• H1 net profit down 43.4% to HK$150m
  • Revenue falls 2.1% to HK$1.338bn
  • Same store sales on Chinese mainland down 10.2%

Austerity measures and an economic slowdown on the Chinese mainland sent first-half profits down 43% for high-end men’s wear retailer Trinity, part of the Fung Group.

The company, owner of Gieves & Hawkes, Kent & Curwen and Cerruti, and licensee in Greater China of D’Urban and Intermezzo, said the economic slowdown had impacted luxury retail spending on the Chinese mainland.

While same-store sales on the Chinese mainland fell 10.2%, comps in Hong Kong were up 4%, but in Taiwan they were down 6.3%.

Profit was also hit by investment in Europe and lower shared profit from the company’s Salvatore Ferragamo joint venture.

“The economic slowdown and austerity measures in the Chinese mainland affected the luxury retail industry and led to subdued results for Trinity during the first six months of the year,” said Wong Yat Ming, group MD.

The results announcement came as Trinity unveiled plans to expand Kent & Curwen into the US and Europe through a loan which has an option to convert into equity.

Flagship stores in Savile Row, London, and Madison Avenue, New York, are due to open this autumn.