News blog
PAQ International Holdings Ltd
- BY: Andrew Hore |
- POSTED: 20/07/2008 |
- COMMENTS: Add yours
PAQ International Holdings Ltd has agreed to sell its bags through one of China’s major electronic appliance retailers.
PAQ is a manufacturer and distributor of protective bags for mobile phones, laptops and other electrical devices. The deal with retailer Suning covers 1,000 of its stores. It will take time to roll out to all these stores. PAQ plans to install point of sale stands in 140 stores in the next 12 months.
At the moment the majority of turnover is in Europe but management sees China as the main growth market for the company. PAQ has opened 14 separate concessions in stores in China.
PAQ’s original business was manufacturing bags for branded companies, such as Samsonite, but the strategy is to build up the PAQ brand. These bags are produced in a different factory so there is no overlap between the two operations. PAQ branded products are sold in more than 40 countries.
PAQ says it is in talks with Fobazo, which holds image rights to high profile football players, about supplying bags with footballers’ images on them.
In 2007, PAQ’s revenues grew 35% to HK$67.3m and profits moved ahead from HK$9.2m to HK$15.1m.
PAQ is looking to raise cash to help roll out the initial 140 Suning concessions. Once these are up and running then the other concessions should be financed from cash generation.
The shares are trading at 2.25p. PAQ joined Aim on 25 February 2008 when it raised £1m at 6p a share.
© 2007 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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