Xtep suddenly announced that it would shelve the five-year plan! ON Angpao Heavy Warehouse China
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Xtep international shelves five-year plan
K Swiss will be profitable in 2025.
On March 18th, Xtep International announced that it would shelve its five-year plan, and it is expected that its sales will increase by at least 10% this year.
Xtep's five-year plan pointed out that by 2025, Xtep's main brand plans to achieve the goal of operating income of 20 billion yuan, and Xtep will achieve the goal of accumulating 4 billion yuan by 2025.
Ding Shuibo, chairman and CEO of the company, said that although its brand K Swiss has opened an image store in SOGO, the plan for the flagship store will be postponed.
Chief Financial Officer Yang Lubin pointed out that in view of the poor consumption prospects, the Group has set a sales growth target of not less than 10% this year, and the profit growth is expected to exceed the sales growth. At present, the company's primary task is to keep the cash flow stable. Yang Lubin predicts that K Swiss will be profitable in 2025.
Comprehensive source: multiple media
Photo: Xtep official website screenshot
ON Angpao Heavy Warehouse China
Opened 10 direct stores in China a year.
In the past year, ON Angpao's share price rose by 41% compared with the previous year, which was higher than that of established sports shoes manufacturers such as Nike, Adidas and Puma.
Recently, ON Angpao said in a media statement that the brand "achieved strong annual performance results in 2023, which greatly exceeded the expectations at the beginning of the year." ON Onrun predicts that in 2024, brand sales will increase by at least 30% year-on-year, the gross profit margin will rise to about 60%, and the adjusted profit margin before interest and tax will be between 16.0% and 16.5%.
China's Asia-Pacific market is the fastest growing regional market of Onrun.
By the end of 2023, ON Angpao had opened 22 direct stores in shopping malls in China. ON Angpao entered the China market in 2018. By the end of 2022, there were only 12 stores, but 10 new stores were opened in the past year. Its intention to accelerate the layout of the China market is clear.
Loro Piana was accused of squeezing Peruvian aborigines.
Villagers earn less than $91 a month.
According to British media reports, Loro Piana, a brand owned by luxury goods giant LVMH Group, is accused of squeezing Peruvian aborigines who provide raw materials for llama hair.
It is understood that most villagers in the village who provide camel hair fabrics for Loro Piana earn less than $91 per person per month, while sweaters made of camel hair cost as much as $9,000.
In the ten years since LVMH Group acquired Loro Piana brand, the purchase price of camel hair, which was not less than $400 promised by the original brand founder, has recently dropped to $280, resulting in an 80% drop in the income of local herders.
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