Lightinthebox Holding Co., Ltd. (NYSE:LITB)

BEIJING, March 23, 2020 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a cross-border e-commerce company that delivers products directly from manufacturers to customers around the world, today announced that it has decided to postpone the conference call to discuss its unaudited financial results for the fourth quarter and full year ended December 31, 2019 until it finalizes its internal audit process, which was delayed due to difficulties arisen from the outbreak and continuation of the COVID-19 pandemic.

The Company will announce a new date to report earnings via press release shortly once timing has been confirmed.

BEIJING, Dec. 24, 2019 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a cross-border e-commerce company that delivers products directly from manufacturers to its customers around the world, today announced that its board of directors (the "Board") authorized on December 12, 2019 a share repurchase program under which the Company may repurchase up to US$3 million of its ordinary shares in the form of American Depositary Shares no later than June 28, 2020 (the "Share Repurchase Program"), subject to the relevant rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company's insider trading policy. The Share Repurchase Program was executed on December 23, 2019.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "The implementation of our share repurchase program reflects the confidence of the Board and management towards the Company's strategy, operating fundamentals, and business prospects. This repurchase program reflects our commitment to enhance value for our shareholders."

The Company's share repurchases may be made from time to time on the open market at prevailing market prices, in open-market transactions, privately negotiated transactions or block trades, and/or through other legally permissible means, depending on market conditions and in accordance with the applicable rules and regulations. The timing and conditions of the share repurchases will be subject to various factors including the requirements under Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Board will review the Share Repurchase Program periodically and may authorize adjustments to its terms and size or suspend or discontinue the program. The Company expects to utilize its existing funds to fund repurchases made under the Share Repurchase Program.

Third Quarter 2019 Financial Results

• Total revenues regained significant growth momentum increasing 34.6% year-over-year to $59.9 million.
• Net income per American Depository Share ("ADS") was $0.15 in the third quarter of 2019, compared with net loss per ADS of $0.27 in the same quarter of 2018. Each ADS represents two ordinary shares. The diluted net loss per ADS in the third quarter of 2019 was $0.00 and $0.27 in the same quarter of 2018.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "Our results this quarter are a strong reflection of the significant progress we have made since we began implementing our strategy to turn the business around last year. I am pleased to report that we are beginning to see the tangible benefits of the changes we have been making to improve operational efficiency, product optimization, and cost controls which resulted in our first quarter of GAAP profitability since 2014. In particular, our focus on improving product optimization, driving customer engagement and expanding our market scale have been critical to the success we have seen so far. Adjusted EBITDA was also positive for the second consecutive quarter, increasing to earnings of $0.5 million from a loss of $17.3 million during the same period last year, which I believe demonstrates the growth trajectory we are on. We remain focused on executing our strategy to generate sustainable long-term growth and are very encouraged by our improvements to date. We will continue to implement our strategies in order to maintain the trend of improvement."

Second Quarter 2019 Financial Results

• Total revenues regained growth momentum increasing 4.9% year-over-year to $58.1 million.
• Net loss per American Depository Share ("ADS") was $0.11 in the second quarter of 2019, compared with net loss per ADS of $0.14 in the same quarter of 2018. Each ADS represents two ordinary shares.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "I'm glad to report solid results which I believe demonstrate just how effective our efforts over the past few quarters have been in stabilizing and turning our business around. Revenues during the quarter regained growth momentum by increasing 4.9% year-over-year. Gross margin expanded significantly to 41.9%, driven by a shift in product mix towards higher margin products. More importantly, adjusted EBITDA turned positive, increasing to earnings of $0.9 million compared to a loss of $8.9 million during the same period last year. We continue to cut costs and are carefully investing in R&D in order to drive future growth.  Sales and marketing expenses as a percentage of revenue also continued to trend downwards, decreasing to 19.8% as our repeat purchase rate gradually increases. With our financial and operational metrics improving since the acquisition of Ezbuy, I'm fully confident that we have the right strategy in place to build upon this momentum going forward."

First Quarter 2019 Financial Results

• Total revenues decreased by 27.4% year-over-year to $50.9 million from $70.1 million in the same quarter of 2018. 
• Net loss per American Depository Share ("ADS") was $0.21 in the first quarter of 2019, compared with net loss per ADS of $0.12 in the same quarter of 2018. Each ADS represents two ordinary shares.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "The initiatives we implemented last quarter to stabilize and turn our business around continue to generate solid results and have strengthened our confidence going forward. While net revenues decreased 27.4% year-over-year to $50.9 million, our gross margin held steady at 34.8%, a significant improvement from 29.2% during the same period last year and essentially flat sequentially. The integration of operations between Ezbuy and LightInTheBox is creating new synergies that are optimizing operational efficiency and increasing our repeat purchase rate. Sales and marketing expenses as a percentage of revenue also continues to trend downwards, falling to 18.3%.

Adjusted EBITDA was $7.9 million in the first quarter of 2019, almost flat when compared with the same period last year which I believe is more indicative of the progress we have made in turning the business around."

Business outlook

For the second quarter of 2019, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $57 millionand $60 million.

BEIJING, April 3, 2019 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a cross-border e-commerce platform that delivers products directly to consumers around the world, today announced it received notice from the New York Stock Exchange ("NYSE") on April 1, 2019 indicating that the Company's stock price was above the NYSE's minimum requirement of $1 based on a 30-trading day average. Accordingly, the Company is no longer considered below the $1 continued listing criterion.

LightInTheBox had previously been notified by NYSE in October 2018 that the Company was "below criteria" due to the average closing price of the Company's ADSs being less than US$1.00 over a consecutive 30-trading-day period. In order to regain compliance with the rule, the Company was given the later of its subsequent annual meeting date or six months following receipt of notification to bring its stock price above the $1 minimum level with a deadline date of April 22, 2019. This requirement was met on March 29, 2019 as the Company's stock price was above the NYSE's minimum requirement of $1 based on a 30-trading day average.

BEIJING, March 11, 2019 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a leading cross-border e-commerce company that delivers products directly to consumers around the world, today announced the appointment of Ms. Wenyu Liu as Acting Chief Financial Officer, effective March 7, 2019.

Ms. Wenyu Liu has years of experience in cross-border ecommerce and financial management. She joined the Company in December 2018, was responsible for the operations of LightInTheBox's in North America and of Ezbuy Singapore. From 2010 to 2018, Ms. Liu, one of the founders of Ezbuy, served as CEO of Ezbuy Singapore. Ms. Liu obtained her bachelor's degree from Nanyang Technological University in 2009 and her master's degree from the National University of Singapore in 2011.

Mr. Zhi Yan, Chairman of LightInTheBox commented, "I am pleased to welcome Ms. Liu as Acting CFO of the Company and I look forward to working closely with her. I am confident that her extensive knowledge of both cross-border ecommerce and finance will contribute greatly to our business going forward."

Third Quarter 2018 Financial Results

• Net revenues decreased 42.3% year-over-year to $44.5 million from $77.1 million in the same quarter of 2017. Net revenues from product sales were $42.9 million, compared with $72.4 million in the same quarter of 2017. Net revenues from service and others were $1.6 million, compared with $4.7 million in the same quarter of 2017. As a percentage of net revenues, service and others accounted for 3.6% during the third quarter of 2018.
• Net loss per American Depository Share ("ADS") was $0.27 in the third quarter of 2018, compared with net loss per ADS of $0.03 in the same quarter of 2017. Each ADS represents two ordinary shares.

BEIJING, Dec. 10, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced the closing of its strategic acquisition of a 100% equity stake in Ezbuy Holding Co., Ltd. ("Ezbuy"), a Singapore-based leading cross-border e-commerce platform. The signing of the transaction was previously announced on November 8, 2018.

As a result of the transaction, the Company's Board of Directors appointed Mr. Jian He as Chief Executive Officer and Director, Mr. Meng Lian as Director, and Mr. Zhiping Qi as Vice Chairman of the Board on November 16, 2018.

Mr. Jian He, Chief Executive Officer of LightInTheBox, commented, "We are thrilled to have closed this significant acquisition of Ezbuy as we begin working to jointly realize major strategic business synergies. We hit the ground running and are devoting substantial resource towards enhancing the user experience and improving supply chain management and fulfillment capabilities in order to build our B2C cross border e-commerce business out to scale globally." 

BEIJING, Nov. 30, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that effective immediately, the Company engaged KPMG Huazhen LLP ("KPMG") as the Company's independent registered public accounting firm, to replace Deloitte Touche Tohmatsu Certified Public Accountants LLP ("Deloitte"). The change of the Company's independent registered public accounting firm was approved by the Audit Committee and the Board of Directors on November 29, 2018.

There were no disagreements between the Company and Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

BEIJING, Nov. 8, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced the execution of a share purchase agreement for the strategic acquisition of a 100% equity stake in Ezbuy Holding Co., Ltd. ("Ezbuy"), a Singapore-based leading cross-border e-commerce platform. 

Under the terms of the share purchase agreement and as part of an intended long-term, strategic transaction to create greater synergies with the Company's existing business, LightInTheBox has agreed to acquire a 100% equity stake in Ezbuy for US$85.55 million in the form of non-interest bearing one year convertible promissory notes that automatically convert into an aggregate of 22,220,779 American Depositary Shares (ADS) if the price of the Company's ADSs trade at a high of $3.85 for three consecutive trading days during the term of the note. The Company may be obligated to issue up to an additional 22,220,779 ADSs, in a combination of cash and securities, at the end of the one year period if the price is not attained. Both companies will work together to maximize business synergies created to capitalize on opportunities to expand their businesses.

Founded in Singapore in 2010, Ezbuy has become one of Southeast Asia's leading cross-border e-commerce platforms. Ezbuy allows its more than 3 million customers in Singapore, Malaysia, Indonesia, Thailand and Pakistan to shop for high-quality products from Mainland China, Taiwan, the USA, South Korea, Malaysia, and Singapore.

The closing of the transaction is expected to occur  in the near future and is subject to customary closing conditions, including, without limitation, NYSE approval for the listing of the ADSs to be issued in connection with the transaction, the appointment of two new directors to the Board of the Company, and the hiring of a new Chief Executive Officer to be appointed by the Board of Directors of the Company.

Mr. Zhiping Qi, Chief Executive Officer of LightInTheBox, commented, "After extensive discussions with Ezbuy's highly experienced management team, I am pleased to finally sign definitive documentation for this acquisition and begin working closely with them to jointly realize major strategic business synergies. This transaction is part of our larger plan to build our B2C cross border e-commerce out to scale globally by enhancing the user experience and improving supply chain management and fulfillment capabilities. Ezbuy has done a fantastic job building a talented team, highly recognizable brand, and solid supply chain management which strengthens and directly complements our emerging markets strategy. Integrating our supply chain network, warehousing and logistics in China will create enormous business synergies that will truly unlock the value of the markets Ezbuy operates in and will help us build a solid platform for sustainable long-term growth."

BEIJING, Oct. 30, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it received a letter from the New York Stock Exchange ("NYSE"), indicating that the Company is "below criteria" due to the average closing price of the Company's ADSs being less than US$1.00 over a consecutive 30-trading-day period. The NYSE requires the average closing share price of a listed company's ADSs to be at least US$1.00 per share over any consecutive 30 trading-day period.

The Company has six months to cure the deficiency and can regain compliance at any time if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least US$1.00 and an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month. If at the expiration of the cure period, both a US$1.00 closing share price on the last trading day of the cure period and a US$1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.

The Company will notify the NYSE that it will take steps to cure this deficiency within the prescribed timeframe. Until then, the Company's ADSs will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards and other rights of the NYSE to delist the ADSs. The Company is currently in compliance with all other NYSE continued listing standards. The NYSE notification does not affect the Company's business operations or its Securities and Exchange Commission reporting requirements.

Second Quarter 2018 Financial Results

• Net revenues decreased 29.4% year-over-year to $55.4 million from $78.5 million in the same quarter of 2017.
• Net loss per American Depository Share ("ADS") was $0.14 in the second quarter of 2018, compared with net loss per ADS of $0.03 in the same quarter of 2017. Each ADS represents two ordinary shares.

First Quarter 2018 Financial Results

• Net revenues decreased 3.6% year-over-year to $70.1 million from $72.7 million in the same quarter of 2017.
• Net loss per American Depository Share ("ADS") was $0.12 in the first quarter of 2018, compared with net loss per ADS of $0.03 in the same quarter of 2017. Each ADS represents two ordinary shares.

BEIJING, June 5, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that it has partnered with Cybermiles, a blockchain and smart contract platform for e-commerce, to launch a cryptocurrency rebate promotional campaign in June 2018.

Using Cybermiles's CMT crypto token, consumers in select countries who purchase products from LightInTheBox websites and mobile apps during the promotional period will receive rebates as high as 100% of the order value in the form of Ethereum (ETH).

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are excited to launch this innovative new approach for a rebate promotional campaign within the blockchain space. LightInTheBox is striving to become a leading 'crypto-native' global ecommerce platform in the future."

Dr. Lucas Lu, Founder of the CyberMiles, said, "We are very excited to work with LightInTheBox on this crypto summer rebate promotional campaign. This campaign will demonstrate a new and innovative application of crypto tokens within e-commerce."

BEIJING, May 16, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that it has launched Cash on Delivery in India. Together with already enabled PayTM and PayU Wallet, Unified Payments Interface, localized Indian Debit and Credit Card payment services, LightInTheBox aims to provide the best localized shopping experience for Indian customers. According to Statista.com, 65%-70% of e-commerce transactions in India used Cash on Delivery.

Mr. Alan Guo, Chairman and CEO of LightInTheBox commented "We are excited to enable the most popular online payment service, Cash on Delivery, in India. It marks our steady steps in exploring business opportunities in the fastest growing emerging economy in the world."

BEIJING, April 4, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it has signed a strategic distribution agreement with Xiaomi, a leading global technology leader, to sell a full array of Xiaomi products in North America. This agreement marks Xiaomi's first cross border e-commerce distribution partnership in North America.

According to the terms of the strategic distribution agreement, LightInTheBox will officially begin selling a full array of Xiaomi's products in North America with immediate effect. Customers who buy Xiaomi products through LightInTheBox platforms will also receive local customer support from Xiaomi.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are excited to partner with Xiaomi in distributing their products across North America. Xiaomi's strong brand name and innovative products will attract new customers to our platform, as we believe that American consumers are always on the lookout for high-quality, well-designed products at incredible prices."

Mr. Qingwei Yan, Director of North America Business, Xiaomi commented, "We are glad to partner with LightInTheBox in leveraging their strong overseas online market presence and local networks. We believe with LightInTheBox's help, we will be able to attract new customers across North American markets and introduce them to our innovative products."

BEIJING, March 23, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced its unaudited financial results for the full year and the fourth quarter of 2017.

Full Year 2017 Highlights

Net revenues increased 9.4% year-over-year to $319.9 million
Net revenues from product sales increased 12.2% year-over-year
Product sales in the apparel category increased 11.1% year-over-year
Sales made through mobile devices increased 22.1% year-over-year. Sales made through the Company's mobile app increased 73.6% year-over-year
General and Administrative expenses as a percentage of total net revenues decreased to 9.3% from 11.8% in 2016
Fulfillment expenses as a percentage of total net revenues dropped to 5.4% from 5.8% in 2016
Revenues from South America and Russia increased 51.2% and 21.1% year-over-year, respectively
Full Year 2017 Financial Results

Net revenues increased 9.4% year-over-year to $319.9 million from $292.5 million in 2016. Net revenues from product sales were $294.0 million, compared with $262.1 million in 2016. Net revenues from service and others were $25.9 million, compared with $30.4 million in 2016. As a percentage of net revenues, service and others accounted for 8.1% in 2017.

Total orders of product sales were 6.7 million for the full year of 2017, compared with 6.6 million in 2016. Total number of product sales customers was 4.9 million for the full year of 2017, flat with 2016.

Product sales in the apparel category were $99.2 million for the full year of 2017, compared with $89.3 million in 2016. As a percentage of product sales, apparel revenues accounted for 33.7% for the full year of 2017, compared with 34.1% in 2016. Product sales from other general merchandise were $194.8 million for the full year of 2017.

Product sales from Europe were $153.7 million for the full year of 2017, compared with $145.2 million in 2016, representing 52.3% of total product sales for the full year of 2017. Product sales from North America were $73.3 million, compared with $77.8 million in 2016, representing 24.9% of total product sales for the full year of 2017, while product sales from other countries were $67.0 million, representing 22.8% of total product sales for the full year of 2017.

Total cost of revenues was $214.3 million in the full year of 2017, compared with $188.9 million in 2016. Cost for product sales was $189.9 million in the full year of 2017, compared with $160.6 million in 2016. Cost for service and others was $24.4 million in the full year of 2017, compared with $28.3 million in 2016.

Gross profit for the full year of 2017 was $105.6 million, compared with $103.6 million in 2016. Gross margin was 33.0% in the full year of 2017, compared with 35.4% in 2016.

Total operating expenses in the full year of 2017 were $115.8 million, compared with $112.6 million in 2016.

Fulfillment expenses in the full year of 2017 were $17.3 million, compared with $17.1 million in 2016. As a percentage of total net revenues, fulfillment expenses were 5.4% for the full year of 2017, compared to 5.8% in 2016.
Selling and marketing expenses in the full year of 2017 were $68.9 million, compared with $61.1 million in 2016. As a percentage of total net revenues, selling and marketing expenses were 21.5% for the full year of 2017, compared to 20.9% in 2016.
General and administrative (G&A) expenses in the full year of 2017 were $29.6 million, compared with $34.5 million in 2016. As a percentage of total net revenues, G&A expenses were 9.3% for the full year of 2017, compared with 11.8% in 2016. G&A expenses in the full year of 2017 included $10.4 million in technology investments, compared with $12.8 million in 2016.
Loss from operations was $10.2 million in the full year of 2017, compared with a loss from operations of $9.1 million in 2016.

Net loss was $9.5 million in the full year of 2017, compared with a net loss of $8.7 million in 2016.

Net loss per American Depository Share ("ADS") was $0.14 in the full year of 2017, flat with 2016. Each ADS represents two ordinary shares.

Fourth Quarter 2017 Financial Results

Net revenues decreased 3.7% year-over-year to $91.6 million from $95.2 million in the same quarter of 2016. Net revenues from product sales were $83.1 million, compared with $84.7 million in the same quarter of 2016. Net revenues from service and others were $8.5 million, compared with $10.5 million in the same quarter of 2016. As a percentage of net revenues, service and others accounted for 9.2% during the fourth quarter of 2017.

Total orders of product sales were 1.7 million for the fourth quarter of 2017, compared with 2.2 million in the same quarter of 2016. Total number of product sales customers was 1.4 million for the fourth quarter of 2017, compared with 1.7 million in the same quarter of 2016.

Product sales in the apparel category were $25.3 million for the fourth quarter of 2017, compared with $24.1 million in the same quarter of 2016. As a percentage of product sales, apparel revenues accounted for 30.4% for the fourth quarter of 2017, compared with 28.5% in the same quarter of 2016. Product sales from other general merchandise were $57.8 million for the fourth quarter of 2017.

Product sales from Europe were $44.5 million for the fourth quarter of 2017, compared with $47.0 million in the same quarter of 2016, representing 53.5% of total product sales for the fourth quarter of 2017. Product sales from North America were $19.0 million, compared with $22.7 million in the same quarter of 2016, representing 22.9% of total product sales for the fourth quarter of 2017, while product sales from other countries were $19.6 million, representing 23.6% of total product sales for the same quarter.

Total cost of revenues was $64.4 million in the fourth quarter of 2017, compared with $63.4 million in the same period of 2016. Cost for product sales was $56.7 million in the fourth quarter of 2017, compared with $53.6 million in the same period of 2016. Cost for service and others was $7.7 million in the fourth quarter of 2017, compared with $9.8 million in the same period of 2016.

Gross profit for the fourth quarter of 2017 was $27.2 million, compared with $31.8 million in the same period of 2016. Gross margin was 29.7% in the fourth quarter of 2017, compared with 33.4% in the same quarter of 2016.

Total operating expenses in the fourth quarter of 2017 were $30.8 million, compared with $34.2 million in the same quarter of 2016.

Fulfillment expenses in the fourth quarter of 2017 were $5.0 million, compared with $4.6 million in the same quarter of 2016. As a percentage of total net revenues, fulfillment expenses were 5.5% for the fourth quarter of 2017, compared to 4.8% in the same quarter of 2016 and 5.4% in the third quarter of 2017.
Selling and marketing expenses in the fourth quarter of 2017 were $17.8 million, compared with $19.5 million in the same quarter of 2016. As a percentage of total net revenues, selling and marketing expenses were 19.4% for the fourth quarter of 2017, compared to 20.5% in the same quarter of 2016 and 23.1% in the third quarter of 2017.
General and administrative (G&A) expenses in the fourth quarter of 2017 were $8.0 million, compared with $10.1 million in the same quarter of 2016. As a percentage of total net revenues, G&A expenses were 8.7% for the fourth quarter of 2017, compared with 10.6% in the same quarter of 2016 and 8.6% in the third quarter of 2017. G&A expenses in the fourth quarter of 2017 included $2.7 million in technology investments, compared with $3.1 million in the same quarter of 2016.
Loss from operations was $3.6 million in the fourth quarter of 2017, compared with a loss from operations of $2.4 million in the same quarter of 2016.

Net loss was $3.5 million in the fourth quarter of 2017, compared with a net loss of $2.4 million in the same quarter of 2016.

Net loss per ADS was $0.05 in the fourth quarter of 2017, compared with net loss per ADS of $0.04 in the same quarter of 2016. Each ADS represents two ordinary shares.

For the fourth quarter of 2017, the Company's weighted average number of ADSs used in computing loss per ADS was 68,565,927.

As of December 31, 2017, the Company had cash and cash equivalents and restricted cash of $70.0 million, compared with $71.1 million as of September 30, 2017.

Share Repurchase Program Extension

On June 15, 2017, the Company announced the extension of its existing share repurchase program for an additional twelve month period from June 15, 2017 through June 14, 2018 to continue to repurchase up to the remaining balance of the $10 million of its American Depositary Shares ("ADSs").  As of December 31, 2017, the Company had repurchased a total of $3.9 million of its ADSs.

BEIJING, March 15, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), today announced that it has established an experimental cryptocurrency mining operation in North America.

The Company's experimental cryptocurrency mining operation is composed of a group of powerful GPU-based specialized computers that participate in a decentralized cryptocurrency system. The computers compute algorithmic results to support the system and in turn earn yields overtime, in the form of the corresponding cryptocurrency. LightInTheBox established the experimental mining operation in a strategically selected North American region with an ample and economical supply of renewable energy.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "The establishment of our experimental cryptocurrency mining operation in North America is a step forward in our strategy to understand and explore blockchain related technologies and their various real-world applications. This operation will allow us to gain further first-hand experience in better understating the cryptocurrency ecosystem and their underlying new technologies."    

BEIJING, Feb. 1, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it has launched a "Cloud Fitting Room" service to allow customers in the United States to try on wedding gowns and bridesmaid dresses at home.

Leveraging the Company's self-operated fulfillment center in the United States, LightInTheBox will ship up to three wedding gowns or bridesmaid dresses at a time to customers across the United States and allow them to try them on at home and mail back before they make their final purchase of a made-to-order customized dress. Customers will be charged US$10 for this service which will initially cover the Company's wedding apparel category and is expected to expand to prom dresses and other made-to-order special occasion dress categories in the near future. 

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "Based on customer feedback, we developed this service to allow customers to see and try on various dresses before they buy such an important clothing item such as a wedding gown or bridesmaid and prom dresses. We believe our innovative 'Cloud Fitting Room' service will greatly improve our user experience by turning everyone's home into a comfortable fitting room which they can share with their family or friends."

BEIJING, Jan. 18, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it has opened a blockchain technology research lab to explore and develop blockchain technology platforms and their application on the cross-border e-commerce industry. The research lab will be composed of both existing in-house talent and new hires with strong backgrounds in blockchain technology. The Company has begun a global search to recruit a head to lead the blockchain technology research lab.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "Blockchain technology can potentially play a crucial role in cross-border e-commerce transactions and in many other related sectors. As a leading cross-border e-commerce company, we are opening a blockchain research lab to build a solid base for the exploration of both blockchain platform technology and its application in cross-border e-commerce and other relevant sectors. We welcome global blockchain technology talent interested in joining our research lab to apply."

BEIJING, Jan. 8, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that bitcoin will now be accepted on the LightInTheBox.com and MiniInTheBox.com platforms as of January 5th, 2018. Bitcoin payments will be processed through BitPay.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "I'm glad to bring Bitcoin as a new payment channel to our customers. We think blockchain could potentially be an important technology for us. We are intrigued to study and adapt this technology in the future."

BEIJING, Dec. 22, 2017 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that its Chairman & CEO Alan Guo has purchased 114,418 ADS of the Company's stock from the public market. The purchases were made during the open window period and in compliance with company and legal guidelines.

"I have full confidence in our strategy and the future of our business as we continue to strengthen our supply chain management and to expand into emerging global markets. And we are committed to building LightInTheBox stronger and create greater value for all our shareholders." commented Mr. Alan Guo, Chairman and CEO of LightInTheBox.

Third Quarter 2017 Financial Results

• Net revenues increased 19.8% year-over-year to $77.1 million, at the higher end of the Company's guidance
• Non-GAAP net loss per ADS was $0.04 in the third quarter of 2017, compared with non-GAAP net loss per ADS of $0.02 in the same quarter of 2016.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are pleased with our financial and operational results during the quarter which continue to be driven by our strategy to strengthen supply chain management, improve customer satisfaction and enhance the mobile user experience on our platforms. We saw strong growth momentum in strategic emerging markets including India, Brazil and the Gulf Cooperation Council with more localized product offerings as well as logistics and payment solutions."

Business Outlook

For the fourth quarter of 2017, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $97 million and $100 million, which represents an increase of approximately 2% to 5% year-over-year. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

BEIJING, Nov. 13, 2017 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that sales on Chinese "Singles Day", which took place on November 11, 2017, increased 15.6% when compared to the same day last year. Sales made through the Company's main platform LightInTheBox.com website and app increased 30% when compared to "Singles Day" 2016. Sales on mobile devices increased 84% including an over 200% increase in sales made through the Company's mobile app when compared to the same day last year. Emerging markets such as India, Russia and the Gulf Corporation Council (GCC) demonstrated strong growth.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are pleased with the 15.6% sales increase over 'Singles Day' 2016 which marks a great start to our holiday sales season.

BEIJING, Oct. 20, 2017 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced the launch of tailor made Arabic language websites for customers in the Gulf Cooperation Council ("GCC") on both LightInTheBox.com and MiniInTheBox.com as well as a cash on delivery payment option. The websites will provide a better shopping experience to Arabic speaking customers and localized products for the region.

According to Statista.com, e-commerce transactions in the Middle East are expected to grow at the faster pace than any other region in the world reaching US$20 billion by 2020. Cash on delivery remains the most popular payment option for e-commerce, accounting for over 70% of all online transactions in the GCC. The cash on delivery payment option is currently only available for customers in Saudi Arabia and the United Arab Emirates and will gradually become available to other GCC countries in the near future. LightInTheBox has formed strategic business partnerships with a number of top local logistics and warehousing service providers to further reduce delivery times and improve customer satisfaction.

"We are committed to fulfilling our mission of making good products accessible to global customers at affordable prices," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. "The Middle East forms an integral part of the global economy and we are proud to be able to serve our customers there in the best possible way. Leveraging our extensive experience in big data analytics, online marketing, supply chain management, and overseas logistics and warehousing, we are ideally positioned to serve millions of Arabic speaking customers with a simplified cross-border e-commerce shopping experience and a wide variety of select high-quality products."

Second Quarter 2017 Financial Results

• Net revenues increased 19.6% year-over-year to $78.5 million, in line with the Company's guidance.
• Non-GAAP net income per ADS was $0.00 in the second quarter of 2017, compared with non-GAAP net loss per ADS of $0.01 in the same quarter of 2016.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are happy to report a strong jump in second quarter net revenues which increased 19.6% year-over-year and non-GAAP net income of $0.3 million. This is our third consecutive quarter of revenue growth on a year-over-year basis and the highest year-over-year growth rate in the last two years. These strong results are directly attributable to the persistent execution of our strategy to strengthen supply chain management, improve customer satisfaction, leverage big data enabled product merchandising, expand into new markets with more localized products and focus on mobile internet opportunities."

Business Outlook

For the third quarter of 2017, based on current information available to the Company and business seasonality, the Company expects net revenues to be between $75.0 million and $78.0 million, which represents an increase of 16.5% to 21.2% year-over-year. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

BEIJING, Sept. 4, 2017 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that it has formed a strategic business partnership with Gati, India's pioneer in express distribution and supply chain solutions, aimed at providing localized logistics and supply chain solutions for LightInTheBox customers in India in order to further capture India's rapidly growing e-commerce market with attractive consumer products from China. Gati will become LightInTheBox's first key local business partner in India.

LightInTheBox will leverage its extensive supply chain network in China to provide high quality products at attractive prices to over 100 million Indian online shoppers using Gati's pan Indian expertise in logistics and warehousing to simplify the cross-border e-commerce shopping experience for Indian customers. Gati's customized cross-border logistics solutions between China and India will significantly improve the speed, reliability, and cost of delivery of LightInTheBox parcels to India. Both companies will jointly explore online payment solutions, big data analytics, and general business development initiatives as well as local warehousing and fulfillment solutions in India to further reduce delivery times and improve customer satisfaction. In addition, LanTing ZhiTong, LightInTheBox's global cross-border open logistics platform, will be integrated within Gati's logistics and warehousing network providing online Chinese merchants with quick and easy access to the Indian market.

"We are very excited to begin working with Gati, whose strong local resources and knowledge will greatly help expand our presence in the market," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. "I believe this strategic partnership demonstrates our localized strategy approach to the Indian market and our commitment to improve the customer experience."

Mr. Dhruv Agarwal, Chief Strategy Officer of Gati Limited, added, "This is a key partnership for Gati and through our strong network and infrastructure we will help bring a large range of global products to customers across India."

First Quarter 2017 Financial Results

• Net revenues increased 8.0% year-over-year to $72.7 million for the first quarter of 2017, above the high end of the Company's guidance of $72.0 million.
• Non-GAAP net loss per ADS was $0.01 in the first quarter of 2017, compared with non-GAAP net income per ADS of $0.02 in the same quarter of 2016.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are pleased to see that revenue exceeded the high-end of our guidance and grew on a year-over-year basis for the second consecutive quarter. Our success this quarter was a direct result of our persistence and the effectiveness of our strategy to improve our business through strengthened supply chain management, better product quality, and higher customer satisfaction."

Business Outlook

For the second quarter of 2017, based on current information available to the Company and  business seasonality, the Company expects net revenues to be between $76.0 million and $79.0 million, which represents an increase of 15.8% to 20.3% year-over-year. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Fourth Quarter 2016 Financial Results

• Net revenues increased 8.8% year-over-year to $95.2 million, above the high end of the Company's guidance of $93.0 million.
• For the first quarter of 2017, the Company expects net revenues to in the range of $70.0 to $72.0 million, representing an increase of 4.0% to 7.0% year-over-year.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "I am pleased with our performance during the fourth quarter as revenue exceeded the high-end of our guidance of $91.0 to $93.0 million. More importantly, we were able to successfully regain revenue growth on a year-over-year basis. This was a direct result of strong sales during Black Friday and the Christmas holiday season as well as the increased traction that our logistics and warehousing platform and services are getting. We look forward to further improving our business and developing new innovative products and services in 2017."

Business Outlook

For the first quarter of 2017, based on current information and seasonality, the Company expects net revenues to be between $70.0 million and $72.0 million, which represents an increase of 4.0% to 7.0% year-over-year. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Third Quarter 2016 Financial Results

• GAAP net revenues were $64.4 million, above the high end of the Company's guidance of $63.0 million.
• Non-GAAP net loss per ADS was $0.02 in the third quarter of 2016, compared with non-GAAP net income per ADS of $0.07 in the same quarter of 2015.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are pleased that we once again beat guidance with revenues coming in at $64.4 million, above our range of $61 million to $63 million. As a recent development, we were also pleased to see our Black Friday sales increase 10% year-over-year, attributable to our continuous improvement of supply chain and customer satisfaction as well as our initiatives to regain sales growth momentum. In early November we unveiled our new cloud computing strategy with the launch of a cloud-based enterprise resource planning Software-As-A-Service solution for online and offline distribution companies."

Business Outlook

For the fourth quarter of 2016, based on current information and seasonality, the Company expects net revenues to be between $91.0 million and $93.0 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

BEIJING, Nov. 30, 2016 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that sales on Black Friday, which took place on November 25, 2016, increased 10.0% when compared to Black Friday last year. Black Friday, a sales period which marks the beginning of the Christmas shopping season in the U.S. and Europe, traditionally generates the Company's highest daily sales per year.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "I am pleased to see sales increase 10% year-over-year on Black Friday. We are starting to see the benefits from the restructuring of our supply chain which is having a significant positive impact on customer satisfaction. We will continue to focus on implementing initiatives that will improve customer satisfaction, generate greater customer loyalty and improve our operations."

BEIJING, Nov. 9, 2016 /PRNewswire/ -- LightInTheBox Holding Co., Ltd.(LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it has launched a cloud-based enterprise resource planning ("ERP") Software-As-A-Service ("SaaS") solution for online and offline distribution companies.

The cloud-based ERP solution was developed on top of the Company's self-developed and proprietary ERP system, which has been used by LighInTheBox over the past eight years and has gone through multiple iterations. The ERP solution is web-based, easily configured, requires no installation and comes with fully self-serving registration. Designed for both online and offline distribution companies including both retail and wholesale, the newly launched system comes with a full spectrum of management solutions to facilitate order management, procurement management, product category management, supplier management, and inventory management. It is designed for both small and large distribution companies that handle millions of orders per year and manage thousands of suppliers. Built using open source software and database stacks; it can easily be deployed on a number of major cloud platforms such as Amazon AWS.

LightInTheBox launched the Chinese version today and deployed it through Amazon AWS's China data center. The Company expects to launch an English language version for international users later this year. The ERP solution is free of charge for small to medium-enterprises ("SME") with a larger, private, cloud-based solution for large enterprise users in need of higher levels of data isolation.

"Our ERP system has gone through multiple iterations and rigorous testing over the past eight years that we have using it in our own operations, and is very suitable for both online and offline distribution companies" commented Mr. Alan Guo, CEO of LightInTheBox. "It is easy to understand and use, and with a cloud based SaaS model, we will offer it for free to SMEs to demonstrate how innovative and disruptive our ERP solution is to the distribution industry. With an initial focus on the Chinese market, where many SME distribution companies have never used ERP software in the past due to cost and their complexity, we will soon launch an international version to reach customers across the globe. We are very excited about its disruptive market potential and are very proud to see the platform being adopted by such a broad spectrum of companies."

Second Quarter 2016 Financial Results

• GAAP net revenues decreased 16.3% year-over-year to $65.6 million from $78.4 million in the same quarter of 2015. Total orders decreased 32.7% year-over-year to 1.4 million for the second quarter of 2016, while the total number of customers who made a purchase decreased 26.8% year-over-year to 1.2 million.
• Net loss per American Depository Share ("ADS") was $0.03 in the second quarter of 2016, compared with net loss per ADS of $0.12 in the same quarter of 2015. Each ADS represents two ordinary shares.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "Over the past quarters we have worked to improve our supply chain with fewer but higher quality product suppliers, and faster and more efficient shipment performance. The arrivals of Aokang and Zall as strategic investors and partners have greatly contributed to these improvements. As a result, we have seen a major improvement in customer satisfaction over the past quarter. We believe that this will generate greater customer loyalty and lead to further improvements in our operations in the future."

Business Outlook

For the third quarter of 2016, based on current information and seasonality, the Company expects net revenues to be between $61.0 million and $63.0 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

BEIJING, June 22, 2016 /PRNewswire/ -- LightInTheBox Holding Co., Ltd.(LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced the launch of its cross-border fulfillment services business for Chinese manufacturers and merchants.

LightinTheBox's new e-commerce fulfillment services will be integrated into LanTingZhiTong ("Zhitong"), the Company's global open cross-border logistics platform. Leveraging the Company's extensive experience, advanced IT systems in cross-border logistics planning and fulfillment operations, including its warehouse infrastructure in mainland China, Hong Kong, Europe and North America, the new service will allow Chinese manufacturers and merchants to use its highly customizable global fulfillment network to reduce transportation costs, shorten delivery times and improve the customer experience. The new service offers great incremental value for Chinese manufacturers and merchants who will be able to store their products in the Company's domestic warehouses and rely on LightInTheBox to manage their inventory and fulfil each order.   

• GAAP net revenues were $70.2 million, exceeding the Company's guidance of $67.0 million to $70.0 million. Non-GAAP¹ net revenues were $80.2 million.
• Net loss per ADS was $0.18 in the third quarter of 2015, compared with net loss per ADS of $0.13 in the same quarter of 2014. 

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We continued our focus on improving operational efficiency and strengthening our supply chain during the quarter. We made major progress in upgrading our supplier network, which we believe will lead to long term benefits. We continued to invest in and innovate our mobile offerings with the launch of a new mobile app that assists Chinese tourists shopping abroad. We are also very pleased to see our cross-border logistics platform getting good traction."

Mr. Robin Lu, CFO of LightInTheBox commented, "We are happy to have exceeded the high end of our revenue guidance. We expect a better revenue trend and higher sequential growth from the third to the fourth quarter of 2015 compared with that of 2014. We remain very focused on saving cost and improving operational efficiency. As a result, we expect to see a better bottom- line financial performance on a GAAP basis in the fourth quarter of 2015."

Business Outlook

For the fourth quarter of 2015, based on estimated changes in foreign exchange rates, the Company expects net revenues to be between $81.0 million and $83.0 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

BEIJING, Dec. 3, 2015 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that the Company understands that Mr. Alan Guo, the founder and Chief Executive Officer of the Company, has acquired 446,554 ordinary shares of the Company in the form of American Depositary Shares (the "ADSs"), each representing two ordinary shares of the Company, through privately arranged transactions since July 2015.  Mr. Guo currently owns 7,147,805 ordinary shares of the Company, representing approximately 7.5%* of the Company's issued and outstanding share capital.

* Based on 95,003,586 ordinary shares of the Company issued and outstanding as of December 3, 2015, excluding ordinary shares of the Company represented by the ADSs repurchased by the Company as of the same date. 

• Non-GAAP¹ net revenues were $90.8 million, compared to non-GAAP net revenues of $88.4 million in the second quarter of 2014. GAAP net revenues were $78.4 million
• Non-GAAP net income per ADS was $0.15 in the second quarter of 2015, compared with non-GAAP net loss per ADS of $0.14 in the second quarter of 2014.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We delivered a strong performance despite continued economic uncertainty in several major markets and unfavorable currency fluctuations, especially the Euro. We made significant progress in our efforts to reduce costs and improve operational efficiency which is reflected by our improved gross margin and bottom line on a sequential basis. We are also very excited to welcome Aokang as a strategic investor and partner. Together we have taken a first step in driving industry revolution by combining mobile internet technologies and big data analytics with first-class manufacturing capabilities and powerful supplier networks. We believe this partnership will act as a role model for China's 'Internet Plus' strategy and create tremendous growth opportunities for us."

Mr. Robin Lu, Chief Financial Officer of LightInTheBox added, "Our cost reduction measures helped us deliver a solid improvement in our bottom line performance. We remain keenly focused on continuously improving our operational efficiency and customer satisfaction." 

BEIJING, June 10, 2015 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that Zhejiang Aokang Shoes Co., Ltd. (SSE: 603001) ("Aokang") has acquired a strategic equity interest in the Company. Both companies will leverage the strategic investment from Aokang to jointly-develop a global 'Internet-Plus' strategy.

Under the terms of the share purchase agreement entered into between Aokang and certain shareholders of LightInTheBox, Aokang has agreed to acquire a total of approximately 25.66% equity interest in LightInTheBox from such shareholders at $6.30 per American Depositary Share, each representing two ordinary shares of the Company. The transaction is subject to customary closing conditions.

China's national 'Internet-Plus' strategy was unveiled by Premier Li Keqiang in March 2015 and is aimed at transforming traditional manufacturing in China into an innovative world leading high-tech industry by integrating Internet technologies such as mobile Internet, big data analytics, cloud computing and the Internet of Things.

Mr. Zhentao Wang, Chairman of Aokang, commented, "We are pleased to team up with LightInTheBox to jointly-develop a global "Internet-Plus" strategy for traditional businesses by leveraging their deep understanding of global ecommerce and superior technological expertise. We will work to transform traditional manufacturing, starting with the shoes and leather product industry, by leveraging mobile Internet technology to vertically integrate online and offline resources. By leveraging LightInTheBox's cross-border ecommerce platform, we will introduce high-quality Chinese brands such as Aokang to global consumers. Our years of experience in cooperating with global brands will also enable us to jointly explore opportunities for introducing more international brands to Chinese consumers with greater cost-efficiency and improved customer experience through cross border ecommerce. We believe this partnership will create new business prospects for both parties, and help Chinese manufacturing industry at large to become a high-tech leader through Internet-driven innovation."

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are excited to welcome Aokang as a strategic business partner and major shareholder in our Company. We believe that vertical supply chain integration will be the next major growth opportunity for cross-border ecommerce. Aokang has a deep understanding and strong strategic resources in global supply chain, as well as in Chinese consumer market, and we have a deeply rooted Internet mindset and great expertise in big data analytics and online marketing. Together we can drive industry revolution through Internet and mobile Internet technology, achieving more optimized resource allocation and improved supply chain efficiency. We will also work together to bring a growing number of high quality international products directly to Chinese customers through cross-border ecommerce. We will start our collaboration in the shoes category, and we believe our alliance will set a great role model for the 'Internet-Plus' strategy. We look forward to applying it to more categories in the future." 

BEIJING, May 15, 2015 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company") today announced that it has launched 'WeStore,' a global social network driven mobile commerce platform. WeStore App, which is available in 18 languages and supports mobile browsers, is available for download through Apple's App Store and Google Play.

Launched this week, WeStore provides global users with a fast, free and easy way to create their own mobile online store to sell products through social networks. Once downloaded, a new user can within minutes take photos of the products they wish to sell and easily share and promote them through major social networking services such as Facebook and Whatsapp.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We believe that mobile commerce is about seizing opportunities for new disruptive innovations. With WeStore, we are trying to turn every customer into a potential mobile retailer by allowing them to easily market and promote their products to a target audience through social networks in a decentralized fashion. WeStore can create new business models for both domestic and cross-border e-commerce by potentially creating hundreds of millions of small social mobile online stores worldwide."

Fourth Quarter 2014 Financial Results

• Net revenues were $112.1 million, an increase of 42.4% year-over-year. Considering an $8.0 million year-over-year unfavorable impact from changes in foreign exchange rates, non-GAAP net revenues would have been $120.1 million
• Non-GAAP net loss per ADS was $0.01, compared with non-GAAP net loss per ADS of $0.12 in the same quarter of 2013.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We delivered a solid fourth quarter with revenues coming in ahead of our expectations, topping $100 million for the first time in our history despite unprecedented unfavorable global currency fluctuations. We made significant year-over-year progress in each of our major operating metrics as we continued to benefit from the implementation of our strategic plan over the past few quarters,"

"Around 75% of our revenues come from non-US dollar markets, primarily Europe and South America while the majority of our expenses are tied to the US dollar. These currencies experienced a significant sequential depreciation against the US dollar on a weighted average basis during the fourth quarter of 2014. As the strengthening of the US dollar continues this year, we are facing macro challenges unprecedented in our corporate history. We believe such circumstances require us to act very quickly to significantly improve our operational efficiency in order to adjust to the evolving currency reality and counter balance its negative impact. We will do so without sacrificing our long-term business prospects by continuing to invest in our core initiatives, including mobile and our open platform. We are convinced that by quickly implementing appropriate measures today, we will emerge with an even stronger market position tomorrow when non-US dollar currencies stabilize."

Mr. Robin Lu, Chief Financial Officer of LightInTheBox, added, "We are pleased with our overall performance this quarter despite continued global economic weakness and a significantly stronger US dollar. Our strong financial and operating metrics during the quarter demonstrate the great progress we have made in achieving our long-term goals. We expect continued growth in our revenues and are focused on quickly improving our operating efficiency while maintaining market share and strengthening customer service. With no debt and strong cash position, we are confident in our ability to weather the storm."

Business Outlook

For the first quarter of 2015, based on estimated changes in foreign exchange rates, the Company estimates its net revenues to be between $89 million and $91 million, representing a year-over-year growth of approximately 9% to 12%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

BEIJING, Jan. 26, 2015 /PRNewswire/ -- LightInTheBox Holding Co., Ltd.(LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced the trial launch of its global open cross-border logistics platform LanTingZhiTong ("Zhitong"). Zhitong is an open platform that connects between cross-border e-tailers and cross-border logistics service providers, in order to achieve higher efficiency for the cross-border logistics market.   

Leveraging the Company's extensive experiences and advanced IT systems in cross-border logistics planning and fulfillment operations, including its warehouse infrastructure in China and overseas, Zhitong connects cross-border e-tailers with global logistics service providers, allowing them to better participate in global e-commerce by reducing the shipping cost, improving customer satisfaction, and shortening delivery times. Zhitong will provide a global logistics price comparison engine, smart global route optimization tools, as well as integrated global logistics tracking and big data analysis tools. For more information, please visit http://zhitong.litb.cn (Chinese only at trial launch).

"We created Zhitong to help more online retailers participate in global cross-border e-commerce," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. "The cross-border e-commerce market is now in the uptrend, therefore creating more demand for logistics across countries.  Leveraging our eight-year experience, Zhitong integrates our systems and data into one open logistics platform. We hope this will enable more e-tailers with no cross-border experience to easily ship their goods internationally."

Mr. Guo added, "The rise of mobile internet, big data and global cross-border e-commerce is ushering in a new era of logistics. We look forward to aiding others ship their goods internationally as we continue to develop new and innovative ways that allow more companies to participate in this revolution."

BEIJING, Dec. 16, 2014 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that its Board of Directors has authorized to extend its existing share repurchase program for an additional 12-month period through December 15, 2015.

Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions and are subject to relevant rules under the Securities Act of 1934, as amended (the "Act"). The Company will also effect repurchase transactions in compliance with Rule 10b5-1 under the Act and the Company's insider trading policy. The share repurchase program will be funded with the Company's cash from operations.

On December 16, 2013, the Company announced its existing share repurchase program for an aggregate amount of $20 million. As of September 30, 2014, the Company had repurchased a total of $5.7 million of its ADSs.

"The extension of our share repurchase program demonstrates the Board and management's continued confidence in LightInTheBox's future as we focus on re-accelerating growth," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. "We view our continued share repurchases as an important element in LightInTheBox's ongoing commitment to maximize long-term value for our shareholders."

Third Quarter 2014 Financial Results

• Net revenues were $99.0 million, an increase of 45.3% year-over-year.
•  Non-GAAP net loss per ADS was $0.09, compared with non-GAAP net loss per ADS of $0.11 in the second quarter of 2014

"I am pleased to report a strong performance this quarter as our revenue growth continues to reaccelerate resulting in net revenues of $99.0 million, exceeding our raised guidance," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. "We are also satisfied with our improved marketing efficiency, reflected in a continuing decline in selling and marketing expenses as a percentage of total net revenues. We will continue to focus on product selection, delivery time, supply chain enhancement, and mobile user experience to further improve customer satisfaction and loyalty."

Business Outlook

For the fourth quarter of 2014, the Company expects net revenues to be between $109 million and $111 million, representing a year-over-year growth rate of approximately 38% to 41%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which are subject to change.

BEIJING, Nov. 12, 2014 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it hit record sales of $1.9 million, a 50% increase from the same day last year, on November 11, 2014, also known as "Singles Day" in China. The number of orders exceeded 43,500, an increase of 70% year-over-year.

"We are very pleased to see such a strong performance on "Singles Day" this year," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox. ""11.11-Singles Day," the Internet shopping festival, used to be a China only phenomena. Together with many other Chinese retailers, LightInTheBox would like to bring it to the world consumers to make it a global online shopping festival. We are very excited to set a new daily sales record for the company and significant growth from last year. With more and more consumers from all over the world celebrate and enjoy "Singles Day," we expect Chinese retailers have more global reach and impact in the future, as we strive to bring more interesting and relevant products to the world. We believe this bodes well for our futures sales and this year's remaining holidays."

BEIJING, Nov. 10, 2014 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced a strategic partnership with Baidu Dianxin, a leading global mobile app provider and fully-owned subsidiary of Baidu, in jointly developing global mobile markets.

LightInTheBox provides global consumers in more than 200 countries a wide selection of consumer products in apparel and other general merchandise at attractive prices through its website, mobile website, and mobile apps in 27 different languages. Having aimed for the global mobile app markets, Baidu Dianxin has developed a wide range of mobile apps for global consumers in more than 200 countries, like its power-saving app, DU Battery Saver and mobile boosting app, DU Speed Booster, which had been downloaded by nearly 200 million global mobile users outside China, as well as a 350 million mobile user basis in China domestic market. Through this strategic partnership, Baidu Dianxin will provide important additional opportunities for more global consumers to discover LightInTheBox products and download LightInTheBox mobile apps, while LightInTheBox will provide Dianxin additional monetization capability for its app distribution.

"We are very excited to have the strategic partnership with Baidu Dianxin to help explore global market opportunities," said Alan Guo, chairman and CEO of LightInTheBox, "This is a great example of two Chinese Internet companies working together to expand in global markets."

"We believe there will be more Chinese Internet and mobile companies going global in the future. The partnership between Dianxin and LightInTheBox is very mutually beneficiary, and we hope our partnership can set a great example for all future collaborations among Chinese companies with a global ambition," said Zhang Lei, CEO of Baidu Dianxin.

BEIJING, Sept. 26, 2014 /PRNewswire/ -- LightInTheBox Holding Co., Ltd.(LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it is raising net revenues guidance for the third quarter of 2014 to be between US$94 million and US$96 million from the previously announced net revenues guidance of US$92 million to US$94 million. This represents a year-over-year increase of 38% to 41% from the same period in 2013.

"Net revenues growth re-accelerated at a faster pace than we expected during the third quarter of 2014 as we increasingly benefit from the strategic plan we have been implementing over the past few quarters. We will continue to focus on executing our strategy as we work to enhance customer experience. We look forward to updating the market on the progress we have made during our third quarter 2014 earnings conference call," commented Mr. Alan Guo, Chairman and CEO of LightInTheBox.

This higher guidance reflects the Company's preliminary views on its performance in the third quarter of 2014 and is subject to chang

BEIJING, Sept. 5, 2014 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that it has entered into an agreement to settle all claims in a U.S. securities class action lawsuit. The settlement remains subject to preliminary and final court approval.

As previously disclosed, on August 27, 2013, the Company was named as a defendant in the first of three putative shareholder class action lawsuits filed in the United States District Court for the Southern District of New York. These three actions were consolidated under the master caption In re LightInTheBox Holding Co., Ltd. Securities Litigation, No. 13-cv-6016-VEC (S.D.N.Y.). On May 1, 2014, the Company filed a motion to dismiss the second amended consolidated complaint for failure to state a claim as a matter of law.

The parties have entered into the settlement prior to a decision on the Company's motion to dismiss. According to the settlement, which remains subject to preliminary and final court approval, the Company and its insurers have agreed to contribute US$1.55 million to a settlement fund payable to certain purchasers of the American depositary shares between June 6, 2013 and August 19, 2013. In return, the lead plaintiff has agreed to dismiss all claims against the Company and all of the individual defendants.  Following final approval of the settlement by the Court, the case will not be allowed to be refiled.

The settlement is not an admission of wrongdoing or acceptance of fault by the Company or any of the individual defendants.  Indeed, the Company has and continues to believe that the allegations made in the consolidated lawsuits lack merit. The Company believes that the statements made in its initial public offering prospectus and during its road show were true and accurate portrayals of the Company's business, and that the Company made detailed disclosures to inform investors of the potential risks to the Company's business. The Company has nevertheless agreed to the settlement in order to eliminate the uncertainties, burden and expense of further litigation. The Company believes that putting this matter behind it is in the best interest of its customers, employees and shareholders so that it can remain focused on growing and strengthening its business.

Fourth Quarter 2013 Financial Results

• Net revenues were $78.8 million, an increase of 21.6% from $64.8 million in the same quarter of 2012, primarily driven by an increase of 42.5% in total number of customers¹ served in the fourth quarter of 2013
• Net loss per ADS was $0.11, compared total net income per ADS of$0.01 in the fourth quarter of 2012

Mr. Alan Guo, Chairman and CEO of LightInTheBox commented, �We are pleased that our total net revenues came in above our guidance, supported by better-than-expected performance from our apparel category and from strong mobile commerce sales. In the fourth quarter, we reignited growth in our apparel category as we successfully diversified our product offerings in ready-to-wear apparel and increased our marketing efforts to overseas regions.�

�We are continuing to build a uniquely positioned, global cross-border, e-commerce platform. We are investing in a series of platform capabilities that allow us to operate locally on a global scale, including supply chain management services, fulfillment and transportation management, and localized merchandising, content, customer service, and payment capabilities. Finally, we remain intensely data driven and will continue to leverage technology to manage complexity and identify opportunities. As we move into 2014, we will continue to focus on leveraging this platform on behalf of manufacturers and suppliers based in China,� concluded Mr. Guo

Business Outlook

For the first quarter of 2014, the Company expects its net revenues to be between $78 million and $80 million, representing a year-over-year growth rate of approximately 6% to 9%. The Company expects that the rate of its year over year revenue growth will increase starting in second quarter of 2014. These forecasts reflect the Company�s current and preliminary view on the market and operational conditions, which are subject to change.

BEIJING, China--(BUSINESS WIRE)--LightInTheBox Holding Co., Ltd. (NYSE:LITB) (“LightInTheBox” or the “Company”), a global online retail company that delivers products directly to consumers around the world, today announced that it has acquired Seattle-based social e-commerce company, Ador, Inc. (“Ador”) in an asset transaction for an undisclosed amount of cash.

As a result of the transaction, the Ador executive team and its employees will join LightInTheBox and will represent the Company’s first on-the-ground office in the U.S., an important growth market for the Company. Ador’s Chief Executive Officer Mark Stabingas joins LightInTheBox as President and Quinten Shay joins LightInTheBox as Senior Vice President. LightInTheBox’s co-founders Kevin Wen and Liang Zhang will both become Executive Vice Presidents (EVPs) and their responsibilities will remain unchanged.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “Through our acquisition of Ador, we are excited to add the executive talents of Mark and Quinten to our executive team. The addition of these individuals to the LightInTheBox team underscores our ambition and commitment to build a global flagship e-commerce company. Mark and Quinten bring to LightInTheBox tremendous global leadership and extensive domain expertise, which will be critical for the Company's long-term growth. Further, the establishment of a U.S. office for LightInTheBox through this transaction brings us closer to our customers, and provides us the opportunity to acquire an extremely talented team. We are excited to welcome Ador’s talented employees to LightInTheBox and are pleased to use this acquisition as a means to bolster talent and further maximize our global e-commerce sales opportunity.”

Mark Stabingas commented, “Q and I and the Ador team are thrilled to join LightInTheBox. We believe that there is still huge opportunity for innovation as to online commerce and becoming part of LightInTheBox is an exciting next step for us. Alan and his team have built a unique global e-commerce platform in a short period of time and we’re looking forward to being a part of its bright future.”

Mark Stabingas has been COO, CEO/co-CEO, and a board member of Ador since 2011. Prior to Ador, Mark worked for Amazon.com, Inc. and was General Manager of Amazon Payments, Senior Vice President of Business and Corporate Development and Vice President of Finance for Amazon.comʼs U.S. retail business. He was also a member of the Management Committee at Amazon.com. Prior to Amazon.com, Mark was an executive at PepsiCo, Inc. from 1991 to 2000, where he served as Vice President of Corporate Strategy and Development. He received a bachelor’s degree from the University of Pittsburgh and a Master of Management in Finance from Kellogg Graduate School of Management at Northwestern University.

Quinten Shay joined Ador as CTO in December 2011, and became co-CEO in 2013. Prior to Ador, he worked for Amazon.com, Inc. for 7 years starting from 1998, with responsibilities that ranged from leading Amazon’s entire international technology team to expand Amazon’s presence into Europe and Asia, running its Japan retail business, and establishing A-to-Z Inc., a wholly owned subsidiary of Amazon that established new Amazon Web Services businesses in remote development centers around the globe. Prior to joining Amazon.com, Inc., Quinten worked in engineering roles at Hewlett-Packard on behalf of retail and logistics clients such as Wal-Mart and Federal Express. Quinten received a bachelor’s degree in Computer Science from Virginia Tech.

BEIJING--(BUSINESS WIRE)--LightInTheBox Holding Co., Ltd. (NYSE:LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers products directly to consumers around the world, today announced that its Board of Directors has authorized a share repurchase program to repurchase up to $20 million worth of its outstanding American Depositary Shares representing its ordinary shares through December 15, 2014. Share repurchases may be made by the Company from time to time in open market transactions at prevailing market prices or in privately negotiated transactions and are subject to relevant rules under the Securities Act of 1934, as amended (the “Act”). The Company will also effect repurchase transactions in compliance with Rule 10b5-1 under the Act and the Company’s insider trading policy. The share repurchase program will be funded with the Company’s cash from operations.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “The implementation of our share repurchase program reflects the confidence that our Board and management have in LITB’s growth prospects and operating fundamentals. This repurchase program reflects a commitment by our Board to enhance value for our shareholders while retaining adequate flexibility for future growth.”

Third Quarter 2013 Results

• Net revenues were $68.1 million, an increase of 33.4% from $51.1 million in the same quarter of 2012.
• The company reported non-GAAP net loss of $0.04 per ADS in the third quarter of 2013, compared to $0.05 per ADS in the third quarter of 2012.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, “Our net revenues in the third quarter, which is a seasonally weaker quarter, grew by 33.4% compared to our prior year period, meeting our revenue forecast range. Geographically, Europe and South America contributed most significantly to our year-over-year growth, increasing by 92.2% and 105.0%, respectively. Excluding the revenue contribution from our apparel category, third quarter revenue from our other categories increased 59.6% from the prior year period. In terms of revenue growth in our product categories, our largest contributors in percentage terms came from our small accessories and gadgets and home and garden product categories.”

“Responding to both customer needs and the competitive environment, our apparel category, which remains our second largest product category, is undergoing adjustments. We are implementing improvements within customized wedding and special occasion apparel in the areas of management, merchandising, supply chain, and customer service. We are enhancing our product offerings in the apparel segment by placing greater emphasis on other product lines beyond wedding and special occasion wear, such as fast fashion apparel, which are resulting in increased purchase levels among our customers for such products. We believe this expanded apparel offering will provide us with increased ability to accelerate sales of both new and repeat customers.”

“Our total number of customers increased by 74.7% to 1.3 million and our total number of orders increased by 80.0% to 1.6 million in the third quarter compared to the prior year period, demonstrating the growing consumer attraction of our online retail platform. We added 8 new languages to our website in the third quarter. Recently, we made good progress in revenues from mobile ecommerce and recently we launched an updated version of our LightInTheBox app, as well as our first MiniInTheBox app for the iPhone platform to further improve our mobile customer experience. We are excited by our opportunities ahead as we continue to build a strong growth platform that we believe will result in improved operating performance and profitability in the coming quarters.”

Business Outlook

For the fourth quarter of 2013, the Company expects its net revenues to be between $75.0 million and $77.0 million, representing a year-over-year growth rate of approximately 15.8% to 18.9%.

Second Quarter 2013 Results

• Net revenues in the second quarter of 2013 were $72.2 million, an increase of 52.6% from $47.3 million in the same quarter of 2012.
• Non-GAAP EPS of $0.10, compared to a loss of $0.08 for the same quarter 2012.

Mr. Alan Guo, Chairman and CEO of LightInTheBox, stated, “We are excited to report second quarter 2013 financial results which reflect continued strong growth momentum and margin expansion. During the quarter, we grew net revenues by 52.6% year over year and our total number of customers increased by 140.0% to 1.2 million, demonstrating the growing awareness of our online retail platform. We expanded our geographic presence in all regions, led by triple digit percentage growth in both Europe and South America, notably from Russia and Brazil. We are particularly pleased with our year-over-year and sequential adjusted net income improvements driven by the continuing optimization of repeat customer purchases and effective cost controls.”

Mr. Guo continued, “We are pleased to have completed a successful IPO and becoming a NYSE-listed public company in the second quarter. This is a major milestone for our business. Looking ahead, we aim to leverage our enhanced resources to further improve our core competency in supply chain management and data driven merchandizing and marketing. We are confident we will be able to further expand our online retail market position by delivering better customer value proposition and shopping experience. By building upon our increased operating scale, focusing on improving marketing efforts and promoting both new and repeat customer purchases, expanding our product selection, broadening our geographic reach, strengthening our supply chain efficiency and optimizing our logistics network, we are confident we can deliver balanced growth and higher levels of profitability in the quarters ahead.”

Business Outlook

For the third quarter of 2013, the Company expects its net revenues to be between $68 million and $70 million, representing a year-over-year growth rate of approximately 33.2% to 37.1%.

This is the initial public offering of LightInTheBox Holding Co., Ltd., or LightInTheBox. We are offering 8,300,000 American Depositary Shares, or ADSs. Each ADS represents two ordinary shares, par value $0.000067 per share. We expect that the initial public offering price of the ADSs will be between $8.50 and $10.50 per ADS.

Company Snapshot: LightInTheBox is a global online retail company that delivers products directly to consumers around the world. We offer customers a convenient way to shop for a wide selection of lifestyle products at attractive prices through www.lightinthebox.com, www.miniinthebox.com and our other websites, which are available in 17 major languages and cover more than 80.0% of Internet users globally, according to Internet World Stats. Our innovative data-driven business model allows us to offer customized products at scale for optimal marketing, merchandising and fulfillment. We have built an effective business model whereby we source most of our products directly from China-based manufacturers and we work closely with them to re-engineer their manufacturing processes to achieve faster time-to-market with a greater variety of products.

Industry Snapshot (Per Filing): Global online retail sales continue to experience robust growth. According to Euromonitor International, or Euromonitor, global online retail sales are expected to grow at a compound annual growth rate, or CAGR, of 17.7% from $521 billion in 2012 to $849 billion in 2015. Online retail penetration remains low in major markets around the world, but has and is expected to continue to increase over time. For example, according to Euromonitor, online retail sales as a percentage of total retail sales in the United States increased from 4.2% in 2008 to 6.5% in 2012, and is expected to increase further to 8.9% by 2015.

Use of Proceeds: We estimate that we will receive net proceeds of approximately $70.1 million from this offering (or approximately $71.8 million if the underwriters exercise their option to purchase additional ADSs in full), assuming an initial public offering price of $9.50 per ADS, the mid-point of the estimated range of the initial public offering price, after deducting estimated underwriter discounts, commissions and estimated offering expenses payable by us. We plan to use net proceeds of this offering to finance our business operations, including the following:

• approximately $15 million for investment in fulfillment and technology infrastructure;
• approximately $15 million for the expansion of product offerings and categories;
• approximately $15 million for customer acquisition and brand building;
• approximately $1.1 million for payment of interest accrued for our convertible notes issued in March 2012; and
• the balance for general corporate purposes.

Underwriter:

• Credit Suisse Securities (USA) LLC and
• Stifel, Nicolaus & Company, Incorporated

Proposed offering price: $9.50 per ADS

Post IPO Share Calculation: (Using a 1 to Ordinary to 2 ADS conversion ratio).

• 18,054,482: Pre IPO fully diluted share count used in EPS calculation.
• 8,300,000: Newly issued ADS shares
• 22,199,450: Shares from conversion of securities into ADS upon IPO
• 1,245,000: Underwriter over-allotments ADS shares

GeoTeam® best effort calculation of total post IPO ADS count to be used in EPS calculations, assuming full conversions and a Ordinary to ADS conversion ratio of 1 to 2: 49,798,932

Financial Snapshot: December Year End

2012 vs 2011

Net Revenues of $200.0 vs $116.2

Loss per Share of $0.20 vs $0.76