(Yicai) May 22 -- Youngor Fashion has announced that Li Hanqiong, daughter of founder Li Rucheng, has succeeded him as chairperson of the Chinese apparel behemoth.

Youngor’s board elected Li Hanqiong as chairwoman yesterday, the Ningbo-based company said the same day. Her father, 75, said on its annual earnings conference call last month that “as a new wave drives the old forward, the board of directors will hand over the management of the company to a new generation.”

Li, 49, has a bachelor’s degree in Business Administration from California State University and an Executive Master of Business Administration from China Europe International Business School. She joined Youngor as a director in 2011, later becoming vice chairwoman, general manager, and president.

Youngor started as an apparel brand and got into real estate in 1992 and the financial sector in the late 1990s, making successful investments in Bank of Ningbo and Citic Securities. Since 2019, it has been reducing its property and investment exposure and returning to its fashion core.

Net profit at Youngor fell 12 percent to CNY2.5 billion (USD367.7 million) last year on an 18 percent decline in revenue to CNY11.6 billion (USD1.7 billion). Income from its apparel business shrank 16 percent to CNY6.6 billion, accounting for 57 percent of the total. Revenue from the real estate business plunged 46 percent to CNY3.9 billion, making up 34 percent of the total.

Youngor’s shares [SHA: 600177] closed 1.2 percent lower at CNY7.37 (USD1.08) apiece in Shanghai today. The broader market gained 0.9 percent.

Editor: Futura Costaglione