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KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, announced today that through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd., Luxventure closed a Business Strategic Agreement ("Agreement") with Tianjin China Travel Cultural Development Company ("TCTCD"), a subsidiary of China Travel Services ("CTS"). The Agreement was entered into on September 15, 2021 and the transaction closed on the same day.
Pursuant to the Agreement, Luxventure will cooperate with TCTCD to jointly develop an online, mobile and offline cross-border BBC system, which would enable members of TCTCD access to cross-border products of Luxventure.
Ms. Sun Lei, Chief Executive Officer of the Company commented: "TCTCD has 106 stores in the city of Tianjin serving approximately 13,000,000 residences. This cooperation enables TCTCD to bring on-line cross-border products experience to its members. The joint development of cross-border BBC system shows our technology solution can be easily adopted. I look forward to more companies using our technology and expand our distribution channel."
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Posted In: KBSF
