LESSO’s executive delegation tours Lesso Home New York Market before redevelopment begins

Westbury, NY The executive team of Lesso Group Holdings Ltd., (LESSO) has completed their tour of Lesso Home New York Market, on the eve of its multi-million dollar redevelopment, calling it “an exciting project that provides Lesso with the means to access the New York metro market and a national introduction to American home furnishings retailers.”

Among those touring what had been the Fortunoff Source Mall were Wong Luen Hei, chairman; Luo Jianfeng, executive director; Dr. Victor Lin, executive director; Lin Dewei, non-executive director; Michael Cheung, independent non-executive director Samuel Kwan, company secretary; KC Zhang, VP, Lesso Home; Larry Or, Overseas CFO, Lesso Home; Nicole Chen, director, Lesso Home E-Commerce; James Lai, head of Canada operations; and Michael Mai, New York general manager.

Following a ceremonial swing of a sledge hammer on one of the walls that will be demolished during redevelopment Hei said, “Lesso’s long term strategic vision places us squarely in the American market with the means to offer both consumer and business-to-business opportunities. With the New York metropolitan area among the most powerful and prosperous economic markets in the U.S., the Lesso Home New York Market remains solidly on track to meet our expectations.”

Following completion of the renovation this year, Lesso Home New York Market will offer a broad spectrum of home furnishings, designs, and décor from American and international retailers; and will also include new restaurants, welcoming community centers, and shared co-working space for interior designers. The redevelopment will include a friendly pedestrian layout and a broad range of 21st Century amenities.

Recognizing the inherent strength of the location and the unique opportunity presented by the retail complex, LESSO purchased The Source Mall and its connected Fortunoff building last year. As a subsidiary of the Hong Kong-listed Lesso Group Holdings Ltd., which is respected for its products and services related to home-building materials, LESSO’s decision is reinventing this legacy retail space to meet the needs of today’s marketplace.

Luo said, “We know from first-hand experience in China’s large and growing consumer sector that our unique one-stop ‘specialized market’ for home furnishing has met with considerable success. Our studies reveal that this concept will also enjoy equal success among America’s discerning consumers and by retailers seeking greater efficiencies.”

Lesso Home has appointed Newmark Knight Frank (NKF), one of the largest real estate advisory firms in the world, as its leasing agent. Turner Construction is under contract to undertake the redevelopment of the property.

Founded in 1986 as a plastic hardware factory in the Shunde District of Foshan City, through business acumen and strategic planning LESSO is a much admired pioneer in home building products, and is listed on the Hong Kong exchange with more than 50 holding subsidiaries in China and more than 22 production bases around the globe.