Hong Kong fashion apparel retailer I.T Limited plans to invest HKD300 million to enhance its position in Hong Kong while expanding its business map in mainland China by opening three new stores in Beijing, Shanghai, and Tianjin in July 2013.
In addition, its new store in Chengdu is expected to open at the end of 2013 or the beginning of 2014. The group's largest project in 2013 is the new Galeries Lafayette project, which will be open in September in Beijing.
Located in Xidan, the new Galeries Lafayette is a joint operating project by I.T Limited and Galeries Lafayette Group. With an area of five million square feet, the new Galeries Lafayette department store will have specialty stores of various brands, including Saint Laurent, Balenciaga, Bottega Veneta, Fendi, Chloe, and Givenchy. Those stores will cover 70% of the total area; while the remaining 30% will display products and brands sold via I.T.
By opening four new stores, I.T will have 11 stores in mainland China.
According to I.T Limited's annual performance results ended February 28, 2013, its total turnover increased by 14% to HKD6.543 billion; its gross profit increased by 8.7% to HKD3.85 billion; its gross margin decreased from 61.7% to 58.8%; and its net profit decreased by 18.6% to HKD385 million.
Hong Kong was still the largest market for the group and its revenue from this marketplace accounted for 56.7% of its total revenue. Meanwhile, its mainland business increased by 30.7% to HKD1.865 billion, accounting for 30%.