Trinity thrives under Shandong Ruyi control
Menswear retailer Trinity has announced double-digit same-store sales growth in its first half year.
The period coincides with Shandong Ruyi International Fashion Industry Investment Holding taking a controlling interest in the group last April.
During the review period, the group’s total revenue increased by 3.2 per cent compared to the same period last year to HK$890.1 million (US$113.4 million).
Retail sales and same-stores sales recorded a growth of 8.1 per cent and 10.1 per cent respectively year-on-year. The increment was partly offset by the decrease in wholesale revenue as a result of the strategic shift from wholesaling to licensing to improve the long-term profitability of the group.
The gross profit margin remained stable at 69.6 per cent as a result of the continued discounting trend.
Trinity chairman Qiu Yafu said: “The recent licensing arrangements between Trinity and Ruyi will further strengthen the presence of our premium brands, Cerruti 1881, Kent & Curwen and Gieves & Hawkes, in key European markets and enable the group to refocus its resources to develop its core business in the greater China region. Capitalising on Ruyi’s international exposure and experience, we are confident Trinity will further consolidate its position globally and further penetrate the Chinese Mainland market.”