Apart from retail business, Pou Sheng operates a brand licensee business where Pou Sheng is the exclusive brand licensee for certain international brands, namely Converse, Wolverine and Hush Puppies, in the PRC and other territories in the Greater China Region. These agreements typically grant us exclusive rights to design, develop, manufacture, market and distribute, and flexibility to set the retail price of products under the licensed brands in specified geographical locations within the Greater China Region for a specified period of time. Pou Sheng primarily sells products under licensed brands to retail distributors including itself, which together with their retail sub-distributors operated 2,979 retail outlets as at December 31, 2007