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Tag: Milan Station

  • Milan Station losses halve after store closures

    Milan Station losses halve after store closures

    Hong Kong handbag retailer Milan Station losses halved last year, despite a 17 per cent fall in sales to HK$264.3 million.

    The company reported a net loss for the year of $40 million, compared to $80.8 million the prior year, mainly due to decreased rental expenses due to the closure of unprofitable stores, and the absence of an impairment loss the prior year.

    Milan Station derived 95 per cent of its sales from Hong Kong and the balance from Macau after earlier closing its stores in Mainland China.

    Hong Kong sales decreased 18.7 per cent to $250.2 million, revenue coming from its seven Milan Station stores and six Thann stores, and its online platform. Sales in Macau rose by 36.9 per cent to $14.1 million as the territory’s gambling and tourism industries recovered.

    The company’s inventory turnover improved from 79 days in 2017 to 75 days last year.

  • Local Milan Station revenues plunge 81 pct in 2015

    Local Milan Station revenues plunge 81 pct in 2015

    Luxury branded handbag store chain Milan Station Holdings Ltd. saw its revenues plunge by 80.8 per cent year-on-year to HK$15.6 million (US$1.94 million) in Macau for 2015, following its closure of retail stores in the territory, according to its filing with Hong Kong Stock Exchange on Wednesday.

    ‘The gaming industry and tourism industry in Macau shrunk in recent years, which greatly bombarded the Group’s business locally. During the year, the Group closed the retail stores in Macau, while the points of sale in exclusive clubhouses also performed unsatisfactorily,’ the retailer noted in the filing.

    The company said it would adjust the product mix for its current sales points in local exclusive clubhouses as well as focusing on selling mid-priced brands in order to improve its revenues in the Special Administrative Region.
    For last year, the company generated total revenues of HK$400 million, a 35 per cent year-on-year drop compared to the HK$616 million it made in 2014. Meanwhile, it posted a narrowed net loss of HK$48 million for the year, some 9 per cent lower than the HK$53 million loss suffered one year ago.

    In addition to the sales drop in the city, Milan Station’s Hong Kong sales also fell 23.9 per cent year-on-year to HK$343.9 million. The company explained that the decline is due to the decreased number of Mainland China tourist visits to the HKSAR, weakening per capita consumption, and exchange rate fluctuations.

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  • Milan Station’s interim sales in Macau drop 78.6 per cent

    Milan Station’s interim sales in Macau drop 78.6 per cent

    Luxury handbag store chain Milan Station Holdings Ltd. has reported a sharp 78.6 per cent year-on-year decline in its retail revenue derived from the Macau market for the first six months of this year, the company announced in its results filing with the Hong Kong Stock Exchange.
    The company said its business in the city has been significantly affected as the gambling industry and tourism trade had ‘hit their troughs’. Milan Station’s retail revenue in Macau in the interim period was HK$11.8 million, representing 5.7 per cent of overall sales revenue.

    During the interim period, Milan Station closed its retail stores in Macau; while its points of sale in ‘exclusive clubhouses’ was unsatisfactory.
    By price range of product, revenue derived from Milan Station’s items priced at above HK$50,000 – comprising over half of the company’s sales revenue – saw a 31.1 per cent year-on-year decline to HK$118.3 million. As Milan Station has also sold less in Hong Kong, Mainland China and Singapore, the retailer’s overall retail revenue plunged 36.6 per cent to HK$208.8 million.

    The company said its loss for the period decreased significantly by 65.6 per cent to HK$6.8 million, under what it called ‘effective cost control’ and a one-off gain of about HK$12 million from the disposal of a property.

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  • Singapore franchise axed by Milan Station

    Singapore franchise axed by Milan Station

    Milan Station has terminated the settlement with its Singapore franchisee M C Holdings.

    In a voluntary replace disclosure to the Hong Kong Inventory Change this week, Milan Station says the corporate additionally negotiated the top of consignment gross sales at concession counters at Hong Kong’s 4 cruises.

    The posh bag and equipment retailer stated the rationale for the terminations of the franchise and concessions is that retail gross sales of luxurious items remained stagnant.

    “The termination of the Concession Settlement and the Franchise Settlement shall allow to group to pay attention its useful resource on the extra worthwhile working arms of the group,” Milan Station stated in its replace.

    “The group will assess the market situation repeatedly and can think about re-launching the concession and franchise enterprise when the market outlook turns to be promising in future.”

    The Singapore franchise settlement dates again to June 2013. The 2 events have agreed that half of the safety deposit of S$180,000 shall be deducted by the franchisor as compensation for inconvenience incurred, with the stability to be repaid. Unsold inventory shall be returned to Milan Station.

    The Hong Kong firm says the concession enterprise underneath the Concession Agreements accounted for about 1.eight per cent of the group’s income within the yr to December 31.

    The Singapore franchise enterprise accounted for about two per cent of group income.

    “The Board considers that the termination of the Concession Settlement and the Franchise Settlement has no materials impression on the prevailing enterprise operation and monetary place of the group.”

  • HK handbag chain buys e-store

    HK handbag chain buys e-store

    Hong Kong listed handbag retailer Milan Station Holdings has acquired online retailer Chaodai.

    Milan Station’s parent companies Standpoint and J&C will form a new entity to acquire Chaodai which will then trade under the Milan Station branding. As with their ownership of Milan Station, the two companies will hold 90 per cent equity and 10 per cent respectively.

    “The parties… intend that through the acquisition and the proposed increase in capital, Chaodai will become well positioned in terms of financial and human resources and wider business networks to explore the cross-border online business under the brand name and the trademark of “Milan Station” for better return on their investments,” the company said in a regulatory filing to the Hong Kong Stock Exchange.

    Milan Station had already revealed plans to expand its retail points in the Hong Kong’s ‘clubhouses’ due to booming sales.

    It plans to expand its store network in Macau from six to 10 to further increase sales.

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