I.T Earned Nearly 9 Billion Last Year And Completed Its 10.9% Stake In Acne Studios.

Recently, the group of izzue, b+ab, 5cm and other brands of Hongkong fashion tide brand I.T group released the core data of the 2018 financial year performance report.

According to the financial report, I.T group achieved HK $8 billion 832 million in revenue in 2018, an increase of 5.4% over the same period last year, a gross profit of HK $5 billion 640 million, an increase of 5.9%, and a net profit of HK $444 million, an increase of 2.8% from the 37% in the previous financial year.

Among them, the turnover of Hongkong and Macao in the market period was HK $3 billion 424 million 800 thousand, an increase of 3% compared with the same period last year. The mainland market revenue rose by only 5.2% to HK $4 billion 122 million 600 thousand when the business area increased by 8.3%.

In addition, as the net red designer brand is more and more favored by Chinese investors and consumers, I.T group also accelerated the pace of investment.

The I.T group formally announced that all the prerequisites for the purchase agreement for the acquisition of shares of Acne Studios 10.9%, the Swedish designer's brand name, were officially completed in May 10, 2019.

It is understood that Acne Studios was founded in 1996 by Jonny Johansson and Mikael Schiller. It is mainly engaged in retail and wholesale business of men's and women's clothing, fashion, footwear, accessories and denim garments, and is positioned as modern luxury brands.

In the year ended 2017 and August 31, 2018, the net profit of Acne Studios was HK $148 million and HK $144 million respectively.

It is reported that I.T group spent HK $423 million to buy Acne Studios 375 thousand shares, and the performance of Acne Studios will not be incorporated into the I.T group's financial report.

You know, as early as December 23, 2018, I.T group issued a notice that the group's indirect wholly-owned Affiliated Companies, International Limited, entered into a share purchase agreement with Acne Studios in December 22nd.

At the same time, investment company IDG China Capital Fund III L.P will purchase additional number of shares, accounting for 30.1% of Acne Studios's issued share capital, and the two parties will complete the purchase of shares at the same time.

After the completion of the two pactions, the I.T group will also have the right to nominate a director and a non voting observer to join the Acne Studios board.