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Public company info - Cabbeen Fashion Limited , 02030.HK

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Cabbeen Fashion Limited, 02030.HK - Company Profile
Chairman Ziming Yang
Share Issued (share) 669,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The principal activities of the Group are wholesaling and retailing of branded menswear and related accessories in the PRC. Performance for the year: The Group recorded a profit from operations of RMB292.8 million (2019: RMB243.4 million) for the year ended 31 December 2020, representing an increase of approximately 20.3%. Profit for the year ended 31 December 2020 increased by 23.3% to RMB195.0 million from RMB158.1 million for the year 2019. Net profit margin for the year ended 31 December 2020 was 15.1% (2019: 12.4%). Basic and diluted earnings per share for the year ended 31 December 2020 were RMB29.05 cents (2019: RMB23.58 cents) and RMB29.05 cents (2019: RMB23.58 cents), respectively. Business Review: Cabbeen is a Chinese designer brand. It offers apparel and accessories for men, women, and children under the Cabbeen, Cabbeen Urban, Cabbeen Love and 2AM brands. The Group derives its revenue from sales of its products through franchise stores and online shops. Most of the products sold under its brand names are designed by the Group and majority of the products sold are manufactured by independent manufacturers in mainland China. As of 31 December 2020, the Group had 7 wholesale distributors, 20 consignment distributors and 115 subdistributors operating a total of 810 retail shops in mainland China and one retail shop in Cambodia. In addition, the Group operates WeChat store and other online shops on e-commerce platforms including T-mall, JD.com, vipshop and sells products to other online distributors. Retail channel performance Performance of retail stores operated by the Group, its distributors and sub-distributors for the year ended 31 December 2020 are summarized below. – Total retail revenue for the year ended 31 December 2020 decreased by 1.4% as compared to 2019. The decrease was primarily a result of the Pandemic in the first quarter of 2020. – Retail sales revenue and same store sales from physical stores for the year ended 31 December 2020 decreased by 7.2% and 6.0%, respectively, as compared to that of 2019. – Retail revenue from online shops increased by approximately 21.4% from RMB528.7 million for the year ended 31 December 2019 to RMB641.9 million for the year ended 31 December 2020. – Cabbeen had 3.0 million WeChat fans and members as of 31 December 2020 (2019: 2.4 million). Average retail discount at physical stores for the year ended 31 December 2020 was approximately 27.2% (2019: 25.7%). – Up to 31 January 2021, sell-through rate of the Group’s 2020 collections was over 66%. Omni-Channel The Group has invested in building omni-channel capabilities in markets with retail outlets operated by consignment distributors. Its ERP system facilitated a single view of inventory across channels, connecting physical stores directly to WeChat store. The Group offers a “reserve online, pick up in store service” to its customers which allows customers to select in-store inventory from WeChat platform. The Group has also started to fulfil orders from WeChat stores by shipping products either from logistic centre or consignment stores. It will continue to optimize the omni-channel services for better customer shopping experience. Design and product development As of 31 December 2020, the Group had four design workshops in Guangzhou City, Hong Kong, Milan and Paris, respectively, with a team of 73, including 49 designers (2019: 48) joining from mainland China, other Asia countries, Hong Kong and Europe. The Group also works with design institutes and contract designers from around the world. It offered over 4,700 new stockkeeping-units (SKUs) for 2020 product collections (over 4,600 SKUs for 2019 product collections). Prospects: The Group believes there will be more favorable trends for e-commerce business after the Pandemic as more customers have switched their consumption to online platforms. The management believe e-commerce is a key driver and will deploy more resources to develop online channels. Even The Group invest in e-commerce, The Group will keep investing in The Group’s physical store network in shopping centres with good consumer traffic. The Group believe in-store shopping experience will remain critical. Physical stores are important for sales and brand building purposes and for fulfilling online orders or to serve as hubs for brand building activities. Considering the rental of retail shops in general has come down after the Pandemic, The Group will take this opportunity to set up more stores in good locations in the coming year.

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