JX Luxventure Limited Announces Formation of a Special Committee to Explore Sale of Menswear Business
JX Luxventure Limited (Nasdaq: LLL) has formed a special board committee to explore the potential sale of its menswear segment due to ongoing revenue declines and increased losses. CEO Ms. Sun Lei highlighted that the menswear segment has been unprofitable for several years, including a decrease in sales in 2021. In contrast, the cross-border merchandise and tourism segments achieved record revenue of US$54,040,948 in 2021, marking a remarkable 4046% increase from the previous year. The company aims to focus its growth strategy on these two promising segments.
- Cross-border merchandise and tourism segments recorded revenue of US$54,040,948 in 2021, a significant increase of 4046% from US$1,335,374 in 2020.
- Formation of a special committee may streamline operations and enhance focus on profitable segments.
- Ongoing decrease in sales revenue and increased losses in the menswear segment over the past several years.
- Management determined no viable short-term strategy to make the menswear business profitable.
HAIKOU, China, May 17, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company delivering comprehensive products solutions to global elite families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism, announced that its board of directors (the "Board") has formed a special board committee consisting of Li Hui Dan, Chairman of the Board, Mu Ruifeng, Chairman of the Audit Committee and Mr. Jin Yan, a member of the Audit Committee, to explore a potential sale of the menswear segment of the Company's business operation.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "We have experienced a decrease in sales revenue and increase in loss of menswear segment of our business for several years, including in 2021. The management of the Company evaluated this trend and determined that there is no viable short-term strategy to make our menswear business profitable and that a potential sale of the menswear segment of our business would allow the Company to focus on the two fast-growing segments of our business operations: the cross-border merchandise and tourism. The operations of these two segments achieved a record revenue of US
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company delivering comprehensive products solutions to global elite families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism. Its business segments cover menswear, cross-border merchandise and tourism. To learn more about the Company, please visit its corporate website at en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of JX Luxventure 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 due to a variety of factors, including those discussed in the Company's periodic reports 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 JX Luxventure Limited
FAQ
What recent action did JX Luxventure Limited (LLL) take regarding its menswear segment?
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