BEIJING (dpa-AFX) - 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.
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