Shang Xia saw a 34% drop-off in revenue last year
Chinese luxury house Shang Xia, majority owned by Exor since late 2020, experienced a 34% reduction in its year-on-year revenues last year, according to an annual report the holding company has published for the year ended December 31, 2022.
Exor, which now holds an 82.3% stake in the brand, said Shang Xia’s decline had skimmed roughly $15.5 million (€14 million) off its revenues.
It attributed the house’s decline to the difficult retail environment in China during the country’s pandemic-related lockdowns.
Homeware is the main driver of Shang Xia revenues at present, Exor added, with fashion expected to pick up over time as new collections continue to be released under creative director Yang Li, who replaced founding designer Jiang Qiong Er in 2021.
Footwear and leathergoods company Christian Louboutin and carmaker Ferrari also form part of Exor's portfolio.
A model carries Shang Xia’s triangle baguette bag, made with palmellato calfskin.
Credit: Shang Xia via Instagram.
