Fashion retail group Folli Follie, in which Chinese conglomerate Fosun International (0656) is the second-largest shareholder, will be closing all shops in Hong Kong as it has applied for automatic liquidation, local media reported.
More than 10 stores will close and over 60 employees will be disbanded, the reports said.
The Greek retailer operates a network of stores in the mainland, Hong Kong, Taiwan and Japan.
Meanwhile, Dickson Concepts (International) (0113) said net profit surged by 57 percent year-on-year to HK$646 million for the year ended March 31 due to a significant increase in profit contribution of the investment portfolio and strict control of operating costs.
The company recorded a revenue of HK$2.9 billion, a 27 percent decline compared to last year.
The luxury retailer declared a final dividend of 27 HK cents per share and a special dividend of 20 HK cents. A total of 55 HK cents dividends were paid throughout the year. Earnings per share were 162.9 HK cents.
The company expects the local retail market to remain extremely depressed for the foreseeable future until the economy recovers.
At the same time, the retail business of Le Saunda (0738) has also been affected by the pandemic, with a total sales decline of 38.2 percent and a same-store sales decline of 32.7 percent for the three months ended May 31 compared with the same period last year.
Folli Follie will close all its outlets in the city. SING TAO
