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Hong Kong fashion and watch retailer Dickson Concepts has opened three new stores in Taiwan this year as it continues its regional expansion.
Dickson Concepts operates retail stores under brands including Tommy Hilfiger, JT Dupont, Bertolucci, Roger Vivier, Tod’s and Harvey Nichols.
At the end of September, the retailer had 111 stores: 25 in Hong Kong, 58 in Taiwan, 15 in Mainland China, five in each of Singapore and Malaysia and three in Macau. However, Hong Kong accounted for 75.6 per cent of its sales in the first half of this financial year, with Taiwan’s share just 18.4 per cent, despite the higher store count. Mainland China and the rest of Asia accounted for just 6 per cent of sales.
Dickson Concepts reported total sales of HK$1.576 billion for the first half, an increase of 11.7 per cent. Same-store sales increased by 12.4 per cent. It posted a net profit attributable to shareholders of HK$8.1 million.
The company said it expects the retail climate in Hong Kong, China and Southeast Asia to “remain volatile” in the foreseeable future.
“The performance of the group in the Hong Kong retail market has improved slightly, but remains inconsistent,” said the company in its half-year profit announcement.
“The Taiwan retail market has remained weak due to continued reduction in tourist arrivals from China, primarily caused by poor political relationship between Mainland China and Taiwan. In China, consumer demand continues to be affected by reduced spending on gift-giving.
“Given these difficult conditions, the group will continue to rigorously control costs and expenses at all levels of operation and adopt a very cautious approach to its further expansion and development strategies.”