Kinnelon, NJ, April 25, 2014 (GLOBE NEWSWIRE) -- Chris Giordano Premiere Opportunities Group, Inc ( http://www.premiereopportunities.com) CEO and Chairman stated, "We are very encouraged with the potential that exists with the Company's move into the retail environment Mainland China with the Cabe Studio brand. This will bring our store count with Cabe Studio to 8 stores which is right on target with our goals to have 12 stores opened and ready for Fall season 2014. The two stores that were opened in Seoul Korea this past January gave us a real feel for the reaction to the brand in a key market like Seoul, Korea.
In spite of the fact we were only able to catch a small part of the Winter season we were very pleased with Hyundai's request for us to open additional stores in their malls in South Korea later this year before the fall season. This vote of confidence lead to another request for the Cabe Studio line and our decision to open up additional stores but this time with a footprint in upscale cities in Mainland China like Tianjin and Qingdao (fomerly Tsing Tao).
We expect that having a footprint of 12 stores going into the Fall season will not only increase our aggregate sales and profits but also start to qualify and fortify the Cabe Studio line as a brand to be sought after by upscale shoppers in Mainland China and SE Asia.
With a store count of 12 the net effect of average daily sales of even $1000 a day in each store can quickly add up to a highly respectable top line number in revenue and potential profits especially with our margins maintaining their current levels. With an average price tag of over $300 per item we expect the Cabe Studio line to contribute handsomely to the Company's top line revenue and bottom line profits in 2014.
The Cabe Studio brand is our first entree into the Mainland China and the SE Asian markets with our own proprietary brand. The anticipated closing of Avani Holdings, LLC in the very near future will give us a second brand that we expect to roll out in South Korea as well as here in the US and Canada.
In addition, now that a fresh season is upon us we will now start to become more aggressive in distributing into the wholesale environment in Mainland China the world renouned brands we carry such as the Jones NY label amongst others we are in late stage negotiations with. The target for some of these brands are stores in Mainland China such as RT Mart http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20130206000065&cid=1102 and the French owned giant in Mainland China, Carrefour Stores http://www.carrefour.com/content/carrefour-stores-worldwide .
We are extremely upbeat now that we are able to catch the beginning of the Spring season as opposed to starting late in the cycle as we did during the Winter season with out lines. We expect this to make a very strong impact to our P & L for the second quarter 2014 and the rest of the year.
We will be reporting first quarter 2014 shortly and expect the trend in sales and profits to continue on positive note as we continually expand our model into SE Asia and Mainland China."