The Company has decided to shift its focus to profitability from the market share expansion of our own brand products. Therefore, starting 2019, all distributors are required to place orders based on market demands and the Company will no longer repurchase from the distributors any excessive stock of new orders from 2019. We are committed to staying ahead of quality services and look forward to working with these customers for years to come."
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 38 KBS branded stores (as of September 30, 2018)and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Chief Financial Officer
T: +86 158-5972-2469
SOURCE KBS Fashion Group Limited