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Cabbeen Fashion Limited

Cabbeen (‘company’) is a China-based designer of apparel for men, women, and children. Its own brands are designed in its four workshops around the world, and production is outsourced to independent manufacturers throughout China.

The company primarily serves tier two and tier three Chinese cities through a distribution network totaling 831 retail stores. It generates revenues via online sales (~49% of revenues), wholesale distributors (20%), consignment distributors (31%), and a self-operated store.

The business is currently facing headwinds as a result of repeated covid lockdowns in mainland China, which is dampening demand and leading to curtailment of physical store investments and purchase orders. Management have indicated declines in net profits of over 50% compared to FY21 (see below) due to partial suspension of the company’s logistics centre and physical stores in various cities in China.

Such a business is also expected to face issues of rapid inventory obsolescence due to fickle tastes and changes in fashion. The financial track record, however, is reasonably stable.

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