On April 11th, the Chinese menswear group Saint Angelo (SZ.002154) released its full-year results for 2023: Revenue increased by 21.8% year-on-year to 5.254 billion yuan, and net profit attributable to mothers surged by 52.1% year-on-year to 698 million yuan, with both revenue and net profit reaching historical highs. The financial report highlighted that over the past three years, the company has achieved a compound annual growth rate of 11.5% in revenue and 24.0% in net profit attributable to mothers.
The Saint Angelo brand was established in 1996, primarily engaged in the research, development, production, and sales of branded clothing. It has established three major production bases in Yongjia Wenzhou, Songjiang Shanghai, and Hefei Anhui. Its product categories cover a full range of apparel including suits, trousers, shirts, jackets, wool sweaters, POLO shirts, down jackets, quick-drying clothes, casual pants, and leather shoes and leather goods.
Saint Angelo insists on a multi-brand development strategy for its main business and currently owns:
- Own brands: Including Saint Angelo, Italian shirt brand Camicissima, corporate uniform group purchase brand BONO, professional high-end custom brand SOLOSALI, mid-to-high-end British golf menswear Henry Grant, and Italian luxury menswear brand Tombolini;
- Cooperative brands: Including high-end school uniform group purchase brand elite, in partnership with elite Co., Ltd.;
- Licensed brands: HAZZYS, licensed by LF CORP. (formerly LG Fashion Group); Lafuma, licensed by Lafuma Commerce (Beijing) Co., Ltd.
Looking at the performance by brand:
- Saint Angelo brand revenue increased by 17.2% year-on-year to 1.73 billion yuan;
- HAZZYS revenue increased by 24.1% year-on-year to 1.76 billion yuan, surpassing the main brand;
BONO revenue increased by 15.9% year-on-year to 1.04 billion yuan, with the group now having three brands exceeding 1 billion yuan in revenue; - Lafuma revenue increased by 40.5% year-on-year to 262 million yuan, marking the highest growth rate among the brands;
- Camicissima and Dongbolini collectively achieved a revenue of 179 million yuan, up 30.1% year-on-year.
The group stated that in the future it will continue to adhere to a multi-brand, full-channel development strategy, focusing on stable growth for mature brands (Saint Angelo, HAZZYS, BONO, Solosali), rapid development for growth brands (Camicissima, Lafuma), and low-cost trial-and-error, quick steps for nurturing brands (Henry Grant, TB, elite).
As of the close of April 12th, the group’s share price fell by 1.14% to 6.08 yuan per share, with a total market value of 8.9 billion RMB.
| Source: Saint Angelo Financial Report
| Image Credit: Brand Official Website
| Editor: LeZhi
