Hongkong's Clothing Market Worsened Crocodile Shirt Profits Plummeted
Crocodile
Now it belongs to the Lin family group of Hongkong Lixin group.
It is reported that the crocodile shirt is a German trademark registered in Hongkong in 1911.
Germany was defeated in 1945, and the brand of crocodile shirt was confiscated by the Hongkong authorities.
In 1952, the Chinese Chen family took over the alligator brand and was officially named "crocodile shirt".
Recently, the crocodile shirt announced its financial performance for the year ended July, earning 313 million yuan, an annual decrease of 22.7%, and a net profit plunging 99% of 460 thousand.
The group noted that the decline in performance was mainly due to the weak performance of the garment business and the sharp decrease in the revaluation of investment property.
Hongkong
Ready-made clothes
And related accessories business is still in trouble.
According to government statistics, the market is deteriorating, Hongkong.
clothing
Sales in the first half of 2016 fell by about 8%.
Thanks to the appreciation of the Hong Kong dollar, the slowing consumption trend of Chinese tourists and the abnormal climate during the Christmas and New Year holidays, Hongkong is gradually losing its competitiveness as a shopping paradise. This makes Hongkong's entire fashion industry struggling. Hongkong garment retailers have launched a surprising discount, even in the launch of the new season.
In the mainland market, the group also pointed out that clothing and related accessories business is also facing a downturn. China's economy is in a moderate state, devaluation and stock market volatility, which inhibit consumption capacity. Therefore, the group will restructure its sales network by closing down poor shops and adjusting sales teams.
By the year July 31, 2016, the group has closed 46 shops.
Crocodile revealed that in January 29th this year, the chairman of the group, Lin Jian, was interested in selling 477 million crocodile shirts held by potential buyers, which accounted for 50.38% of the issued share capital. However, the group announced in May this year that the potential paction of the planned sale of shares has been terminated.
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