Successful collaborations with affiliated businesses to expand e-commerce and effective cost control and efficiency enhancements have contributed to an increased revenue for Cosmo Lady, one of China's largest lingerie enterprises, in the first half of 2024, according to the company's half-year financial report.
The company reported revenues of 1.51 billion yuan ($212.69 million) in the first half of this year, showing an 11 percent year-on-year growth, according to the company's mid-year financial report for 2024.
The net profit attributable to the owners of the company was 82.398 million yuan in the first six months of 2024, marking a significant 215 percent increase compared to the previous period, the report said.
The company attributed the profit increase to several factors, including successful collaborations with affiliate businesses to expand e-commerce, which thereby helped to boost brand market share and improving operational performance, and effective cost control and efficiency enhancements leading to a reduction in the group's operating costs.
In the first half of 2024, the company, based in Dongguan, Guangdong province, collaborated with over 20 top online affiliated businesses to expand its market share online, with the total gross merchandise volume of transactions on the e-commerce platforms amounting to approximately 230 million yuan.
While the company's brand strength continues to grow, its retail presence is also expanding, with contracts being signed for 755 new stores in the first half of 2024.
The company said it would focus on expanding stores in key regions, with an emphasis on provinces of Guangdong, Henan, Sichuan and Shandong in 2024.
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