KBSF Files Annual Report on Form 20-F for Fiscal Year 2020
KBS Fashion Group Limited (NASDAQ: KBSF) filed its annual report on Form 20-F for the fiscal year ending December 31, 2020, with the SEC on May 17, 2021. The report highlights the significant growth of Luxventure, a social media-based e-commerce platform launched in Q3 2020, generating revenue of USD 1,355,374, representing a staggering growth rate of 1,355,374%. The company aims to leverage Luxventure's success to drive recovery in its casual menswear business, impacted by COVID-19.
- Luxventure generated revenue of USD 1,355,374 since its launch, indicating substantial growth potential.
- The company anticipates that Luxventure will be a significant revenue contributor in 2021.
- The menswear business continues to face challenges due to the lingering effects of COVID-19.
SHISHI, China, May 17, 2021 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and the operator of Luxventure, a social media platform, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission ("SEC") on May 17, 2021. The annual report can be accessed on the SEC's website at http://www.sec.gov.
Ms. Sun Lei, Chief Executive Officer of the Company commented: "We are excited about the growth of Luxventure, our social media based cross-border E-commerce platform. Since the platform launch during the third quarter of 2020, it generated a revenue of USD1,355,374, which is a growth of 1,355,
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About KBS Fashion Group Limited
Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of i) designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 30 KBS branded stores (as of Dec 31, 2019) and over a number of multi-brand stores. KBS Fashion Group is the operator of Luxventure, a social media platform. 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.
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SOURCE KBS Fashion Group Limited
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