CloseOutNow.com Opens Southeast Asia Office, Secures Contracts with 27 Chinese Garment Manufacturers.Business/Internet Editors NEW YORK--(BUSINESS WIRE)--May 18, 2000 "Total Solution" Online Auction of Excess Inventories Establishes Impressive Presence in China and Japan CloseOutNow.com(TM), a cutting edge, one-stop, B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business auction servicing the $100 billion plus market of excess fashion inventories, has successfully established its presence in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. securing contracts with 27 Chinese manufacturers following the opening of an office in the Japanese Trade Center in Tokyo, Japan. The manufacturing firms have agreed to exclusively utilize CloseOutNow.com as their global internet platform for distribution of excess inventory. CloseOutNow.com's Vice President of International Marketing, Peter Tala ta·la n. pl. tala See Table at currency. [Samoan, from Englishdollar.] Noun 1. , recently returned from a 14-day tour of the region coordinated through Kintetsu World Express Kintetsu World Express, Inc. (株式会社近鉄エクスプレス USA (KWE KWE Kintetsu World Express (Tokyo, Japan) KWE Kilowatt (Electrical) KWE Keratolytic Winter Erythema KWE Kids Wrestling Entertainment KWE Knowledge Expert ). A leading freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. and transportation company, KWE is the site's strategic partner providing terminal logistics and shipping of product bought and sold through CloseOutNow.com's web-based auction. KWE linked CloseOutNow.com with its affiliates in the garment industry throughout Southeast Asia. In Shanghai, China, Tala made a presentation to a gathering of corporate executives from firms dealing exclusively or in part with the apparel industry. A former founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of several garment manufacturing firms, Tala provided an insider's view of the bottom-line value CloseOutNow.com can offer the entities. At the meeting's conclusion, 27 companies signed exclusive agreements with the online auction to distribute their surplus goods. "As I answered the questions of the executives, in every instance, they first expressed great interest and then gratitude for the business support that CloseOutNow.com could provide their organizations," said Tala. "These companies, who yield hundreds of millions of dollars annually in exports, explained what a challenge it is to successfully distribute the enormous volume of excess inventory they accumulate. When they learned of the powerful `total solution' platform CloseOutNow.com provides, they realized that this is a simple solution to their complex problem." CloseOutNow.com facilitates a virtual marketplace where buyers and sellers of unsold branded and non-branded inventories of fashion merchandise are matched through auction. The site's service allows manufacturers, wholesalers and retailers to considerably improve profit margins on merchandise that has historically made only pennies on the dollar. Among CloseOutNow.com's newest customers is the Shanghai Silk Group Corporation, Shanghai's largest exporter reporting $700 million annual volume in 1999. "It is a great opportunity to become involved with CloseOutNow.com," said Jianhe Shi, Vice President. "The internet platform opens up a whole new way of doing business for us. The potential for raising profit margins on surplus inventory through this venue is outstanding. We look forward to building a strong and lasting relationship with CloseOutNow.com." Unexpected ventures for the on-line auction materialized in both Shanghai and Tokyo through Tala's efforts: four horizontal manufacturing firms specializing in closeouts of capital goods Capital Goods Any goods used by an organization to produce other goods. Notes: Examples of capital goods include office buildings, equipment, and machinery. See also: Capital Expenditure, Disinvestment Capital goods , two in Shanghai and two in Tokyo, approached CloseOutNow.com to consider acquisition of the fashion merchandise portion of their businesses. Arrangements are currently in progress to solidify the joint ventures. Following Tala's return to the U.S., the Chinese press circulated information about CloseOutNow.com's total solution for excess inventories in articles that appeared in the Shanghai Times and Jiefang Daily. Tala will make a return trip to Southeast Asia in the coming weeks to solidify contracts and cultivate additional new business opportunities for the site. About CloseOutNow.com(TM) CloseOutNow.com is a privately held, B2B on-line auction site for excess inventories of branded and non-branded fashion merchandise. Based in Manhattan's Fashion District, CloseOutNow.com offers a global solution for manufacturers, wholesalers and retailers, both in its scope of services and its geographic reach. The company is the brainchild of fashion field notables Steven R. Lubinski, Chairman and CEO, and R. Fulton Macdonald, Vice Chairman and chief e-commerce officer, who together bring over 70 years of fashion and retail industry experience to the venture. In addition to facilitating a global marketplace, the full-service auction provides financing and logistical support, if necessary, to its customers. About Kintetsu World Express USA Kintetsu World Express USA, headquartered in Jericho, New York Jericho is a hamlet (and census-designated place) in Nassau County, New York on the North Shore of Long Island. As of the United States 2000 Census, the CDP population was 13,045. , is the largest overseas subsidiary of Kintetsu World Express, Inc., the international transportation company. KWE USA, along with its Americas See ITS. Group subsidiaries - Kintetsu Canada, Kintetsu Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Kintetsu Intermodal, Kintetsu Blue Grass, Kintetsu Flexipak, GS-XXI and World Wide Customs Brokers Customs Broker An individual or firm licensed by customs authorities to enter and clear imported goods through customs. The broker represents the importer in dealings with the customs authorities. of Canada - operates from more than 80 locations throughout the Americas. The Group offers total transportation, distribution and logistics services, including air and ocean forwarding, customs brokerage, warehousing, physical distribution, specialized packaging and related services. Kintetsu World Express is a part of the Kintetsu Group of Japan. Founded in 1910 as a railway company, today it participates in almost all industrial sectors, employing some 88,000 people in Asia, the Americas and Europe. Its holdings include the Kintetsu Department Store Kintetsu Department Store Co., Ltd. (株式会社近鉄百貨店 Group, which operates a network of supermarkets, specialty boutiques and convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. across Japan. |
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