Bossini International : Announces 2023 Annual Results

Since 2023, the post-epidemic market has gradually recovered and the foot traffic of stores has continued to improve. The overall performance of the retail market in mainland China, Hong Kong SAR and The Macau Special Administrative Region, China ("Macau SAR") showed positive signs of recovery in varying degrees.

The retail market in Hong Kong SAR gradually recovered from the impact of the COVID-19 pandemic, the public's overall willingness to consume increased, and the number of tourists to Hong Kong SAR also rebounded to 60% of the level in 2019. The wave of recovery has breathed new life into the retail market and had positive impact on the customer traffic of the Group's stores.

During the year under review, with most of the epidemic prevention and border quarantine measures in mainland China lifted, citizens' life gradually returned to normal and reconnected with the international market. However, the unstable economic growth, slowdown in GDP growth and a deflation trend in the national consumer price index in mainland China represented the overall uninspiring economic activities. People became more prudent in their spending and gradually changed their consumption patterns. Thus, the overall consumption in mainland China remained weak and the rebound of the retail market was slower than expected. Meanwhile, the Group managed the stock level by increasing discounts. From the perspective of cost control, the Group adjusted its sales network as appropriate to reduce all unnecessary expenses, thus to improve operational efficiency.

Mr. Cheung Chi, Chief Executive Officer of Bossini, said, "The Group is focusing our resources on rebranding of "bossini.X", conducting optimisation and adjustment in brand positioning, product development, pricing system, and sales channels. By making professional cycling the core of the product design and using professional sports technology materials, the development of sports outerwear and light outdoor apparel and footwear products that are easy to wear, clean up and be paired with, will attract a wider audience of energetic young consumers. In Hong Kong SAR and Macau SAR, the Group will continue to optimise the sales network to increase the sales points of the "bossini.X" brand through appropriate channels to increase its exposure and achieve gradual brand integration between "bossini" and "bossini.X". The newly positioned products are expected to be fully launched on the market in the second half of 2024, with the goal of making "bossini.X" the most influential Chinese apparel brand in cycling."

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For further information, please contact:

Porda Havas International Finance Communications Group

Kelly Fung / Vivian Cheung

Tel: (852) 3150 6763 / (852) 3150 6733

Fax: (852) 3150 6728

Email:bossini@pordahavas.com