Bonia to close more stores
Malaysian fashion retailer Bonia will close more of its loss-making outlets next year.
But despite weak earnings, the boutique brand known for its leather goods and footwear plans to increase its advertising and promotional spending.
Pretax profit fell nearly RM26.7 million (US$6 million) for its latest financial to June 30 to RM45.93 million. Bonia cites the slowing economy in Malaysia and Singapore as the core reason.
About 10 Bonia outlets have been closed internationally this year, and group MD Albert Chiang says the group is undertaking “prudent measures” and being selective about store openings.
Bonia owns the Bonia, Carlo Rimo and Sembonia brands and has a presence in Cambodia, Indonesia, Malaysia, Myanmar, Singapore and Vietnam.
The group also owns distribution rights to Braun Buffel, Jeep, Pierre Cardin, Santa Barbara Polo and Racquet Club.