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China’s go-to maker of down outerwear, Bosideng, released its financial results for the fiscal year ended 31 March 2021, which showed its revenue up 10.9 percent year-on-year to 13.52 billion yuan ($2.09 billion) and net profit up 42.1 percent to 1.71 billion yuan ($264.87 million).
The company’s chief financial officer and vice president, Zhu Gaofeng, said the significant profit increase was mainly due to effective cost control and higher sales of mid-to-high-priced products, as well as optimisation of its retail network.
The brand has been focusing on improving its pricing and brand positioning in recent years, and has collaborated with designers such as Jean Paul Gaultier to convert higher-end consumers. Last year, Bosideng also trimmed its physical retail network substantially, decreasing its total points of sale by 716 to 4,150.
