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The Shanghai-based apparel giant, which owns brands Dazzle, d’zzit, Diamond Dazzle and Razzle, saw profits rise 30.9 percent to total around 390 million yuan ($60 million) in the first half of 2021, National Business Daily reports.
The group’s operating income increased 37.2 percent year-on-year to hit 1.353 billion yuan ($208 million).
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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.
