Key Footwear Retailers In China Post Soft 3rd-Quarter Sales Updates
Hong Kong-listed Daphne International, the shoe retailer controlled by Taiwan’s billionaire Chen family, said same-store sales growth dropped to 5% from a year earlier, compared with a overall 12% rise for the first nine months of the year. (See announcement here.)
Belle International , which has more than 11,000 footwear outlets on the mainland, said on Friday sales here rose by only 2.8%.
Retailers stood out as some of biggest Chinese to suffer a loss of wealth from a year ago on the new Forbes China Rich List. (See link here.) Daphne’s shares are up by 15% in the past year and Belle is little changed.
Global fashion and footwear retailers from the Gap to Nike have been targeting sales growth in China, whose economy, though struggling this year, has outperformed much of the world.