Joyce Boutique Holdings says it will continue with cost cutting moves that are expected to save the upmarket retailer around HK$10 million this financial year.

The firm yesterday revealed a net loss of HK$85.13 million in the year to 31 March, and said it had cut its head count 13 per cent from 470 staff worldwide last year to 380.

"To remain competitive, we are maintaining a low operating cost base," said managing director Adrienne Ma.

The firm also revealed it will expand into Taiwan and the mainland in a bid to turn around its performance.

Chairman Walter Ma King-wah said: "With its concentration of operations in Hong Kong, Joyce has been exposed to the city's difficult climate. The group is committed to creating a more balanced business portfolio across Greater China and consequently, lessening its dependence on the Hong Kong market."

The company said some of its problems last year also stemmed from the expiry of the Giorgio Armani franchise in January, as well as costs incurred in winding down the Ad Hoc casual street-fashion chain.