BEIJING, June 5, 2018 /PRNewswire/ -- LightInTheBox Holding Co., Ltd. (NYSE: LITB) ("LightInTheBox" or the "Company"), a global online retail company that delivers differentiated products directly to customers around the globe, today announced that it has partnered with Cybermiles, a blockchain and smart contract platform for e-commerce, to launch a cryptocurrency rebate promotional campaign in June 2018.
Using Cybermiles's CMT crypto token, consumers in select countries who purchase products from LightInTheBox websites and mobile apps during the promotional period will receive rebates as high as 100% of the order value in the form of Ethereum (ETH).
Mr. Alan Guo, Chairman and CEO of LightInTheBox, commented, "We are excited to launch this innovative new approach for a rebate promotional campaign within the blockchain space. LightInTheBox is striving to become a leading 'crypto-native' global ecommerce platform in the future."
Dr. Lucas Lu, Founder of the CyberMiles, said, "We are very excited to work with LightInTheBox on this crypto summer rebate promotional campaign. This campaign will demonstrate a new and innovative application of crypto tokens within e-commerce."
About LightInTheBox Holding Co., Ltd.
LightInTheBox is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through its www.lightinthebox.com, www.miniinthebox.com and other websites and mobile applications, which are available in 23 major languages and cover more than 90% of global Internet users.
CyberMiles is a new decentralized blockchain protocol specifically designed and optimized for online marketplaces (like Ethereum for e-commerce). Initiated in 2017 by 5xlab, a blockchain development laboratory, and incorporated in Hong Kong as the non-profit organization CyberMiles Foundation, CyberMiles uses innovative "smart business contract" modules to facilitate and process transactions simply, effectively and with transparency. This technology focuses on commercial applications with protocols that en-sure the appropriate balance between vertical effectiveness and network compatibility. CyberMiles is aiming to provide an alternative choice for Ethereum application developers, particularly for decentralized e-commerce apps. To learn more about the CyberMiles blockchain network, go to cybermiles.io.
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets" and similar statements. Among other things, statements that are not historical facts, including statements about LightInTheBox's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as LightInTheBox's strategic and operational plans, are or contain forward-looking statements. LightInTheBox may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LightInTheBox's goals and strategies; LightInTheBox's future business development, results of operations and financial condition; the expected growth of the global online retail market; LightInTheBox's ability to attract customers and further enhance customer experience and product offerings; LightInTheBox's ability to strengthen its supply chain efficiency and optimize its logistics network; LightInTheBox's expectations regarding demand for and market acceptance of its products; competition; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in LightInTheBox's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and LightInTheBox does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Ms. Xiaoyan Su
Tel: +86 (10) 5900 3429
SOURCE LightInTheBox Holding Co., Ltd.