On January 15, Ge Longhui | Yongjia Group (03322.HK) announced that the sales growth rate of physical stores in the haute couture retail business was about +11% and +11% respectively in the fourth quarter of 2023 and since 2023, while the overall revenue growth rate of the haute couture retail business in the fourth quarter of 2023 and until now was about -13% and -3%, respectively. As previously announced by the company, Jiebai Trading (Hangzhou) Co., Ltd. (a wholly-owned subsidiary under the Haute Couture retail business) entered into a sales agreement with a third party to sell, sell and replace the inventory and franchise assets of the “Champion” fashion brand to that third party. After the sale of the haute couture retail business was completed in December 2023, the operation of the “Champion” franchise was terminated. The Haute Couture retail business drastically reduced the number of physical stores on December 31, 2023, and the overall revenue growth rate declined in the fourth quarter of 2023, mainly due to completion.
As of December 31, 2023, the Group's Haute Couture retail business had a total of 123 physical stores (December 31, 2022:222) in the following regional divisions.