The Chinese fashion group’s annual revenues hit 9 billion yuan ($1.4 billion), up 14.3 percent year-on-year. Its net profits reached 711 million yuan ($108.6 million), up almost 29 percent compared to 2019.
The Ningbo-based company attributed this growth to its focus on sales channels, which has seen it grow direct-to-consumer stores, scaling franchise locations and expanding into social commerce while maintaining rapid growth in traditional e-commerce platforms. It has also become increasingly responsive to market demand in relation to product design, production and inventory. Lower rents during the pandemic also helped lower costs.
Founded in 1995, Peacebird Group now operates seven sub-brands spanning womenswear, menswear, childrenswear and home goods, which are distributed across 4.500 stores in mainland China and multiple digital channels.