KBS Fashion Group Limited (NASDAQ:KBSF) almost doubled in value on Thursday after the Chinese clothes maker unveiled a new partnership which should generate an additional US$4mln of sales this year.
The Shishi, China-based group has entered into a long-term strategic cooperation agreement with Hangzhou Zhi Yin Apparel Clothes – one of the country’s leading producers of children’s apparel.
Deal to boost top line by US$4mln in 2018
KBS’s subsidiary, Kai Xin, will act as a long-term supplier of down jackets to Zhi Yin, which it is estimated will boost KBS’s top line by around US$4mln in 2018.
“The cooperation with Zhi Yin, one of China's largest apparel companies is consistent with our company's business strategy of offering high quality products and services to our customers,” said chairman and new chief executive Keyan Yan.
“We have a highly experienced team at our factories in Anhui that produces high quality clothing.”
Shares were up 77.1% to US$ 8.75 early on Thursday afternoon.