Daphne International’s revenues drop 83%
Shanghai-headquartered Daphne International, a footwear retailer listed on the Hong Kong stock exchange, recently reported a year-on-year revenue loss of 83% in 2020, taking its total revenues to around $46.8 million.
Fully-year profits (reportedly $17.1 million) also plunged by 83%.
Since 2013, Daphne’s revenues have declined for seven consecutive years.
The company’s heyday was between 2008 and 2012, when it expanded by nearly 800 stores a year, peaking at 6,881. According to data published in its annual report, Daphne currently has 242 stores.
Last year, the retailer cut its inventory by 74%.
Going forward, e-commerce will be Daphne’s main distribution channel, it said. The retailer will focus its resources on reaching and improving its brand relevancy among younger consumers via KOLs (key opinion leaders, mainly known as influencers outside China) on social media and livestream platforms.
