LightInTheBox Holding Co., Ltd. Announces Management Change
BEIJING -- January 27, 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 its Chief Financial Officer
Mr. Richard Xue has decided to leave the company due to personal reasons
effective on February 17, 2014. The Company’s board of directors (“Board”)
will conduct a search for a new CFO immediately.
The Company's Financial Controller and VP of Finance, Jennifer Hu, who has
been with the Company for more than 5 years, will perform all duties in
accounting and finance on an interim basis, under the supervision of the
Company's President, Mark Stabingas, as well as the Board’s Audit Committee.
“On behalf of the company, I’d like to thank Richard for his significant
contributions to the Company, including a very successful IPO in 2013. We wish
him the best in his future endeavors,”commented Mr. Alan Guo, Chairman and CEO
“Due to personal reasons, I need to step aside from my work at LightInTheBox.
Working at LightInTheBox has been a rewarding experience and I leave the
company with well wishes for my colleagues and the future development of the
Company,” stated Mr. Xue.
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, 646-405-4933
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