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.
Chinese apparel giant, Dazzle Group, saw 2020 revenues reach 2.56 billion yuan ($385.47 million), up 7.81 percent year-on-year, while first quarter 2021 revenue rose 61 percent to 657 million yuan ($101.34 million), according to an earnings report released today.
The Shanghai-based fashion company has four major brands under its umbrella: Dazzle, a midmarket womenswear brand; d’zzit, which aims at younger female consumers with its overtly girly aesthetic; high fashion brand Diamond Dazzle and menswear label Razzle.
By the end of 2020, the group’s store network included 1,154 physical stores in mainland China and online sales rose 20.08 percent to 368 million yuan ($56.76 million) over the year, compared with 2019.
The company also said it was actively looking for acquisitions to help meet its strategic goals.
Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.
This week, China rolled back some strict zero-Covid measures, opening a road to recovery for luxury and retail. But the journey is likely to be long and bumpy, experts warn.
Despite disappointing Singles Day sales results, harsh Zero Covid restrictions and supply chain woes, international beauty conglomerates continue to see China as a growth engine.
Disappointing sales were only part of the story, as brands increasingly used the world’s biggest online shopping festival as a marketing moment.