What: IT splits its business in two and focuses on the retail operations

Why it is important:  A long-term partner of international retailers (Galeries Lafayette, Dover Street Market), I.T.  missed the digital turnaround a decade ago and has suffered from the recent situation in Hong Kong, now forcing it to focus on the retail business in priority.

Famous HK-based I.T. multibrand business is delisting from the HK stock exchange, and splitting into 2 entities: the A Bathing Ape streetwear brand (acquired a decade ago) and the store operations, including partnerships with Galeries Lafayette and Dover Street Market.

I.T. has notoriously lagged behind in terms of e-commerce penetration (like many other HK-based retailers such as Lane Crawford and Joyce) and suffered during the 2019 protests. It is estimated that they lost 32% of turnover in the first half of 2020.

I.T. Delists From Hong Kong Stock Exchange