LightInTheBox announced that its CEO Jian He has purchased 151,089 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.
LightInTheBox announced that its board authorized on December 12, a share repurchase program under which the company may repurchase up to $3M of its ordinary shares in the form of American Depositary Shares no later than June 28, 2020, subject to the relevant rules under the Securities Exchange Act of 1934, as amended, and the company's insider trading policy. The Share Repurchase Program was executed on December 23.
LightInTheBox Holding Co., a Chinese cross-border e-commerce platform, announced that sales during Black Friday 2019 grew 68% year-over-year. Gross margin during Black Friday increased 119% which supported a 169% increase in contribution margin and a significant 311% increase in net profit when compared to the same point last year. The apparel category was the best-selling vertical, with more than 5,000 units of a long-sleeved t-shirt sold during first 6 hours of the sales event. Net sales in Europe in particular increased 32.3% year-over-year while gross margin expanded by over 99%.
LightInTheBox announced it received notice from the New York Stock Exchange, or NYSE, 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 announced the appointment of Wenyu Liu as Acting CFO, effective March 7. She joined the company in December 2018, was responsible for the operations of LightInTheBox's in North America and of Ezbuy Singapore.