Shandong NyoiThe huge Chinese group, which owns many European brands, continued to struggle in the first half. Sales were down 20.43% year-on-year, the clothing category was down 44.67%, and the share of revenue was down from 76.57% to 53.24%.
total Revenues decreased to 261 million yuan (34.1 million euros) and net loss increased 393% to 44.75 million yuan (5.85 million euros).
As mentioned earlier, clothing decreased by almost 45%, the largest decrease of all business areas. Gross profit also fell by 12%. This is a big issue for the group as clothing is the largest sector.
The company declared its ambition to become China’s LVMH a few years ago, but is struggling with that goal, has heavy debt, and is being increasingly overseen by regulators in China.
At the end of last year, a bond of 1 billion yuan was issued by default. Private companies have taken on additional debt following a series of recent acquisitions to purchase many of the brands they currently own.
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The struggle of Shandong Nyoi continued in the first half of the year
Source link The struggle of Shandong Nyoi continued in the first half of the year