Will I.T, A Multi Brand Fashion Retailer In Hongkong, Be Changed?

The retail industry in Hongkong has not had enough time to breathe since last year. In 2020 this year, it suffered the impact of the new coronavirus epidemic. However, I.T, once the power of the trend culture, has reached the brink of abyss.

According to the insiders, by the end of last year, I.T, a multi brand fashion retailer in Hongkong, had continued to lay off more than 300 people, and cancelled all kinds of welfare policies for the rest of the staff. Coupled with the impact of the new coronavirus epidemic, the company will also provide unpaid leave to employees in February and March.

According to the internal letter, we can see that the C level administrative group has twelve days' unpaid leave. However, it is basically ten days, such as vice president level and director level. However, like other ordinary employees, the average monthly salary is twenty thousand or more, seven days off, and twenty thousand days less than four days. From January onwards, the company has started the system of paid sick leave. Even if the employee has a doctor's certificate, sick leave can only be regarded as an unpaid leave, and it can not be offset by annual leave. Unless it is confirmed that the new crown pneumonia can only be paid for sick leave under the relevant regulations.

In 1988, I.T Group CEO Shen Jiawei and his sister Shen Xiuhui opened a two hundred square meter shop in Tongluowan Elizabeth House in Hongkong - GreenPeace.

At that time, because of the introduction of many brand clothes that Hongkong had not yet introduced, the group quickly left the fashion trend image in the minds of young consumers, then entered the mainland of China in 2002, and opened the first flagship store outside Hongkong in Shanghai Xintiandi.

In 2005, the multi brand retailer was officially listed on the Hongkong stock exchange.

Although I.T was the first retailer to conduct marketing in the Chinese market, I.T did not usher in a golden era as it imagined.

After entering the twenty-first Century, due to the rapid development of social economy, the gradual popularization of Internet and social media and smart phones, the trend of business has shifted from the original niche to the centralization. The advantages of I.T have been continuously weakened, coupled with its intensive store network and agency brand, resulting in increased costs and profitability, due to the situation in recent two years. More and more severe, and constantly facing the crisis of fashion retailing.

Because the traditional business model has already disappeared. Shen Jiawei intends to make her daughter, Shen, who is just 18 years old, take over, and inject new vitality into the company from the perspective of young people.