IPPG Fashion profits skyrocket as demand for fashion items soars

By Anh Tu February 3, 2023 | 07:45 pm PT

Shoes are on display at a store of IPPG Group. Photo courtesy of the company

IPPG Fashion, a subsidiary of Imex Pan Pacific Group, reported a 11-fold jump in pre-tax profits last year to VND432 billion (US$18.3 million).

Chairman of the parent company, Johnathan Hanh Nguyen, attributed the record profits to higher demand for fashion products and watches in the post-Covid period.

IPPG Fashion’s revenues rose 64% to VND5.13 trillion ($217.5 million).

The exclusive distributor of over 100 fashion and watch brands in Vietnam, including Dolce, Nike, Cartier, and Rolex, plans to add a dozen more foreign brands to its portfolio, Nguyen said.

Another subsidiary of IPPG, Tan Son Nhat Airport Services, reported pre-tax profits of VND230 billion ($9.7 million), a 77-fold jump, thanks to the aviation sector’s recovery.