Lippon Holdings Is Expected To Have A Loss Of More Than HK $150 Million In The First Half Of The Year

Ruyi holding's Libang men's wear recently issued a profit warning. It is expected that shareholders with a net loss of no less than HK $150 million will be recorded in the six months ending June 30, 2020, while the net profit attributable to shareholders will be HK $76.6 million in the same period of 2019.

The main reason for the loss is the outbreak of new coronavirus pneumonia in early 2020. Libang men's wear once said in the 2019 annual report that if the covid-19 crisis continues, the local retail business will be greatly affected, and the business performance in the first half of 2020 will be affected.

It has been proved that this is true. In the first half of 2020, the market of China mainland, Hong Kong, Macao, Taiwan, France and the United Kingdom and other major operating regions of the group continued to be weak, and the consumption intention of high-end men's clothing products was low. As a result, the retail revenue of lippon decreased significantly and the wholesale business orders were significantly delayed.

In the face of this adverse impact, lippon said in the announcement that it would continue to closely monitor the market situation and adjust its retail strategy. It would also seize all opportunities of wholesale business to meet the challenges.