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.
The Hong Kong-listed fashion retailer says it estimates its profit attributable to shareholders for the year to Dec. 31 to reach approximately $47 million. This would mark the company’s first full-year net profit since 2017.
Esprit has changed its financial year, so comparisons are not directly comparable. But for the six months to Dec. 31, 2020, the company posted a loss of $53 million, and for the 12 months to Jun. 30, 2020, it lost $503.2 million.
In a stock-exchange filing, Chairman Christin Chiu attributed the profit turnaround to increased sales – especially online – together with a higher gross profit margin, and improved cost controls and inventory management.
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New Virus Variant Sees Hong Kong Retail Sales Plummet
Hong Kong’s retailers didn’t see much benefit from the key holiday shopping season, with sales plunging in December after the government tightened controls to combat a surge in virus cases.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.