HKTV falls shy of sales target

Hong Kong Technology Venture (1137) notched up sales of HK$6.57 billion last year but failed to meet its target of HK$6.6 billion to HK$7 billion.

The lower gross merchandise value on order intake last year was due to the slow recovery and fierce competition in Hong Kong's retail sector, the group that operates HKTVmall explained.

For this year, HKTV set its annual target for HKTVmall at HK$7.5 billion to HK$8 billion, representing a year-on-year growth of 14.2 to 21.8 percent.

It also revealed its next three-to-five-year target which focuses on business and market share growth. It aims to generate a GMV on order intake of HK$12 billion to HK$15 billion in Hong Kong from the platforms powered by Shoalter's e-commerce solution, including HKTVmall. The fulfillment operating costs is aimed to control below 10 percent of the GMV.

Meanwhile, HKTV confirmed it will launch its first self-invented automated retail store and system in Manchester in the UK in this year's third quarter.