(Yicai Global) Oct. 19 -- Bosideng International Holdings, China’s largest maker of down jackets, reopened its flagship store in London earlier this month following renovations this year, a company insider told Yicai Global.

The first and second floors will mainly showcase clothes and new products in several categories, while the third floor will host a brand archive, the person said.

The South Molton Street store, located in the most prosperous area of London, first opened in 2012, a year after the Suzhou-based firm acquired the property for GBP35 million (USD39.7 million). Bosideng launched it during the 2012 London Olympic Games to showcase its brand to visitors arriving in the UK capital from around the world and boost sales in China.

But between 2014 and 2016, the firm’s trading performance deteriorated in China. Revenue sank nearly 40 percent, and its shares [HKG: 3998] fell to about 60 Hong Kong cents (8 US cents) from a high of about HKD4.50 (57 US cents). As a result, the number of stores was halved and overseas expansion halted, with its London shop closing in 2017. It briefly opened again in the second half of 2018.

Chinese brands have not found it easy to restart their overseas businesses after the Covid-19 pandemic, according to industry insiders. For a company like Bosideng, overseas expansion is only about showing diversification, as China remains its base.

Bosideng’s performance picked up in 2018 when the firm began to refocus on its main business of down jackets.

Revenue rose 20 percent to CNY16.2 billion (USD2.3 million) in the fiscal year ended March 31 from a year earlier, with a compound growth rate of 19 percent over five years in a row, according to the firm’s earnings report released in July. Net profit was CNY2.1 billion (USD290 million), up over 39 percent in the period.

Editors: Shi Yi, Futura Costaglione