Hainan remains the operational core of China Duty Free Group (CDFG). Revenue from the Hainan region increased by 14.3% year-on-year to 39.65 billion RMB, contributing 58.7% to the company’s total revenue.

In 2024, the group plans to open approximately 16 new shopping centers in Beijing, Shenzhen, Nanjing, Xi’an, Changsha, Zhengzhou, and other locations. It is estimated that by the end of 2027, the number of operational shopping centers will increase to 117.

The net revenue growth in the mainland China market increased by 56%, or 60% when calculated at a fixed USD exchange rate.

One thing is clear: On is not a luxury fashion brand, but a high-end athletic brand.

The Group’s pattern of “deep plowing in China” and “going overseas” has been taken into account.

Bjørn Gulden said, “Compared to 12 months ago, we feel much more confident about the Chinese market,” adding that China’s growth potential is “far higher than” the growth achieved in the full year of 2023.

Li Ning responded, “For investors, I will consider any plan that can increase investor returns.”

In December 2023, the third flagship store worldwide was opened in Ximending, Taiwan, with record-breaking sales on its opening day.

The company completed a comprehensive upgrade in all aspects including products, channels, and brand, transforming into a stronger enterprise from the inside out.

Brunello Cucinelli’s outlook suggests that the company’s full-year revenue for 2024 is expected to grow by approximately 10%, while maintaining a healthy and balanced profitability.