Sitoy Group revenue dips 41 per cent

Revenue dipped 41.3 per cent to HK$991.5 million (US$127.7 million) for handbags and travel goods manufacturer and retailer Sitoy Group Holdings during its latest six months.

But the retail business division posted improved results.

Sitoy Group says its gross profit the year to December 31 also slid by 40.8 per cent to about HK$276.8 million, while profit attributable to the owners of the company fell 41.3 per cent to about HK$116.4 million.

The group has four retail brands, including Fashion & Joy and Tuscan’s. Last year the group obtained exclusive licence rights for Italian brand Bruno Magli and Kenneth Cole out of New York City.

Despite a slowdown in the retail environment, the group’s retail business achieved stable growth during the six months, with revenue reaching about HK$72.3 million, up 12.4 per cent.

On the manufacturing side, orders fell by 42.8 per cent, mainly because of a worldwide drop in demand for brand products. The manufacturing business generated segment revenue of about HK$944 million with profit before tax of about HK$138.7 million.

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