Bosideng, the top China down jacket maker led by billionaire Gao Dekang, said on Monday sales and profit climbed in the six months to September, led by a boost in own-brand apparel purchases amid gains in consumer spending following the end of the Covid pandemic.
Sales increased by 20.9% to 7.5 billion yuan, or $1.04 billion, helping profit to increase by 25.1% to 918.6 million yuan. Bosideng-brand sales rose by 66% to 4.9 billion yuan.
Bosideng traces its history back to the Cultural Revolution yet has managed to find popularity at home through celebrity tie-ups and financial heft that have helped it compete against brands such as Canada Goose and Moncler.
Gao first set up his first apparel business with a team of 11 villagers in Jiangsu Province when Chairman Mao was still alive, back in 1975, after learning how to sew from his father. He has an estimated fortune worth $3.9 billion on the Forbes Real-Time Billionaires List today.
Business in the past six months grew even as the company reduced the net number of regular down apparel retail stores by 110 to 3,313 as of Sept. 30 compared with March. The number of self-operated retail stores decreased by 193 to 1,206 and net retail stores operated by third-party distributors increased by 83 to 2,107, Bosideng said.
Consumer spending in China increased by 6.8% in the first three quarters of the year over last year, a bright spot in the economy amid weakness in real estate demand, global trade and stock prices (see related report here).
Bosideng’s Hong Kong-traded shares have lost 7.2% in the past 12 months; they closed at HK$3.08 yesterday. Hong Kong’s benchmark Hang Seng Index rose by 1.3% during the same period.
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