Revenue Increased by 5.0% to HK$1,007.8 Million
Significant milestones in business upgrades drive revenue growth
Forward Fashion (International) Holdings Company Limited (Forward Fashion or the Group; HKG: 2528), a creative integrated group with three synergistic business segments – fashion, art and lifestyle, today announced its annual results for the year ended 31 December 2023 (FY2023 the Period). Due to the increase in the number of visitors to Macau and the improvement in the Macau retail market in 2023 increased to HKD1,007.8 million, representing a year-on-year 5.0% increase.
During the Period, revenue from the multi-brand stores was HK$190.3 million, while revenue from the mono-brand stores was HK$685.0 million, both record an increase of 2.5% and 44.3% respectively. Revenue from Store management and consignment services surged 110.5% to HK$65.0 million. Gross profit increased by 3.0% to HKD467.8 million, while Gross profit margin down from 47.3% to 46.4%. The Group recorded a net loss of HKD19.8 million for 2023 comparing with a net loss of HKD36.5 million in 2022 mainly attributable to the increase in subsidy from suppliers.
The revenue generated from Macau for 2023 increased to HKD481.6 million, representing a year-on-year increase of 9.9%, mainly attributable to the increase in the number of visitors to Macau in 2023 by 394.9% year-on-year while the total visitor expenditure increased by 292.2% year-on-year. The revenue generated from Mainland China recorded HKD426.1 million in 2023, representing a year-on-year decrease of 5.3%. The revenue generated from the sales in Hong Kong and Taiwan recorded a year-on-year increase of 31.6% and 283.7%, respectively.
Milestones in Business Upgrades: Pioneering Integration of Art, Fashion, and Lifestyle
Throughout the year, Forward Fashion achieved significant milestones in its business upgrades, reinforcing its position as an innovative leader in the integration of art, fashion, and lifestyle. Artelli, the multi-dimensional premium art space under Forward Fashion, expanded its presence to Hong Kong, Shanghai, and Taipei, hosting notable exhibitions and showcasing exclusive art projects including the “BE@RBRICK WORLD WIDE TOUR 3” exhibition in Hong Kong, the “Attack of Clone Venus” exhibition in collaboration with Japanese artist Takeru Amano in Macau, the partnership with emerging artist Chen Wei Zhu in Shanghai, and the “Artelli exclusive: Satoru KOIZUMI Meets Taiwan – World Debut of Disney’s Mickey Collection” exhibition. In addition, Forward Fashion launched ASCE (Art Space for Contemporary Expression), its first diverse and explorative art hub in Hong Kong and Macau in 2023, providing an accessible and trendy collection for the public, complementing Artelli’s premium offerings.
These initiatives not only enhanced the artistic and cultural landscape of the regions but also solidified Forward Fashion’s role as a key organizer, co-organizer, and curator of Art Macao, a prominent annual international art event. Through collaborations with major integrated resort operators in Macau, Forward Fashion delivered high-quality art content, created diverse and immersive arts and cultural experiences, contributing to the development and promotion of culture and the arts, further establishing Macau as an appealing travel destination.
Furthermore, a notable highlight of the year was the highly anticipated opening of Galeries Lafayette Macau at the YOHO Treasure Island Resorts World Shopping Centre. Galeries Lafayette Macau has quickly become a fashion and art landmark, offering a seamless blend of luxury shopping and artistic experiences. This accomplishment further underscores Forward Fashion’s success in integrating art, fashion, and lifestyle while providing diverse and upscale shopping experiences for fashion enthusiasts.
Mr. Patrick Fan, Founder, Chairman of the Board and Executive Director of Forward Fashion (International) Holdings Company Limited, said, “Last year, the group implemented a series of adjustments and measures in its business and operations. We firmly believe that these initiatives will bring forth new hope and opportunities for the group. Looking ahead, Forward Fashion acknowledges the gradual recovery of the market and the increased willingness of customers to consume. With the rise in visitor numbers to Macau, increased visitor expenditure, and the growth of GDP in Mainland China, positive signs of progress are evident. With prudent assessment and investment in new projects, the Group aims to sustain positive business development and further enhance the interests of both the Group and its shareholders.”
About Forward Fashion (International) Holdings Company Limited
Forward Fashion (International) Holdings Company Limited is an integrated group with three synergistic business segments – fashion, art, and lifestyle – and a commitment to creating innovative retail business model. With a track record of managing over 100 brands, the Group has helped many brands to establish their first presence in Greater China. In recent years, the Group has actively enhanced its operations and developed its own brands, such as Artelli, ASCE, UMJ, WF Fashion, to further enrich its brand portfolio. Leveraging its extensive retail experience and IP resources, the Group has spearheaded exclusive collaborations with brands and cultural and art communities to expand into the international market.
Mr. Fan Wing Ting, Patrick, is the founder, chairman and executive director of Forward Fashion Holdings. In 2005, he founded the first company of the Group in Hong Kong focusing on fashion apparel retail in Greater China. Following the Group’s 2020 listing on the Main Board of The Stock Exchange of Hong Kong Limited, Forward Fashion has embarked on eCommerce platforms and introduced international fashion and artistic brands and visionary international art projects to Greater China. The Group aims to cater for the preferences and needs of local youths and promotes business diversification.
Media Enquiry
Strategic Financial Relations Limited
Mandy Go, Tel：+852 2864 4812
Shelly Cheng, Tel：+852 2864 4857
Iris Au Yeung, Tel：+852 2114 4913
sprg_forwardfashion@sprg.com.hk