25 October 2023

Hong Kong - Footwear group says customers are moving towards luxury


Unaudited figures from footwear group Stella International show revenues of a little under $1.1 billion for the first nine months of this year, a fall of 14.8% year on year, writes Footwearbiz.

Over the nine-month period, Stella shipped 35.8 million pairs of shoes, a fall in volume of 18.8%.

On a positive note, the average price-per-pair the group achieved in the January-September period was $30, up by 4.9%.

Chief executive, Chi Lo-Jen, said the group’s performance was in line with its expectations. He said Stella was in the process of a transition from casual footwear to luxury and high-end fashion shoes. He argued that this made year-on-year volume and revenue comparisons “less pertinent”.

Mr Chi said he was confident the average price-per-pair figure would “remain elevated” in the group’s full-year figures because customers were increasingly looking for “more premium products with higher production complexity”.

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