Virgin Virgin Myth Shattered

The decline in its performance also dragged its biggest supplier, Vijani, into a shop in the former.

According to the world clothing shoes and hats net,

02199.HK released today's annual performance report, which plummeted 77.9% last year. Hong Youyi, chairman of the company, said it was mainly depressed by the downturn in the retail market, and the decrease in orders from several leading brand partners reduced the company's revenue.

It is noteworthy that Virginia and its parent company are the largest in the United States.

Retailer L Brands has been a partner for 16 years and is also one of the largest underwear suppliers in the world. Its form of cooperation includes conceptual derivation, product development and final delivery.

According to the Bank of China International Holdings Limited, about 35% of virgin nickel's sales come from L Brands.

Virginia was listed on the main board of Hongkong in October 8, 2015, and is the world's leading underwear supplier.

It provides design and OEM business. Besides Victoria's Secret, its customers include underwear brands such as Bali, Maidenform, Calvin Klein and Warners. Sports brands include VSX, Adidas, Reebok, UnderArmour, and Adidas.

By the end of March 31, 2017, Virginia realized revenue of HK $4 billion 677 million, down 8% from the same period last year, and gross profit of HK $916 million, down 27% from the same period last year.

After adjustment, the net profit was about HK $98 million 5 thousand, a decrease of 79.4% over the same period last year.

The downturn in fashion retailing is affecting the performance of the foundries. In the last fiscal year, which ended in March 30, 2016, Virginia net profit was HK $442 million, up 30.9% over the same period last year.

During the period, the income of bra and underwear was HK $3 billion 730 million, an increase of 4.7% over the same period last year. The proportion of total income increased from 70.1% to 79.7%. The income of chest and other moulded products reached HK $513 million, a decrease of 46.8% compared to the same period last year; the income of functional sports products amounted to HK $434 million, a decrease of 21.9% over the same period last year.

The gross profit rate dropped by 5.1 percentage points to 19.6%, mainly due to Vietnam's first factory production in March 2016, which was still in a growing period; the Shenzhen plant was thinning because of lower sales than expected.

The decline in its performance also dragged its biggest supplier, Vijani.

Mr hung acknowledged that the business in the past was more focused on several major customers. However, after this campaign, the company has made some adjustments in the second half of the fiscal year, and has increased several international customers to balance the customer base so that orders will rebound in the second half of the year.

Among them, the sales of functional sports products increased by 38.2% in the second half of the year, and sales in bust and underwear increased by 19.9% in the second half of the year.

Affected by the sluggish retail market, analysts in the financial times pointed out that L Brands, the parent company of the parent company, will have a poor performance in the future, and there will be no signs of recovery until 2018.

Data show that the decline of its performance also dragged down the decline of Jeanne's performance, and the reduction of its orders resulted in a sharp fall of 89.3% to HK $23 million 244 thousand.

In the first quarter of April 29th, L Brands sales fell 7% to $2 billion 477 million.

In Canada and the United States, the sales volume of Wei is still negatively affected by the cancellation of swimsuits and clothing categories, down 12% to $1 billion 533 million a year ago.

According to the latest data released by L Brands in May, sales fell by 5% to $774 million, while sales in the same store decreased by 7%, which has been declining for 5 consecutive months.

As of press release, Virginia shares fell 0.5% to HK $5.9 per share. Over the past year, its stock price has fallen by more than 40%, with a market value of HK $7 billion 220 million.

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