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 fashion retailer, JNBY Group, announced its fiscal 2021 results ended June 30, with total revenue of 4.13 billion yuan ($638.56 million), up 33.1 percent year-on-year, and net profit of 647.2 million yuan (just over $100 million), up 86.7 percent.
The Hangzhou-based, Hong Kong Stock Exchange-listed company, has grown to boast a number of brands under its group umbrella, with the original JNBY brand joined by Croquis, less, JNBYHOME, kidswear brand jnby by JNBY and teen brand Pomme de Terre.
Over the reporting period the group’s total number of physical retail outlets increased from 1,855 to 1,931. It also said its membership programme has become a major revenue driver for the group, with its 4.9 million members contributing about 70 percent of revenue.
Within the past year, the company also opened Tianmuli, a 230,000 square metre art, retail and commercial complex in Hangzhou designed by Renzo Piano, which has become a popular landmark for both fashion and lifestyle.
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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.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.