Focusing on a fan-based retail model to capitalize on the robust online retail environment

JIANGNANBUYI continues to optimize a holistic retail network focused on loyal fans in an effort to enhance customer retention. In the first half of the fiscal year, customer traffic at physical stores fluctuated severely due to the impact of COVID-19 control measures. In the second half of the fiscal year, however, with the government’s efforts to restore the consumer economy, offline customer traffic also began to recover. As of June 30, 2023, the total number of independent physical retail stores operated by JIANGNANBUYI worldwide increased from 1,956 to 1,990 (covering all municipalities directly under the jurisdiction of the Central Government, autonomous regions and provinces in mainland China, as well as nine other countries and regions). JIANGNANBUYI continues to drive sales with its “Internet model” and technology, launching digital smart retail channels including “BOX ”, “WeChat Mall” and “Diversified Social E-commerce”. These achieved a gross merchandise value of RMB 1.11 billion, an increase of more than 70.4% from that of the RMB 649 million in FY 2022. Digital smart retail played a significant role in the comparable same-store growth of physical stores, effectively making up for the huge fluctuations in offline customer traffic. At the same time, JIANGNANBUYI increased its strategic investment in upgrading the visual element of its brand stores. The company also successfully built a number of “JIANGNANBUYI ” multi-brand stores to reach even more customers and improve store services, bringing consumers a more comfortable and efficient shopping experience.

As of June 30, 2023, JIANGNANBUYI has more than 6.9 million membership accounts (excluding duplicates) (an increase of one million since FY 2022). The proportion of retail sales represented by membership accounts to total retail sales has further increased to about 80%. The number of active members continues to grow steadily, totaling nearly 510,000 (excluding duplicates) (In FY 2022, the number was around 420,000). Thanks to various measures to strengthen brand impact and refine membership operations, the loyalty of key member accounts continues to grow steadily, with nearly 260,000 membership accounts making annual purchases of over RMB 5,000 (compared with more than 210,000 in FY 2022). These loyal members contributed retail sales of RMB 3.54 billion (compared with RMB 2.78 billion in FY 2022), representing more than 60% of total retail sales through offline channels.

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Empowered by Design, Leveraging its Loyal Customer Base JIANGNANBUYI’s Revenue and Profit Grow in FY 2023

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