Victoria’s Secret had made the chairman supplier, Hung Yau Lit, reached his fortune to billion!
According to Bloomberg Billionaires index, his worth rose to US$1.1 billion as Regine Miracle, lingerie supplier of International Holdings, soared an initial public offer last October.
Since its debut, the top brands supplier which is The Shenzhen-based supplier of Calvin Klein Inc. and Victoria’s Secret had been surged to over 71% on Hong Kong exchange which occurred on October 8, as well as 12.3% increase of per cent gain. Mr Hung, on the other hand, holds 885 million shares resulting to having 72% of the company itself.
As stated by an analyst, Jackson Yu from RHB OSK Securities Hong Kong,
“Globally, only suppliers of Victoria’s Secret would be big enough to go public.”
As he added,
“Victoria’s Secret is pretty innovative in fabric and styles, and its delivery cycle is quicker than other traditional brands. The requirement for suppliers is also higher, so it’s not easy to be a supplier.”
Regina Miracle closed at HK$9.58 after it was reportedly in 43% growth in net profit for over 6 months which ended on September 30 on Tuesday.
According to the Hong Kong stock exchange, the revenue increased to 26% to HK$2.5 billion earlier this year. Until then, the company reported a worth HK$4.2 billion revenue that ended on March 31, 2015 which is in accordance to its IPO prospectus.
Reported by a note from BOC International Holdings Ltd, Regina Miracle successfully generates 35% of sales from the parent company of Victoria’s Secret, L Brands Inc.
For more, having Maggie Au confirmed Hung’s rightful ownership in the company, later on declined to comment on his billionaire gains. Thus, refusing interviews relating to the owner’s worth billion gains.
Having said that, in accordance to a report by Frost & Sullivan, the company is considered as the world’s largest bra maker which produces a total of 58.7 million pieces by the end of March 2015 as reported by IPO prospectus.