Bossini, the apparel firm based in Hong Kong, saw its sales for the year ended 30 June fall by 27 per cent to post US $ 141 million.
The impact of the pandemic on the apparel group has been so massive that its loss attributable to shareholders has surged by 174 per cent from what it was last year to touch US $ 48.85 million.
Notably, the gross margin for the 12 months too went down from 52 per cent – a year before – to 49 per cent.
Bossini, over the last 2 years, has mainly suffered owing to the markets where it operates.
Having its presence majorly in Hong Kong and Macau, Mainland China and Singapore has proved to be the biggest hindrance for the apparel group in recent times. First it was US-China trade war and then it was the social unrest and violence in Hong Kong that affected the sales for the firm.
And if these weren’t enough, COVID-19 at the start of this year finally dealt a massive blow from which Bossini has been struggling to recover.
Store closures, prolonged lockdowns and major banks tightening the credit facilities aren’t helping either.
So what’s Bossini doing?
With sales hit badly, the company is working out strategies to cut costs by streamlining business operations as well as reviewing inventories and store portfolios so that any loss-making stores could be removed.
Like many retailers Bossini is also planning to focus on renegotiating its leases with landlords failing which it may even close down stores.
Founded in 1987, Bossini is known for menswear, womenswear and kidswear.
