Chinese online retailer LightInTheBox said on Thursday that Zhejiang Aokang Shoes Co., Ltd has completed the acquisition of a strategic equity interest in the company as announced by the company on 10 June 2015.
As a result of the transaction, Zhentao Wang and Wenkui Chen have joined LightInTheBox as directors of the company, effective on 22 July 2015, succeeding Liang Zhang and Bo Feng, who have tendered their resignations as directors of the company, effective as of the same date.
Zhentao Wang is the founder and chairman of the board of directors of Aokang. He founded Yongjia County Aolin Shoe Factory, the predecessor of Aokang, in 1988.
Wenkui Chen is the secretary to the board of directors of Aokang, and was previously the chief financial officer and director of the internal audit department of Aokang.
"We are very pleased to welcome Zhentao and Wenkui to our Board. We are confident that their extensive investment and management experience will be a great asset to the Board and the Company as we jointly execute on our common vision by combining and integrating the complimentary skills and advantages of our two companies. Since the announcement of this strategic partnership, global cross-border ecommerce has continued to evolve rapidly, reinforcing our conviction that our partnership is timely and will allow us to grow faster and create greater value for our shareholders," said Alan Guo, Chairman and CEO of LightInTheBox.