Menswear manufacturer China Lilang booked higher net income last year amid the resumption of operations of all stores and social activities.

The company’s net income rose 18.4 per cent to 530 million yuan (US$73.6 million) as revenue grew 14.8 per cent to 3.54 billion yuan.

“In 2023, China welcomed its first year of recovery after three years of pandemic. Despite the continued complex and ever-changing global situation, the economy in Mainland demonstrated resilience,” Wang Dong Xing, China Lilang chairman and non-executive director, said.

“Under the guidance of the encouraged consumption policy by the central government, the retail market has gradually recovered and achieved a moderate growth in the second half of the year. During the year, the group pushed forward the Lilang brand’s strategic upgrade, achieving both revenue and profit growth, and laying a solid foundation for future sustainable development.”

During the year, China Lilang continued to promote its new retail business through live-streaming. It also opened 22 more outlet stores and sold seasonal products that were not sold in other stores.

For this year, the company plans to further upgrade the brand image of “Lilang Minimalist Menswear” through product development and various strategies and targets to achieve a net increase of 100 to 200 stores, particularly in upscale shopping malls and outlet malls in provincial capitals and prefecture-level cities.

In addition, the company will launch a new retail business, offering personalised shopping experiences via live-streaming on TikTok.

China Lilang aims for a 20 per cent sales growth for the new retail business and a 15 per cent overall sales growth for the year.