Bosideng Appointed Liang Xuhui As Chief Executive Officer.

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< p style= 'text-align: center; > > Chinese down brand Boston (3998.HK) < /p >

(P) Bosideng International Holdings Limited (3998.HK) announced the appointment of Liang Xuhui as chief executive of the group on Wednesday after the closing of the Hong Kong stock market. Gao Dekang, the former chief executive, will no longer hold the post, but will remain chairman and executive director of the group. The above appointments have been effective since May 15th.

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< p > group explains that this arrangement mainly takes into account the growing size of the group, the introduction of more professionals, and the meticulous division and management, laying a solid foundation for long-term business development. At the same time, this move separates the chairman and CEO from the requirements of the listing rules and effectively provides enterprise control.

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Liang Xuhui, P, aged 52, was the chief strategist of the Daphne International Holdings Ltd (0210.HK) before joining 3998.HK. He had served as the chief operating officer of the 1086.HK (1086.HK) earlier and had over 20 years of operation in the strategic development and operation management of the listed companies.

He signed a contract with 3998.HK for three years, with an annual salary of 5 million yuan.

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P, 3998.HK, has suffered major setbacks since 2012.

In less than two years' business in the UK, 3998.HK began to lay off staff.

The layoffs were mainly targeted at the purchasing and design team of London headquarters in Bradford (Bradford) and the only international flagship store in London. The team was formed last summer. Amelia Pretious is the design director, and its Bosideng 2014 autumn winter series was released in New York fashion week for the first time in February.

People familiar with the matter said that local employees were told that 3998.HK would no longer be made in the UK, and that the Chinese team would take over the responsibilities.

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< p > Britain is the first major market for international expansion of Boston (3998.HK). On the eve of the opening of the London Olympic Games in July 26, 2012, the London flagship store, which spent a total of 35 million pounds, officially opened its business and formally expanded its pace of international expansion.

Zhu Wei, chief executive of 3998.HK, revealed in early 2013 that the Bosideng brand might enter the high-end shopping center in London at the beginning of the year to accelerate European expansion.

However, market information indicates that London's flagship store is not as good as expected, and the European expansion plan is also shelved.

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In January this year, 3998.HK landed in the US market and opened Bosideng brand guerrilla store in Rothmans men's clothing store in Union Square, Manhattan. It was released in New York fashion week in P.

At the beginning of March, the group finally launched its European expansion. After the Bosideng London, it launched a new European brand Bosideng Plus Zero in Italy.

The headquarters of Bosideng Plus Zero will be located in Rome, which is designed in Italy, but is still used in China. It is said that the brand will be mainly distributed in Europe.

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< p > in the first half of September 30, 2013, the revenue of 3998.HK decreased by 8.8% to 2 billion 809 million 200 thousand yuan per annualized year, gross profit margin rose 380 basis points to 49.4%, net profit rose 3.1% to 326 million 100 thousand yuan, or 4.10 yuan per share.

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At the end of March, 3998.HK issued a profit warning, indicating that the expected double-digit decline in the fiscal year ending March 31, 2014 will be a double-digit decline compared with the same period in 2013, mainly due to the intense competition in the down industry and the temperature in most parts of China in 2013 winter than normal winter weather. P

In addition, the Group expects to see a year-round decrease in net profit over the income decline as a result of its continued support.

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