Hong Kong, January 30, 2002 - MOISELLE International Holdings Limited ("MOISELLE") today announced the placing of 63 million shares to professional and institutional investors and 7 million shares for public subscription between January 31 and February 5, 2002.

The issue price will be HK$1 per share, representing a historical price-earnings multiple of 6.7 times, based on the historical earnings per share for the year ended March 31, 2001. Trading will commence on the main board of The Stock Exchange of Hong Kong Limited on Monday, February 11, 2002 (Stock Code : 130).

MOISELLE specializes in design, development, manufacturing, retailing and wholesale of distinguished lady's apparel. Since its inception of the MOISELLE brandname in 1996, it has quickly created a new dress code for women in town with a contemporary glamourous look and a romantic feminine touch that has become a niche in the underserved lady's apparel market.

Leveraging on its success, the Group has been pursuing a consistent business strategy and creates its self-developed spin-off lines including moi, imaroon and M.kids with each distinctive line effectively serving its target market segments.

While the MOISELLE products appeal to more mature women who look for a versatile and feminine style in daywear which fits into their lifestyle and eveningwear for occasional event, the extension of MOISELLE product line, moi, caters for the "nine-to-five" needs of young female professionals, who are fashion-conscious, with clothing offered at competitive prices. In addition, the Group has established a new women's apparel label, imaroon, offering young working women with simple fashion and basic wear with less extravagant decoration in timeless styles. The Group has also expanded to include childrenswear by launching the M.kids product line and opening M.kids specialty retail store in Hong Kong.

MOISELLE places great emphasis on original designs and is dedicated to nurturing local fashion design talents.

"We are proud to have two of our young designers winning 4 major awards, including the Overall Winner Award, with their Dancing Queen collection in the Hong Kong New Fashion Collection Award Contest staged by the Hong Kong Trade Development Council in Hong Kong Fashion Week held in July 2001," said Ms Shirley Tsui How Kiu, Executive Director of MOISELLE International Holdings Limited.

MOISELLE is now a vertically integrated operation fully equipped with design, production, merchandising and retail capabilities and the Group now operates 22 MOISELLE stores, 9 imaroon stores and 1 M.kids store in Hong Kong.

Missioned to become the brand of choice across the Asia Pacific region, the Group has expanded its wholesale business in Southeast Asian countries and in August 1999, the Group commenced to wholesale its MOISELLE products to customers in the PRC and Taiwan. Leveraging on its strong brand image and retailing expertise to expand its retailing base to the PRC, the Group has launched the PRC business programme with a network of 20 stores. These franchised and authorized stores are strategically located in major cities of the PRC including Beijing, Shanghai, Hangzhou, Nanjing, Ningbo, Tianjin, Guangzhou, Shenyang, Wenzhou, Foshan, Fuzhou, Chengdu, Kunming and Wuhan.

"We have a strong belief in the growth potential in the MOISELLE niche lady's apparel business in Hong Kong and the mainland in coming years.

"From 1994 to 1999, the PRC feminine apparel market which the Group focuses on experienced a compound annual growth rate of approximately 6.1% with a per capita sales value of feminine apparel outerwear elevated in a compound annual growth rate of approximately 5.0%.

"The Group's success is attributable to a number of factors, including our premium market position, management with unparalleled industry experience and peer recognition, design expertise and versatility, a distinctive and highly visible brand image, strategic retail network and vertically integrated operations. All these make us well positioned to capitalize on this expected growth in the niche underserved lady's apparel market in Hong Kong and especially in the PRC," said Mr Boby Chan Yum Kit, Chairman, MOISELLE International Holdings Limited.

In recognition of the Group's business success and contribution to the local fashion industry, Mr Chan was named a Young Industrialist of Hong Kong in November 2001, and was conferred the Owner-operator Award of the DHL/SCMP Business Awards 2001. Mr Chan has been a member of the Garment Advisory Committee of HKTDC since 1999 and was invited to sit on the judging panel of the Hong Kong Young Fashion Designers' Contest 2002.

The net proceeds from the issue of new shares are estimated to be about HK$56.5 million. In order to capitalize on the expected growth in the mainland market, the Group intends to utilize HK$15 million on development and expansion of PRC operation, HK$20 million on design, development and promotion of MOISELLE, moi, imaroon and M.kids products as well as the expansion of their respective stores, HK$9 million on development of overseas operations, HK$5 million on establishment of production facilities and HK$7.5 million as working capital.

Dao Heng Securities Limited is the sponsor and lead manager of the IPO of MOISELLE.

Trading Record

	Year ended March 31,			3 months ended June 30,
	1999	2000	2001	2001
	HK$ '000	HK$ '000	HK$ '000	HK$ '000
Turnover	85,268	156,572	173,030	44,137
Gross Profit	62,462	118,718	134,798	35,493
Profit attributable to shareholders	6,651	39,578	41,855	11,274

New Issue Statistics (based on the offer price of HK$1 per share)

Market capitalization	HK$280 million
Historical earning per share	14.9 cents
Historical price/earning multiple	6.7 times
Adjusted net tangible asset value per share	37.8 cents
Proforma dividend yield	4.0%

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MOISELLE International Holdings Limited

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