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LightInTheBox Holding Co., Ltd. (NYSE: LITB) is a global online retail company that delivers a broad range of products directly to consumers worldwide. Founded in 2007, LightInTheBox has streamlined online shopping through its websites www.lightinthebox.com, www.miniinthebox.com, and others, available in multiple major languages. The company offers items across three main categories: apparel, small accessories and gadgets, and home and garden products.
LightInTheBox's innovative data-driven business model enables it to deliver customized products, such as wedding and evening dresses, at scale. This model optimizes marketing, merchandising, and fulfillment processes, ensuring a seamless shopping experience. The company leverages its global supply chain and logistics networks, along with in-house R&D and design capabilities, to offer a wide selection of aesthetically pleasing apparel, particularly catering to middle-aged and senior customers.
Recent developments include the authorization of a share repurchase program by its board of directors on June 27, 2023. This program allows the company to repurchase up to $10 million of its ordinary shares in the form of American Depositary Shares by December 31, 2023. Financial highlights for the second quarter of 2023 showcased a record revenue of $191.8 million, driven by a 50% increase in apparel sales.
Despite macroeconomic challenges, the company continues to see growth in revenue and profitability, as evidenced by its robust financial performance in the third quarter of 2023, with total revenues increasing by 27.5% year-over-year to $154.3 million. The company remains focused on enhancing operational efficiency and profitability.
LightInTheBox has a presence in over 140 countries and regions, supported by multiple offices in Singapore, California, Shanghai, and Beijing. The company also takes forward-looking statements seriously, aligning its strategic goals with evolving market conditions.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer with global shipping operations, has announced that all resolutions presented at its Annual General Meeting on October 11, 2024, were successfully passed. The complete text of the approved resolutions can be accessed in the meeting notice, which was filed with the SEC on Form 6-K on September 11, 2024. Shareholders and interested parties can find this information on the company's investor relations website at https://ir.lightinthebox.com/.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer, has announced an audio teleconference option for shareholders to virtually attend its Annual General Meeting (AGM). The AGM is scheduled for October 11, 2024, at 10:00 a.m. local time in Shanghai, China.
The company has provided dial-in numbers for participants from various countries, including the United States, Singapore, Mainland China, and Hong Kong. Shareholders can access the teleconference using the passcode 9810066083.
The resolutions to be considered and voted on at the AGM are available on the company's investor relations website. This virtual option allows for wider participation in the company's annual meeting.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer, has announced its upcoming Annual General Meeting (AGM) scheduled for October 11, 2024, at 10:00 a.m. local time in Shanghai, China. The meeting aims to consider and pass resolutions outlined in the AGM Notice. Shareholders of record as of September 23, 2024, are eligible to attend and vote. ADS holders must act through The Bank of New York Mellon or their securities intermediary to exercise voting rights. The company's annual report on Form 20-F for the fiscal year ended December 31, 2023, is available on their website and the SEC's website. Shareholders can request a free hard copy by contacting ir@lightinthebox.com.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer with global shipping, has announced its upcoming annual general meeting (AGM) to be held in October 2024 in Shanghai, China. The primary purpose of the AGM is to consider and potentially pass resolutions to adopt the sixth amended and restated memorandum and articles of association. This amendment aims to remove special voting rights of certain shareholders as outlined in the current fifth amended version. The company will soon file the AGM Notice and proxy form with the SEC and make them available on its investor relations website.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer, has announced the appointment of Mr. Zhi Yan as a director and chairman of the Board, effective August 26, 2024. Mr. Yan replaces Mr. Jian He as chairman, who will remain a director and CEO. Mr. Yan previously served as a director from 2016 to 2023 and brings extensive experience in various industries, including commercial property, finance, and e-commerce.
Mr. Yan is the founder, CEO, and chairman of Zall Smart Commerce Group (HKSE: 2098) and holds leadership positions in other companies. He has a master's degree in business administration and a doctorate in Chinese History. Notably, Mr. Yan's daughter, Dr. Ge Yan, also serves as a Board director at LightInTheBox.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer, has announced plans to change its American Depositary Shares (ADS) ratio. The new ratio will be 1 ADS representing 12 ordinary shares, effective September 5, 2024. This change is equivalent to a 1-for-6 reverse ADS split. ADS holders will need to exchange every six existing ADSs for one new ADS. The company's ADSs will continue trading on the NYSE under the ticker 'LITB' with a new CUSIP number. No fractional new ADSs will be issued, and the depositary bank will sell fractional entitlements, distributing net proceeds to applicable ADS holders. The ADS trading price is expected to increase proportionately, although this is not guaranteed.
LightInTheBox Holding Co., (NYSE: LITB) reported its Q2 2024 financial results, showing a return to profitability with a net income of $0.6 million. Despite a 63.8% year-over-year decrease in total revenues to $69.4 million, the company's strategic focus on profitability proved effective. Key highlights include:
- Gross margin improved to 62.4% from 57.5% in Q2 2023
- Operating expenses decreased to $42.7 million from $111.8 million in Q2 2023
- Adjusted EBITDA was an income of $1.2 million, compared to a loss of $0.7 million in Q2 2023
The company aims to continue refining its differentiation strategy, focusing on strengthening localized operations and upgrading products and services to build brand recognition in a competitive market.
LightInTheBox Holding Co., (NYSE: LITB), an apparel e-commerce retailer, has announced it will release its unaudited financial results for the second quarter ended June 30, 2024 before U.S. markets open on Friday, August 2, 2024. The company's management will hold an earnings conference call at 9:00 a.m. Eastern Time on the same day. Participants can preregister for the call through a provided link, receiving dial-in numbers, an event passcode, and a unique access PIN. A telephone replay will be available for a week after the call, and a live and archived webcast will be accessible on the company's Investor Relations website.
LightInTheBox (NYSE: LITB) reported its unaudited financial results for Q1 2024 on May 28, 2024. The company faced macroeconomic challenges and increased competition, resulting in a shift from sales growth to profitability focus. Total revenues dropped by 51.8% year-over-year to $71.2 million, and apparel sales decreased by 52.7% to $56.4 million. Gross profit fell to $41.4 million, while operating expenses were reduced to $45.5 million. The net loss was $3.8 million, slightly improving from $4.0 million the previous year. Adjusted EBITDA remained a loss of $3.1 million. The company had $30.9 million in cash and equivalents as of March 31, 2024. For Q2 2024, net revenues are expected to be between $60 million and $70 million. A share repurchase program has been extended through June 30, 2024.
LightInTheBox (NYSE: LITB), an apparel e-commerce retailer, announced it will release its unaudited financial results for Q1 2024 on May 28, 2024, before U.S. markets open.
On the same day, the management will hold an earnings call at 9:00 a.m. ET. Participants need to preregister to receive dial-in details, an event passcode, and a unique access PIN.
A telephone replay will be available until June 4, 2024, and a live and archived webcast can be accessed on the company's Investor Relations website.
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