JX Luxventure Explores Sale Of Its Loss Making Menswear Business

JX Luxventure Limited (LLL), a Chinese firm focused on menswear, cross-border merchandise, and tourism, said on Tuesday that it has formed a special board committee, to explore the potential sale of its menswear segment as it continues to report loss.

Sun Ice Lei, CEO said: "We have experienced a decrease in sales revenue and increase in loss of menswear segment of our business for several years, including in 2021. The management of the company evaluated this trend and determined that there is no viable short-term strategy to make our menswear business profitable and that a potential sale of the menswear segment of our business would allow the company to focus on the two fast-growing segments of our business operations: the cross-border merchandise and tourism."

The two segments had posted revenues of $54.04 million in 2021, compared with revenues of $1.33 million in 2020.

JX Luxventure also said it expects that the two segments will boost its growth through 2022 and beyond.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT