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Article Date: June 2023
Word Count: 243

Hypebeast Swings to Loss on Merger Costs


Net loss was HK$5,069,000 ($0.6 mm) for the year ended Mar. 31 against a profit of HK$100,167,000 prior, suffering from shrinking margins combined with HK$42.2 million in legal and professional fees related to the canceled SPAC merger. Revenue was up 7% to HK$959,973,000 from HK$895,632,000, boosted by 30% growth in the e-commerce and retail segment to HK$315.8 million, benefitting from an increase in promotional activity over the prior year along with the opening of the U.S. flagship store in New York City in June ’22. US sales were up 73% to ... Log in to view full article.

 


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