Share to Facebook Share to Twitter Share to Linkedin Pedestrians walk past the Bosideng International Holdings flagship clothing store in Shanghai in … [+]
2017. Photographer: Qilai Shen/Bloomberg © 2017 Bloomberg Finance LP
Shares in Bosideng International Holdings, China’s top home-grown down jacket brand led by billionaire Gao Dekang, soared by 6.7% in morning trade at the Hong Kong Stock Exchange today after the company posted big gains in 12-month profit and sales. Sales for the year ending March 31 increased by 38% to 23.2 billion yuan, or $3.2 billion, helping to lift profit by 43% to approximately 3.1 billion yuan, the apparel maker said after the close of trade on Wednesday. Bosideng’s stock has gained more than 30% in the past year amid growing business; that compares with a 7% drop in Hong Kong’s benchmark Hang Seng Index during the same period. Gao, Bosideng’s CEO, has a fortune worth $5.1 billion on the Forbes Real-Time Billionaires List. Itochu of Japan is an investor; rivals include Canada Goose. Bosideng’s board proposed a final dividend of HK$0.20 per ordinary share the latest fiscal year. Bosideng attributed part of its performance to improvement in China’s economy. “Since the beginning of 2024, China’s economic rebound has maintained its momentum on the back of steady growth,” it said. “The country’s economic restructuring also progressed steadily. The domestic market has also been revitalized. All this has laid a solid foundation of enterprises’ sustainable, high-quality development and boosted confidence.” Sales gains were led by its own Bosideng brand, which benefitted from consumer preference for local names, the company said. For the year ending March 31, the Bosideng branded down apparel business rose by 42.7% to 16.8 billion yuan. “China’s growing cultural confidence has injected impetus to the development of domestic brands,” according to Bosideng.
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