On December 6, Youngor (SH:600177), a Chinese apparel company, announced a change in its Chinese name from “Youngor Group Co., Ltd.” to “Youngor Fashion Co., Ltd.“
Youngor stated that the company has established the strategic goal of building a world-class fashion industry group. In the future, it will further focus on its main fashion business, adhere to long-termism, and increase investment in branding, market development, and talent recruitment and training.
Previously, the term “Youngor Group” was commonly used to refer to the company’s controlling shareholder, which could lead to investor confusion about the two legal entities. To more accurately reflect the company’s business and future development plans, it proposes to change its full name to “Youngor Fashion Co., Ltd.”
In January 2021, Youngor established Youngor Fashion (Shanghai) Technology Co., Ltd. and moved into the Shanghai T8 Fashion Center. While nurturing its own brands, Youngor has explored synergistic cooperation with international brands through acquisitions and partnerships, venturing into areas like skiing, sailing, golf, and cycling, and laying out a fashion industry ecosystem.
Besides its main brand, Youngor, the group currently owns four self-incubated brands: MAYOR, HART MARX, HANP, and has invested in/partnered with brands like Undefeated and Helly Hansen, which have now fully commenced operations.
According to Youngor’s financial report, in the first three quarters of 2023, the company’s revenue decreased by 41.9% year-on-year to 7.46 billion yuan, and its net profit attributable to the parent company decreased by 35.8% year-on-year to 2.69 billion yuan.
The fashion segment continued to maintain restorative growth, with revenue increasing by 13.2% year-on-year to 5.10 billion yuan, and net profit attributable to the parent company increasing by 15.3% year-on-year to 651 million yuan. Real estate business revenue decreased by 71.5% year-on-year to 2.37 billion yuan, and net profit attributable to the parent company decreased by 85.7% year-on-year to 330 million yuan. The investment business achieved a 29.5% year-on-year increase in net profit attributable to the parent company, reaching 1.71 billion yuan.
The fashion segment’s revenue share increased from 42.6% in 2022 to 68.4% in the first three quarters of 2023.
Additionally, on December 5, Meters/bonwe (SZ:002269) announced its intention to sell its store at No. 43, Dakejia Alley, Jinjiang District, Chengdu, Sichuan Province, to Youngor in a cash transaction, with the final transaction price set at 680 million yuan. Metersbonwe had previously announced plans to sell some of its properties in October and December 2022, and June 2023, all to Youngor, totaling 620 million yuan in transaction value.
As of the close of December 7, the company’s stock price had risen by 1.05% to 6.72 yuan per share, with a total market value of 31.1 billion yuan.
About Youngor Group
Founded in 1979 and headquartered in Ningbo, Zhejiang Province, Youngor Group is a leading enterprise in the national textile and apparel industry. After 43 years of development, it has become a comprehensive and internationalized corporate group with a diversified, specialized approach, centered around branding. It has four main industries: fashion, real estate, investment, and international trade. Currently, Youngor’s fashion segment has formed a strategic investment system, primarily focused on fashion industry investments, supplemented by other financial investments. It has completed investments in American street fashion brand UNDEFEATED, luxury home retailer Cabana, overseas home fashion brand Slashop, and urban bicycle lifestyle brand RE.
| Source: Official Announcement
| Image Credit: Youngor Group Official Website
丨Reporter: Wang Jiaqi
| Editor: LeZhi
