HKD 10,000 JoyceBoutique suffered huge losses

HKD 10,000 JoyceBoutique suffered huge losses

Asian luxury fashion collection store brand Joyce Boutique Group is struggling. Joyce Boutique’s 2015/16 fiscal year annual report released yesterday showed that the group’s revenue fell 11% to HK$1.179 billion, and the total loss attributable to shareholders was HK$78 million. Sales of high-end fashion and accessories in the mainland and Hong Kong markets remain sluggish, but rental costs continue to rise. JoyceBoutique’s total sales in the Hong Kong market have experienced the longest continuous decline since 2003.

The financial report shows that the group’s Hong Kong stores suffered an operating loss of HK$28 million, and the mainland suffered a loss of HK$47.1 million. There were deficits of HK$107 million and HK$15.5 million respectively year-on-year. During this fiscal year, the number of Joyce Boutique operating stores decreased from 52 to 50. Due to the difficult operating environment, the group is extremely cautious about opening new stores. During the year, only three key brands with better performance were opened independent stores, namely the first Thom Browne store in Hong Kong, Sacai in Taikoo Li Sanlitun and the first Alexander Wang store in Macau. At the same time, the group closed four underperforming stores in Hong Kong and mainland China.

Joyce Boutique believes that the operating environment is still very severe in the short term, and the rental level in prime shopping areas is still high relative to the group’s income. Online consumption and overseas shopping continue to impact the group’s core retail business. JoyceBoutique suffered a huge loss of HK$78 million

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