LightInTheBox Holding Co., Ltd. Acquires Ador, Inc.
Ador Executives Mark Stabingas and Quinten Shay Join LightInTheBox
Acquisition Strengthens LightInTheBox’s Management Team and North America
BEIJING, China -- January 6, 2014
LightInTheBox Holding Co., Ltd. (NYSE:LITB) (“LightInTheBox” or the
“Company”), a global online retail company that delivers products directly to
consumers around the world, today announced that it has acquired Seattle-based
social e-commerce company, Ador, Inc. (“Ador”) in an asset transaction for an
undisclosed amount of cash.
As a result of the transaction, the Ador executive team and its employees will
join LightInTheBox and will represent the Company’s first on-the-ground office
in the U.S., an important growth market for the Company. Ador’s Chief
Executive Officer Mark Stabingas joins LightInTheBox as President and Quinten
Shay joins LightInTheBox as Senior Vice President. LightInTheBox’s co-founders
Kevin Wen and Liang Zhang will both become Executive Vice Presidents (EVPs)
and their responsibilities will remain unchanged.
Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “Through our
acquisition of Ador, we are excited to add the executive talents of Mark and
Quinten to our executive team. The addition of these individuals to the
LightInTheBox team underscores ourambitionand commitment to build a global
flagship e-commerce company. Mark and Quinten bring to LightInTheBox
tremendousglobal leadership and extensive domain expertise, which will be
critical for the Company's long-term growth. Further, the establishment of a
U.S. office for LightInTheBox through this transaction brings us closer to our
customers, and provides us the opportunity to acquire an extremely talented
team. We are excited to welcome Ador’s talented employees to LightInTheBox and
are pleased to use this acquisition as a means to bolster talent and further
maximize our global e-commerce sales opportunity.”
Mark Stabingas commented, “Q and I and the Ador team are thrilled to join
LightInTheBox. We believe that there is still huge opportunity for innovation
as to online commerce and becoming part of LightInTheBox is an exciting next
step for us. Alan and his team have built a unique global e-commerce platform
in a short period of time and we’re looking forward to being a part of its
Mark Stabingas has been COO, CEO/co-CEO, and a board member of Ador since
2011. Prior to Ador, Mark worked forAmazon.com, Inc.and was General Manager
of Amazon Payments, Senior Vice President of Business and Corporate
Development and Vice President of Finance for Amazon.comʼs U.S. retail
business. He was also a member of the Management Committee atAmazon.com.
Prior to Amazon.com, Mark was an executive at PepsiCo, Inc. from 1991 to 2000,
where he served as Vice President of Corporate Strategy and Development. He
received a bachelor’s degree from the University of Pittsburgh and a Master of
Management in Finance from Kellogg Graduate School of Management at
Quinten Shay joined Ador as CTO in December 2011, and became co-CEO in 2013.
Prior to Ador, he worked for Amazon.com, Inc. for 7 years starting from 1998,
with responsibilities that ranged from leading Amazon’s entire international
technology team to expand Amazon’s presence into Europe and Asia, running its
Japan retail business, and establishing A-to-Z Inc., a wholly owned subsidiary
of Amazon that established new Amazon Web Services businesses in remote
development centers around the globe. Prior to joining Amazon.com, Inc.,
Quinten worked in engineering roles at Hewlett-Packard on behalf of retail and
logistics clients such as Wal-Mart and Federal Express. Quinten received a
bachelor’s degree in Computer Science from Virginia Tech.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers products
directly to consumers around the world. The Company offers customers a
convenient way to shop for a wide selection of lifestyle products at
attractive prices through its www.lightinthebox.com, www.miniinthebox.com and
other websites, which are available in 27 major languages and cover more than
80% of global Internet users. In 2012, the Company ranked number one in terms
of revenue generated from customers outside of China among all China-based
retail websites that source products from third-party manufacturers. For more
information, please visit www.lightinthebox.com.
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.
Margaret Shi, Investor Relations
+86 10 5692 0099 ext 8124
Bill Zima, +1 646-405-4933
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