HONG KONG: Trinity profits from soaring luxury demand
- Group revenue increased by 20.3% to HK$924.7m
- Profit grew 160.8% to HK$146.9m
- Same-store sales rose 21.0% for the period
Trinity Limited, Li & Fung Group's luxury men's wear unit, has announced a significant rebound in the Greater China retail market for the six-month period ended 30 June 2010.
Revenue from the Chinese Mainland was up 16.2%, and, fueled by mainland visitors, Hong Kong and Macau revenue rose 29.6%. Meanwhile, revenue from Taiwan increased 15.7%.
Wong Yat Ming, group managing director of Trinity, said: "Major economic indicators now show that the Chinese economy is slowing as the government seeks to withdraw stimulus actions. As a result, the group is entering the second half of the year with a degree of cautious optimism, even though demand at the luxury end of the market is expected to remain fairly buoyant.
"Meanwhile, to achieve our goal of delivering long-term, steady growth, we will seek to acquire suitable brands when opportunities arise. We will also aim to streamline our supply chain and develop our people as we continue to build a portfolio of high-end to luxury menswear brands in the Greater China region."
According to a leading research report, Trinity said that luxury sales in the Chinese Mainland overtook Japan in 2009, making it the second-biggest luxury goods market after the US. The report also estimates that luxury sales in the Chinese Mainland will take the world’s top spot in 2015.
Trinity manages six international menswear brands, namely Kent & Curwen, Cerruti 1881, Gieves & Hawkes, D’urban, Intermezzo and Altea.
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