Already sinking Malaysian fashion retailer Bonia, will close more of its loss-making outlets next year. But, despite weak earnings, the boutique brand known for its leather goods and footwear plans to increase its advertising and promotional spending.
As per Bonia, the main reason for this was the slowing economy in Malaysia and Singapore. Pretax profit fell nearly RM26.7 million (US$6 million) for its latest financial to June 30 to RM45.93 million.
Almost 10 Bonia outlets have been closed internationally this year, and as per group MD Albert Chiang, the group is undertaking ‘prudent measures’ and being selective about store openings.
Bonia owns the Bonia, Carlo Rimo and Sembonia brands and has a presence in Cambodia, Indonesia, Malaysia, Myanmar, Singapore and Vietnam. The group also owns distribution rights to Braun Buffel, Jeep, Pierre Cardin, Santa Barbara Polo and Racquet Club.