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.
In the first half of fiscal year 2021, ending December 31, JNBY’s total revenue was 2.3 billion yuan ($356 million), an increase of 8.4 percent over the same period last year, East Money reports.
Net profit for the group, which encompasses the main JNBY line, as well as adjacent brands Croquis and childrenswear line jnby by JNBY, rose 7.8 percent year-on-year. Over the reporting period, the total number independent physical retail stores operated by JNBY increased from 1,855 to 1,931.
JNBY attributed the revenue increase to an upgrade of its retail networks and a concurrent increase in sales from online channels.
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.