Ever-Glory posts positive predictions
Chinese apparel company Ever-Glory International Group, Inc. has posted financial highlights for 2007 and has offered an overview of its strategic plan for 2008.
According to chairman, chief executive and president, Edward Yihua Kang, the acquisition of textile manufacturers Tailun Garments Co, Ltd and Nanjing Catch-Luck Garments Co., Ltd. helped raise production capacity to an annual rate of eight million pieces per year in 2007. The company estimates that revenues for the year were between $68 million and $70 million, while it believes 2007 net income will fall between $5.8 million and $6 million.
Meanwhile, its priority for 2008 will be domestic growth and to complete the launch of its La Go Go womenswear brand with La Chapelle Garment and Accessories Co., Ltd. The company also plans to expand its retail network to 80 stores by the end of the year and to generate revenues of between $90 million and $100 million and net income of between $8 million and $8.6 million.
