After the market closed on 28 August, Youngor Fashion Co., Ltd. (SH: 600177, hereinafter “Youngor”) released its 2026 interim report. During the reporting period, the company’s total revenue increased by 0.73% year-on-year to RMB 5.149 billion (USD 723 million), while net profit attributable to shareholders rose by 23.79% year-on-year to RMB 2.123 billion (USD 298 million).
Revenue from the fashion segment, Youngor’s core business, increased by 3% year-on-year to RMB 3.795 billion (USD 533 million). Of this, principal operating revenue from the branded apparel business reached RMB 3.249 billion (USD 456 million), down 1.46% year-on-year, while its gross margin increased by 0.98 percentage points to 71.27%. Net profit attributable to shareholders from the fashion segment rose by 3.14% year-on-year to RMB 245 million (USD 34.4 million). Net profit attributable to shareholders from the investment business increased by 30.57% year-on-year to RMB 1.815 billion (USD 255 million).
— Multi-brand revenue rises 5.91% year-on-year, accounting for 26.15% of branded apparel revenue
With its flagship YOUNGOR brand at the core of its portfolio, Youngor has developed, jointly operated and acquired seven major brands: YOUNGOR, MAYOR, HANP, MAISON CORTHAY, UNDEFEATED, HELLY HANSEN (not consolidated and accounted for using the equity method), and BONPOINT, spanning business casualwear, sports and outdoor, childrenswear, streetwear and lifestyle categories.
During the reporting period, revenue from flagship brand YOUNGOR declined by 3.83% year-on-year to RMB 2.399 billion (USD 337 million), while its gross margin increased by 0.51 percentage points to 71.22%. According to the financial report, YOUNGOR is evolving from a traditional business menswear brand into an all-scenario wardrobe brand for executive and business professionals, building four major collections covering executive businesswear, wedding attire, outdoor casualwear and womenswear, while developing a dual-track product system spanning both menswear and womenswear.
Youngor stated in its financial report that its flagship brand is “advancing its transformation and restructuring by focusing on product mix, channel optimisation, cost reduction and efficiency enhancement. While gross margin has recovered to some extent, the brand continues to face challenges in achieving breakthroughs in its core categories and improving the operating efficiency of traditional channels.” Citing statistics from the China National Commercial Information Center, the report also noted that Youngor has ranked first in overall market share in China for men’s shirts for 29 consecutive years and men’s suits for 26 consecutive years.
Combined revenue from Youngor’s other brands increased by 5.91% year-on-year to RMB 850 million (USD 119 million), with gross margin rising by 2.44 percentage points to 71.42%. Their share of branded apparel revenue increased to 26.15%. Youngor said its multi-brand portfolio continued to record rapid growth, while the company is “working to build a second growth curve for each brand based on its respective stage of development and the competitive trends within its category.”
According to an investor relations activity record previously disclosed by the company, combined revenue from its other brands reached RMB 1.63 billion (USD 229 million) in 2025, up 226.1% year-on-year, of which BONPOINT generated RMB 990 million (USD 139 million). Both UNDEFEATED and the unconsolidated HELLY HANSEN achieved profitability, while investment income recognised from HELLY HANSEN under the equity method amounted to approximately RMB 51.16 million (USD 7.2 million). Youngor is responsible for the operations of UNDEFEATED and HELLY HANSEN in Greater China, while BONPOINT is operated globally.
During the reporting period, the company completed a board reshuffle, with Li Hanqiong succeeding Li Rucheng as Chair and President, while Li Rucheng stepped down as Chair. Youngor stated in its financial report that following the reshuffle, the fashion segment comprehensively reviewed and optimised its organisational structure, management functions and business processes, while strengthening its performance assessment system through its equity incentive plan. In May, the company granted 120 million restricted shares to 757 incentive recipients.
— BONPOINT acquisition marks the start of global expansion, with operating entities across 14 countries and regions
Youngor stated in its financial report that “the successful acquisition of Bonpoint marks the official start of the company’s global expansion”, adding that it will further optimise and expand its overseas markets. According to the list of subsidiaries disclosed in the financial report, BONPOINT-related operating entities span 14 countries and regions: France, the UK, Germany, Spain, Italy, Switzerland, Austria, Belgium, Monaco, the US, Canada, Japan, the Chinese Mainland and Hong Kong, China. As of the end of the reporting period, the company’s overseas assets totalled RMB 4.413 billion (USD 620 million), accounting for 6.33% of total assets.
The original carrying amount of goodwill arising from the acquisition of BONPOINT decreased from RMB 665 million (USD 93.4 million) at the beginning of the period to RMB 627 million (USD 88.1 million), with the entire decrease attributable to foreign currency translation adjustments. No impairment provision for goodwill was recognised during the reporting period.
— Directly operated channels account for over 95% of revenue, with a net decrease of 15 directly operated stores in H1
Youngor has established a nationwide retail network comprising six offline channels – directly operated stores, shopping centres, department store counters, outlets, group purchasing and franchising – as well as two online channels, e-commerce and WeChat stores. Directly operated channels account for more than 95% of revenue. Youngor stated in its financial report that it continues to advance its channel upgrade strategy, “exploring new business models suited to the evolving consumer environment through the iteration of traditional stores, fashion experience centres and business clubs.” During the reporting period, the company coordinated the structure of its channel network, with its flagship brand continuing its strategy of relocating and optimising stores, while its other brands continued to expand and refine their market presence.
Above: On 5 September, Youngor’s business club in Chongwenmen, Beijing, celebrated its grand opening
By channel:
- Department store counters: revenue of RMB 829 million (USD 116 million), down 4.45% year-on-year, remaining the largest channel by revenue
- Shopping centres: revenue of RMB 659 million (USD 92.6 million), up 13.95% year-on-year, surpassing directly operated stores
- Directly operated stores: revenue of RMB 646 million (USD 90.7 million), down 10.56% year-on-year
- Outlet stores: revenue of RMB 391 million (USD 54.9 million), up 8.85% year-on-year
- E-commerce: revenue of RMB 476 million (USD 66.9 million), up 6.81% year-on-year, accounting for 14.6% of branded apparel revenue
- Group purchasing, franchising and wholesale: revenue of RMB 147 million (USD 20.7 million) and RMB 101 million (USD 14.2 million), respectively, down 24.53% and 21.79% year-on-year
As of the end of June 2026, Youngor operated a total of 2,134 stores, comprising 1,869 directly operated stores and 265 franchised locations. During the first half of the year, the company opened 47 directly operated stores and closed 62 stores due to changes in commercial districts and shifts in customer traffic, while its total retail floor area increased by 4,700 square metres.
On the first trading day following the release of the financial report (31 August), Youngor’s share price rose by 2.04% to RMB 8.02 (USD 1.13) per share, giving the company a total market capitalisation of RMB 37.08 billion (USD 5.21 billion).
| Source: Youngor financial reports, investor relations activity records and previous Luxe.CO reports
| Image Credit: Youngor official website
| Editor: Luxeplace
