NCI Announces Expansion Plan of UAE and GCC Retail Markets through Signing of MOU with Retail Operator Liwa Trading Enterprises LLC to Establish Joint Venture

HONG KONG, May 21, 2024 (GLOBE NEWSWIRE) -- Neo-Concept International Group Holdings Limited (Nasdaq: NCI) (the “Company”), a one-stop apparel solution services provider, today announced its expansion plan of UAE and GCC retail markets through the signing of a Memorandum of Understanding (“MOU”) with Liwa Trading Enterprises LLC (“Liwa”), a prominent retail group headquartered in the United Arab Emirates (“UAE”), to establish a joint venture company (“JV”) in the UAE.

The joint venture will leverage the complementary strengths of NCI and Liwa to expand the reach of apparel products and services in the UAE and wider Gulf Cooperation Council (GCC) region, including Saudi Arabia, Kuwait, Bahrain, Qatar, and Oman. The JV will focus on retail, wholesale, distribution, and e-commerce operations, bringing together NCI's design and supply chain expertise with Liwa's extensive regional market knowledge and established distribution network.

"Liwa has a proven track record of delivering exceptional customer experiences and driving growth in the Middle Eastern retail landscape," said Ms Eva Siu, Chairlady of the Board of Directors and Chief Executive Officer of NCI. "By partnering with their respected team, we see tremendous opportunities to deliver innovative apparel offerings and enhance the shopping experience for customers across the GCC." “The partnership with Liwa enables NCI to expand into the retail markets of UAE and GCC region, where we see demand for our products is increasing exponentially. Our target is to build a platform for our retail arm with a focus in the UAE, GCC and the U.K and to become the most preferred brand in the local market.” Eva added.

Mr. Patrick Lau, Chief Financial Officer of NCI, commented, "Liwa operates over 250 stores in the fashion, accessories, and home goods categories under renowned regional and international brands in the GCC. Combining our respective capabilities, we aim to become the preferred destination for fashion-conscious consumers in the region and drive significant value for all stakeholders." “Liwa not only provides local network, but also additional capital for our development. We are exploring different means to fulfil the funding needs to support the expansion of our retail operation, including but not limited to private investment and spinning-off the retail operation in the local capital market in the medium to long term.”