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.
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers products
directly to consumers around the world. The Company offers customers a
convenient way to shop for a wide selection of lifestyle products at
attractive prices through its www.lightinthebox.com,
www.miniinthebox.com
and other websites, which are available in 27 major languages and cover
more than 80% of global Internet users. In 2012, the Company ranked
number one in terms of revenue generated from customers outside of China
among all China-based retail websites that source products from
third-party manufacturers. For more information, please visit www.lightinthebox.com.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,”
“potential,” “continue,” “ongoing,” “targets” and similar statements.
Among other things, statements that are not historical facts, including
statements about LightInTheBox’s beliefs and expectations, the business
outlook and quotations from management in this announcement, as well as
LightInTheBox’s strategic and operational plans, are or contain
forward-looking statements. LightInTheBox may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in press releases and
other written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the following:
LightInTheBox’s goals and strategies; LightInTheBox’s future business
development, results of operations and financial condition; the expected
growth of the global online retail market; LightInTheBox’s ability to
attract customers and further enhance customer experience and product
offerings; LightInTheBox’s ability to strengthen its supply chain
efficiency and optimize its logistics network; LightInTheBox’s
expectations regarding demand for and market acceptance of its products;
competition; fluctuations in general economic and business conditions
and assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in
LightInTheBox’s filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this press
release, and LightInTheBox does not undertake any obligation to update
any forward-looking statement, except as required under applicable law.
Copyright Business Wire 2014