Reorganize Business Segments, Inject High-Quality Assets, Gome Retail Prepare Operations & Strategies Adjustments

GOME Retail Holdings Limited (HKEX Code: 493.HK, “GOME” or “the Company”, and together with its subsidiaries, “the Group”) announced the Possible Very Substantial Acquisition and Connected Transaction on 19th, August 2022. The Company conditionally agreed to acquire the entire equity interests in Eagle Delight Properties (Overseas) Limited, aiming to inject high-quality assets at low prices and optimize the asset structure, increasing the level of return to shareholders of the Company. An application has been made by the Company to the Stock Exchange for trading in the Shares to resume from 9:00 a.m. on 22, August 2022.

Affected by the internal and external macro environment, the capital market and the industry face uncertain risks. GOME prudently assesses the market situation, with the objective of improving future operational efficiency, the Company plans to reorganize its business segments and optimize its asset structure, use technological means to facilitate the digital transformation of the enterprise and improve the consumer service experience throughout the process, ultimately improve the profitability of the Group.

Focusing on the core business, Creating a new profit model

Household appliances segment is a traditional area of strength of GOME. In this business segment adjustment, the Company will focus on its core business, with the vertical model that concentrates on retail sales of household appliances and consumer electronic products as its main business. After the adjustment, based on the Company’s years of experience in the retail field, relying on a large number of offline stores throughout the country and its existing supply chain and after-sales and other infrastructure, the Company has formed five main profit models: exhibition (offline boutique experience), marketing (online and offline omni-channel self-management + sharing supply chain), integrated solutions for home electronics products, extension products for wide scope home appliances and value-added services (delivery, after-sales, extended warranty, paid membership operation, etc.).

Meanwhile, the Company will build an all-scenario and omni-channel provider of O2O appliances and consumer electronics retail by strengthening technology empowerment, comprehensively improving the operation quality of stores and optimizing the store network layout across the nation by closing down inefficient stores, opening new big and premium stores and expanding franchised stores.

For other unrelated or loss-making businesses, the Company’s measures are to spin off, sell or discontinue, and gradually reduce investment in more expensive businesses such as GOME Fun, so as to relieve the Company’s pressure and focus on developing the core businesses.

Optimize Asset Structure, Promote Enterprise Structure Transformation and Management Upgrade

To increase the amount of tangible assets held by the Company, the Company considered, on the premise of not diluting the equity of minority shareholders and not increasing the cash flow pressure of the Company, to acquire the entire equity interests of Eagle Delight Properties (Overseas) Limited at a substantially preferential price from the Controlling Shareholder. The main assets are GOME Commercial Capital and No. 9 Xiangjiang, the two property rights. The acquisition will significantly optimize the Company’s asset adequacy ratio, enhance the confidence of financial institutions in supporting the Company’s business, facilitate the Company’s future refinancing, and promote the establishment of the Company’s offline city display and experience center to enhance its core competitiveness.

In addition, in order to match the next development strategy of GOME, and to further professionally improve the profitability of the full-service closed loop of pre-sale, mid-sale and after-sale and value-added services, Anxun Logistics Co., Ltd (“Anxun Logistics”) is an indispensable part. Anxun Logistics has a competitive advantage in large warehousing and distribution, which is a scarce advantageous asset in the market. The Company will consider acquiring from the Controlling Shareholder part of the equity interest of Anxun Logistics at a substantially preferential price at an appropriate time, thereby achieving the goal of the Company obtaining a controlling interest in Anxun Logistics and improving the retail infrastructure.

In order to ensure the implementation of its business and organized strategies, GOME is also promoting enterprise structure transformation and management upgrades. The Company will:
1. Procure the management team to achieve better performance and higher profitability in 2023; and 2. optimize the management structure, improve the quality and professional level of personnel, optimize staff structure and downsize staff, significantly enhance staff efficiency, close loss-making stores, reduce rents through soliciting tenants and surrendering of the lease, select locations to open new urban stores and large stores, thereby significantly improving the area efficiency; rapidly expand its network through the branding operation and management model and the output capability of the commodity supply chain, and develop a self-operated + franchise model to cover the first-tier to sixth-tier cities across the country on the basis of gridization, so as to quickly restore its original market advantage and achieve the best performance level. Driven by the new model, the separation model of exhibition and sales can be implemented in an effective way to improve gross profit margin and positive cash flow and achieve zero inventory.

About GOME RETAIL HOLDINGS LIMITED

GOME RETAIL HOLDINGS LIMITED was listed on the Hong Kong Stock Exchange in July 2004 (Stock Code: 493HK). Founded in 1987 in China, GOME is a leading technology-driven, experience-based, entertainment-oriented and socialized “Home . Living” technology retail service provider in China. Under the strategy of “Home.Living”, GOME strengthens its technology empowerment and focuses on the retail of home appliances and consumer electronic products as its main business. Moreover, five main profit models have been formed: exhibition (offline boutique experience), marketing (online and offline omni-channel self-management + sharing supply chain), integrated solutions for home electronics products, extension products for wide scope of home appliances and value-added services (delivery, after-sales, extended warranty, paid membership operation, etc.).

For more information, please visit the official website at: www.gome.com.hk






Topic: Press release summary

Luxe Du Jour Received SME Canadian Business Association Award for Business of the Year

 Earlier this year, Tammy Phan, CEO and Founder of Luxe Du Jour, was recognized by SME Canadian Business Association Awards; Luxe Du Jour won Business of the Year. The Company hasn’t slowed down since constantly innovating and solving market problems. Luxe Du Jour is the newest go-to destination to connect handbag renters and lenders – think of it as the “Airbnb” of bags. It is an innovative way where you can become a borrower and rent out high-end authentic designer handbags or you can be a lender and make passive income off the bags you do not currently use and would like to lend out through their company. Luxe Du Jour only accepts the following brands; Chanel, Louis Vuitton, Dior, Hermès, Céline, Givenchy, Prada, Gucci, Saint Laurent, Fendi, Cartier, Van Cleef & Arpels, Chloé, Balenciaga, Valentino, and Goyard.

Tammy Phan (CEO and Founder) stated: “Luxe Du Jour started in 2016 with the intent of bringing sustainability to the luxury market. The founder put together their collection of handbags and started selling them on consignment!”

Luxe Du Jour is a luxury consignment company that offers a wide selection of pre-loved, professionally authenticated designer handbags. The company also operates Luxe Bag Rental, where luxury authentic handbags can be rented for 15 or 30 days, and Luxe Bag Spa, which restores pre-loved bags.

Luxe Du Jour is planning an expansion of a US head office. Luxe Du Jour currently ships worldwide and has 5 head offices internationally. Phan is continuing to expand the business and turn it into a fintech company with the launch of her App coming later this year. “Luxe Du Jour is the brand to watch with all their innovation coming out this year,” says CEO Tammy Phan.

Luxe Du Jour

Shantal Zoto

+1-833-746-7589

luxedujour.ca

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Categories

  • Fashion & Apparel
  • Retail

Qatar Business Today™ becomes part of Arab Newswire Media List Press Release Distribution to MENA Region

Doha, Qatar – WEBWIRE

Qatar Business Today™ is an exceptional news writing, publishing, aggregator and content distribution center for corporations — public or private.



(ARAB NEWSWIRE) – Qatar Business Today™ (https://www.qatarbusinesstoday.com) joins news network that makes the media list for Arab Newswire™ (https://www.arabnewswire.com) – a newswire with press release distribution services for the Arab World, Middle East and North Africa (MENA).



Qatar Business Today™ is a news publication that aggregates, publishes, distributes breaking news about startups, businesses enterprises and organizations that are leading economic growth in the State of Qatar and the MENA region. Leaders, investors, consumers and news enthusiasts receive news coverage on Business, Energy, Finance, Healthcare, Technology, Travel and corporate news releases.



Below are some headlines that depicts the tone for news coverage on Qatar Business Today™:



Qatar, Switzerland to see further strengthening of bilateral relations

https://qatarbusinesstoday.com/qatar-switzerland-to-see-further-strengthening-of-bilateral-relations/



Qatar among top countries investing in UK real estate

https://qatarbusinesstoday.com/qatar-among-top-countries-investing-in-uk-real-estate/



Qatar Airways collaborates with Chef Wan for an exclusive Business Class menu

https://qatarbusinesstoday.com/qatar-airways-collaborates-with-chef-wan-for-an-exclusive-business-class-menu-lifestyle-asia-kuala-lumpur/ .



“Qatar Business Today™ is an exceptional news writing, publishing, aggregator and distribution center for corporations, public or private organizations, professionals, business executives, investors and decision makers,” explains the Editor and Publisher of the news portal.



About Qatar Business Today™

This regional news publication covers Doha, the State of Qatar and the Middle East. It is designed with precision and consistence to inform the ever fast-paced decision makers, the global investors and consumers about the region. To receive selected breaking news on your mobile devices or desktops, go to https://qatarbusinesstoday.com/. Qatar Business Today™ is powered by Arab Newswire™.



About Arab Newswire™

Arab Newswire™ is a commercial newswire service with press release distribution to media outlets in the Arab world, Middle East and North Africa (MENA). The newswire service publishes and distributes press releases in Arabic, English and French. Other services include writing and editing press releases, consulting and media planning. For more information on press release distribution to media in the Arab world including MENA region, go to http://www.arabnewswire.com or contact us at WhatsApp: +1 832-716-2363 or over Skype: groupwebmedia.



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RT Specialty’s Book of Business Reveals Environmental and Pollution-Related Claims Trends

 The Environmental and Construction Professional Practice (RT ECP) of RT Specialty recently surveyed its book of business for several of its environmental and pollution-related insurance lines to determine the leading causes of claims from 2020 to 2021. The analysis revealed that the highest percentage of these claims were experienced by the healthcare, oil & gas, property management and habitational fields and predominantly pertained to COVID, indoor air quality, chemical spills and leaks, and structure disturbance issues.

“We studied our book of insureds to not only better understand the marketplace, but to also provide agents, brokers and their clients with the knowledge and insights which may be helpful to make informed strategic risk management decisions,” says Jeff Slivka, president of RT ECP. “The fact is information like this has never been more important. The coronavirus impacted businesses nationwide and this was in addition to the typical environmental issues that can undermine the timely completion of almost any project as well as the financial viability of everyone involved.”

Designed to facilitate contaminated property transactions and buoy the balance sheets of large real estate assets, Pollution Legal Liability (PLL) insurance is a claims-made coverage that typically helps cover the on- and off-site cleanup of contaminated sites; remediation and defense expenses; third-party bodily injuries; and property damage. RT ECP recently reviewed its PLL book of business to identify the environmental claims and causes produced over the past two years. Of these, 23% of the claims were recorded within the healthcare industry. This was followed by the property management field at 18% and the oil & gas industry at 11%. As for the causes, COVID led at 36%. This was then followed by indoor air quality/microbial matter/mold/bacteria at 31% and spills/onsite leaks at 24%.

Contractor’s Pollution Liability (CPL) policies are written to help protect insureds against the pollution conditions resulting from the covered contracting operations performed by or on behalf of the named insureds. In 2020 and 2021, the highest percentage of claims on RT ECP’s book of business were made within the habitational (34%) industry and then the commercial office, educational, heavy highway, and religious fields, which all individually posted 8% of the claims. The highest percentage of causes were related to compromised air quality (30%), chemical/product/waste spills/project site leaks (23%) and the disturbance of existing structures (20%).

For more information on this analysis or RT ECP, please visit https://rtspecialty.com/product/environmental-construction-professional-liability/ or 609-298-3516.

RT Environmental & Construction Professional Practice

Sheryl Barr

609-528-3884

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Categories

  • Architecture
  • Business
  • Commercial Real Estate
  • Construction & Building
  • Environment
  • Insurance
  • Real Estate

Velocity Works Recent Certification Brings New Business Opportunities as a Veteran Business Enterprise

 Velocity Works, a full service custom development software solutions company and IT staffing agency, was certified by the National Veteran-Owned Business Association on June 28, 2022. As Velocity Works is officially certified as a Veteran Business Enterprise, it opens new doors and opportunities for future work.

Many large corporations and government agencies offer a certain percentage of contracting opportunities to specific businesses such as minority-owned businesses, veteran-owned businesses and more. With the achievement of this recent certification, it has become a game changer for Velocity Works in terms of competing in the competitive market. This is truly a new horizon for Velocity Works as they can better differentiate themselves from other bids now that they are officially certified as a veteran owned business.

Prepare to see more of Velocity Works as they scale the market with their custom software solutions and technical hiring support services.

About Velocity Works

Velocity Works is an experienced custom software development company that not only delivers personalized product solutions to help businesses scale faster, they also offer IT staffing services. Whether companies are looking to invest and update their current software systems or create an entire new product, Velocity Works offers affordable solutions as they offer both nearshore and offshore services.

When it comes to their staffing services, Velocity Works knows how difficult it can be to find the right talent that can maintain the pace you need with the right skillset. Working with Velocity Works, they know what it takes to find the right technical IT talent to keep your business up and running as they scout for true talent and ensure they are the right fit by performing various technical exercises.

Velocity Works Founder

Al Lopez, founder and CEO of Velocity Works, proudly served the United States Marines Corps from 1997-2004 and was deployed in the 31st Marine Expeditionary Unit. He then was recruited into the United States Army and was deployed in Iraq from 2004-2005. He served as a Civil Affairs Specialist with the Foreign Internal Defense Unconventional Warfare unit in the Army Special Operations Command. His time serving the country prepared him with the skillset to build a legacy of his own; and that is Velocity Works.

Velocity Works

Bob Andrews

412-212-8080

https://www.velocityworks.io/

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Categories

  • Software