Amazon’s Vietnamese partner reports surge in profit
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Textile company Gilimex said its net profits almost doubled in 2020 thanks to a number of high-value contracts with international retailers.
It reported record revenues of VND3.45 trillion ($150 million), up 36 percent from 2019, and net profits of VND308 billion for the year.
Gilimex’s main products are handbags and backpacks.
It tied up with Amazon, the world’s largest online retailer, in 2016 and seen average revenues grow at 20 percent a year since then.
Its other large foreign partner is Swedish furniture retail giant IKEA with whom it has eight long-term contracts worth $16.2 million.
The firm also develops new products for Dutch baby products maker Bugaboo and Puma, the German multinational that manufactures athletic and casual footwear, apparel and accessories.
Questions & Answers
Q.What is Gilimex's main business, and which major international retailers do they partner with?
What is Gilimex's main business, and which major international retailers do they partner with?
Gilimex primarily manufactures handbags and backpacks. They have significant partnerships with Amazon and IKEA, and also develop products for Bugaboo and Puma, prominent international brands in their respective sectors.
Q.How much revenue did Gilimex generate in 2020, and what was the growth compared to the previous year?
How much revenue did Gilimex generate in 2020, and what was the growth compared to the previous year?
Gilimex reported record revenues of VND3.45 trillion ($150 million) in 2020. This figure represents a 36 percent increase in revenue compared to their performance in 2019.
Q.When did Gilimex begin its partnership with Amazon, and what has been the average revenue growth since then?
When did Gilimex begin its partnership with Amazon, and what has been the average revenue growth since then?
Gilimex began its partnership with Amazon, the world's largest online retailer, in 2016. Since establishing this key collaboration, the company has observed an average annual revenue growth of 20 percent.
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