Chocoolate Sweetens Up I.T
New I.T brand comes out swinging againts competitors.
As we’ve been reporting, the Hong Kong casual wear scene is in one big Fight Club. But, I.T is reporting annual sales rose about 15% to HK$1.5 billion boosted by the launch of their new brand Chocoolate, targeting lower-priced hipsters and Venilla Suite; a new shoe brand.
I.T’s store sales rose 18% in January and February with gross margins at 60% on these new lines. I.T also owns izzue.com, b+ab, Double Park and imports brands like A Bathing Ape and Maison Martin Margiela.
It will be interesting to see what kind of strategy they take to face off against Zara and H&M, although they don’t really compete with them in terms of the age group and price range, it will be interesting to see how much of that $1.5 billion gets taken away this time next year.
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