The Founder Of Fashion Clothing I.T Surged 125.6% Last Year.

According to the world clothing shoes and hat net, after losing profits, Hongkong trend. Clothes & Accessories Retailer I.T Limited (0999.HK) boss Shen Jiawei and Shen Jianwei brothers two people in 2016 fiscal year annual salary surge.

Shen Jiawei, executive director, chairman and CEO of I.T Limited, has an annual salary of HK $39 million 564 thousand in fiscal year 2016, up 125.6% from HK $17 million 536 thousand in the 2015 fiscal year. Its main component is the bonus of HK $22 million. In the last financial year, Shen Jiawei did not get any bonus due to the group's losses.

Although the annual salary rose sharply last year, Shen Jiawei's annual salary in fiscal year 2016 is still below HK $31 million 623 thousand in the 2014 fiscal year.

Shen Jiawei's younger brother, I.T Limited creative director Shen Jianwei paid 2016 HK $32 million 948 thousand in fiscal year 32 million 948 thousand, up 120.7% from the 2015 fiscal year, of which HK $18 million is a bonus.

Shen brothers, the founder of I.T Limited, accounted for 90.6% of the board's annual salary last year, two.

The annual results released at the end of May showed that net profit of I.T Limited increased by 52.2% to HK $315 million in the 2017 fiscal year ending February 28th, excluding the increase of 14.6% in the 2016 exchange loss of HK $65 million 100 thousand.

I.T Limited said that despite the many disadvantages of Hongkong in the 2017 fiscal year, and the negative impact of weak consumption and moderate economic growth in the mainland market, the group has been in mainland China in the past year. market The sales area is still expanding by 18.2%, and new cities such as Nanning, Changchun and Kunming reflect their potential in the mainland market. At present, the group has covered 28 cities in the mainland.

In the 2017 fiscal year, the retail sales of the I.T Limited mainland market rose by 16% to HK $3 billion 461 million 300 thousand, an increase of 7.1% over the 2016 fiscal year, and the retail sales in Hongkong dropped 6.3% to 3 billion 242 million 900 thousand Hong Kong dollars, a decrease of 6.3% from the sales, a decline of 4.2% compared with the sales in 2016. The retail sales in Japan were 10 billion 227 million yen, which was about HK $3 billion 461 million 300 thousand.

As of the 2017 fiscal year of February 28th, I.T Limited total revenue was HK $8 billion 1 million 300 thousand, which was 6.1% higher than that of HK $7 billion 541 million 100 thousand in the 2016 fiscal year. The sales volume of mainland China, Hongkong and Japan accounted for 45%, 41% and 9.8% respectively. In the financial year, the mainland market share surpassed the Hongkong market for the first time.

Despite the adoption of streamlining measures in the Hongkong market during the year, the I.T Limited Limited market in fiscal year 2017 still recorded a HK $184 million 900 thousand operating loss. Only a few promotions promoted the gross margin by 160 basis points to 58.8%, but failed to offset the 460 increase in operating cost rates from 460 to 64.2%. During the period, the market operating losses in Hongkong increased by 1.5 times than that in the 2016 fiscal year.

I.T Limited investor relations and corporate finance director Fang Wei Bin said at the end of May, that the group will continue its strategy of closing stores in Hongkong this year, but at the same time, it will catch up with new store opening opportunities. He also said that although Hongkong's retail market in Hongkong in March was hard to record, it was not a clear indicator of recovery, so it was not easy to make a judgement. And whether the Hongkong market will lose its profits this year is also unpredictable.

Fang Weibin explained at the performance conference that the performance of the Hongkong branch was mainly affected by the adverse factors such as the sales retrogression and the rising cost of retail channels. However, the group increased its gross margin by 1.6 percentage points to 58.8% by reducing promotional discounts.

In view of the loss of Hongkong market, the heavy responsibility of making money naturally falls on the mainland market. In the 2017 fiscal year, the operating profit of the group's mainland market rose 31.5% to HK $344 million 900 thousand, and the operating profit margin improved by 180 basis points in the operating cost rate. The gross profit margin dropped by 50 basis points to 60.9%.

Although the Japanese market is far less than China and Hong Kong, when the profitability is very strong, the 2017 financial year group gained HK $315 million 500 thousand operating profit in the market, surged 48%, gross margin reached 71.1%, up 330 basis points compared to the same period last year. The group currently owns Japan's Chao A Bathing Ape.

I.T Limited said that the mainland market has become increasingly sensitive to consumers' fashion sense. It has improved the business environment for the group, and has also played a brand combination advantage of its fashion and diversification concept.

By the end of February, I.T Limited had more than 300 operating brands, of which 60% were self brand revenue.

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