Diversified company Imex Pan Pacific Group (IPPG) posted a record high revenue from fashion and watches at VND3.69 trillion ($148.55 million) in the first nine months.
This is an increase of 98% from the low base last year and 45% from 2019 when Covid-19 had yet to affect retail sales.
Fashion accounts for 35% of the group’s revenue. It is the exclusive distributor of over 100 fashion and watch brands in Vietnam including Dolce, Nike, Cartier and Rolex.
Another business of IPPG, Tan Son Nhat Airport Services (SASCO), saw revenue tripling to VND841 billion in the period.
IPPG saw its loss of VND54 billion in the first nine months last year turn into a post-tax profit of nearly VND380 billion this year.
IPPG has recently given up on its quest to establish Vietnam’s first cargo airline IPP Air Cargo.
Its chairman Jonathan Hanh Nguyen explained that air cargo demand would decline given the current global turmoil, and because of that the company had to end its plan to “avoid causing more damage to carriers already making losses.”
The company would consider resuming its plan at an appropriate time when the global market recovers and stabilizes.
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