The Ningbo-based group released its 2021 financial report, which showed net profit attributable to shareholders dropped by 660 million yuan ($104.31 million) or 7 percent year-on-year, while net profit excluding extraordinary profit was down 500 million yuan ($79.03 million), or 11 percent compared with 2020.

The company did not disclose its overall revenue for the year.

Peacebird’s profit growth has slowed since the third quarter of last year, and it is also facing pressure associated with its level of inventory. Its inventory value reached 2.82 billion yuan ($445.7 million) in the first three quarters of 2021, up from 2.26 billion yuan ($357.19 million) for the whole of 2020.

The company has also been embroiled in a dispute over alleged unauthorised misappropriation of the work of artist Joshua Vides and alleged copying from other fashion brands.

In 2020, Peacebird’s revenue rose 18.4 percent from a year earlier to 9.39 billion yuan ($1.48 billion), and its net profit rose 59.1 percent.

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