A recognition to its operational capability from prestige international financial magazine
New World Department Store China Limited ("NWDS" or the "Company"; Hong Kong stock code: 825), one of the largest owners and operators of department stores in the PRC, is pleased to announce that the Company was accredited as Asia's 200 Best Under A Billion by Forbes Magazine for the 2nd consecutive years.
The Forbes Asia's 200 Best Under A Billion Award Presentation Ceremony was held at Pan Pacific Hotel in Singapore where numerous representatives of renowned companies and awardees in the region attended the festive ceremony. During the award presentation ceremony, Mr. Christopher Forbes, Vice Chairman of Forbes and Mr. Steven Leonard, President of Asia Pacific and Japan of EMC presented the award to Ms Rebecca Woo, Corporate Affairs Director of NWDS.
NWDS has been entering the department store business in the PRC for over 16 years with retail network covers 17 major cities in China. Since its listing in the Hong Kong Stock Exchange in 2007, NWDS's business development has been growing progressively and its achievement was well-recognized. Being awarded as the Asia's 200 Best Under A Billion again implies the outstanding management capability of the Company. The 2009 Forbes' Asia's 200 Best Under A Billion were culled from 25,326 publicly listed companies with under USD $1 billion in sales in Asia Pacific region, considering their profitability, growth, modest indebtedness and future prospects. Citing by Forbes Magazine, the unprecedented dislocations in the global economy disrupted supply chains, froze lines of credit and depleted consumer coffers, with a result of only a third of last year's companies return to the list this year in which they are a testament to fearless management and continue to exercise the exceptional operational capability.
Mr Adrian Cheng, Executive Director of NWDS, is glad to be accredited by prestige international financial magazine again, 'Being awarded as Asia's 200 Best Under A Billion by Forbes Magazine for the 2nd time indicates the endorsement by international media towards the Company as well as reflecting the leading market position of the Company in department store industry in the PRC. We will continue to pursue "multiple presences in a single city" and "radiation" expansion strategies so as to maintain a steady growth during keen competition in the market. In addition, the Company is optimistic about the prospect of department store industry in the PRC, and therefore, we have announced to implement a rebranding program in the year. The Company abandons the conventional positioning of department store by class-basis and takes the lead in the industry to adopt "Living Gallery" and "Fashion Gallery" as new operation mode, providing consumers with tailor-made commodities and services, as well as endeavoring to build a new brand and retail roadmap. '