The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Fashion jewellery brand, APM Monaco, has filed for a listing on Hong Kong’s HKEX main board.
According to the company’s prospectus, it operates in 21 markets around the world and in 2020, its total global revenue reached HK $1.92 billion ($247.28 million). The bulk of APM Monaco’s sales last year came from mainland China (57.2 percent), while Asia Pacific (excluding mainland China) accounted for 19 percent and Europe and North America for 23.8 percent.
APM Monaco sells its products direct to consumer (DTC) through its network of self-operated stores, which have grown in number from 91 to 246 between 2018 and 2020.
In future, APM Monaco said it’s looking to strategically expand its customer base in mainland China and other markets, building on its DTC approach and strengthening its omnichannel strategy.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.