On January 9th, Xtep International (HK:01368) released its fourth quarter and annual operational report for its Xtep brand in Mainland China for 2023:
- For the full year of 2023, retail sales (including both online and offline channels) achieved over 20% year-on-year growth, with channel inventory turnover ranging from four to four and a half months.
- In the fourth quarter of 2023, retail sales (including online and offline channels) saw over 30% year-on-year growth, with retail discounts at around 70%.
Compared to the annual report of 2022, Xtep has continued its high growth momentum— in 2022, the brand’s revenue reached a new high of 11.128 billion RMB, marking a 25.9% increase from the previous year.
As of the close of January 10th, the group’s stock price increased by 8.66% to 4.14 HKD/share, with a total market value of approximately 10.9 billion HKD.
Key 2023 developments for Xtep International and Xtep brand (Data source: Tong.Luxe.CO):
- In March, Xtep International officially partnered with Beijing University of Chemical Technology to establish a new materials innovation center.
- In April, the Xtep brand became the top strategic partner for the 2023 Xiamen Marathon, continuing its seventeen-year sponsorship of the marathon event.
- In May, Xtep International announced the official launch of its Shanghai Operations Center, with Saucony as the first brand to join the center.
- In June, Xtep brand invited its spokesperson Jeremy Lin to the “Basketball Town” inauguration and “Yixin Family Home” unveiling at its new warehouse in Pinghu, Zhejiang.
- In July, Xtep International secured a 4-year loan financing of 1 billion HKD from a syndicate of six banks.
- In July, MSCI upgraded Xtep International’s ESG rating from “BB” to “BBB”. The first MSCI ESG rating was given to Xtep International in July 2022, and it was upgraded within a year.
- In October, the Xtep brand launched its new 160X 5.0 city special edition shoes, featuring five designs representing Beijing, Chengdu, Changsha, Shanghai, and Guangzhou.
- In November, Xtep International established its first low-carbon running club in Shanghai’s Century Park, further advancing its ESG sustainable development.
- In November, K-Swiss, a brand under Xtep International, appointed Barney Waters as the International Brand President.
- In December, Xtep International announced an agreement with Wolverine World Wide, Inc. to further develop the Saucony and Merrell brands in the joint venture’s operational regions.
– In December, the Xtep brand launched its first middle- and long-distance spike shoes “Xtep 060 1.0“.
| Source: Official financial reports, Tong.Luxe.CO
| Image Credit: Xtep official website
丨Reporter：Wang Jiaqi
| Editor: LeZhi
