Irish-based Chinese clothes chain sees online sales ‘surge’ in China

Icicle, the Chinese fashion group that has its group holding company based in Ireland, saw turnover increase by 9 per cent last year, to €292 million, according to accounts just filed.
The €25 million increase in turnover was mainly the result of stronger sales in China, according to consolidated accounts filed by Guoshi Tao Ltd, with an address in Dublin. The company holds equity investments in group subsidiaries and, according to the accounts, registered for tax in Ireland during 2023.
Icicle bought the former House of Ireland building at 114 Grafton Street, Dublin 2, for €9 million in 2020 and has since spent €2.5 million refurbishing the premises, which opened for business this year.
The principal activity of the group, according to the accounts, is “the sale of high-end eco-responsible clothing and accessories, founded on an ethical and natural fashion philosophy”.
The group was founded in 1997 by husband and wife design graduates Shouzeng Ye (56) and Xiaoma Tao (49), who both live in Shanghai. In 2018 it bought the French couture house, Carven. It has about 270 shops in China as well as outlets in France and Japan.
Inflation in the euro zone associated with the war in Ukraine only slightly affected the group as 98 per cent of its sales, and 75 per cent of its expenses, occurred in China, where the 2023 rate of inflation was 0.5 per cent, according to the directors’ report accompanying in the accounts.
Developments in online sales in China contributed to Icicles online business “surging 53 per cent year-on-year”, the directors said.
“A phenomenon specific to China is the development of online e-commerce (livestreaming) such as Tmall Live, Douyin Live, and Xiaonhongshu Live,” they said.
“Unlike online shopping, live commerce allows customers to experience products virtually through try-on sessions during which the host provides demonstrations to stimulate real-life experiences.”
The group has a new manufacturing plant and logistics platform in Shanghai, China, as part of a plan to ensure the group’s “long-term anchoring in the Shanghai region.”
The bulk of the group’s dealings are in the Chinese currency but the accounts are presented in euro, with the exchange rate impacting negatively on the results, the accounts said.
The Carven fashion brand achieved a turnover of €18.5 million, according to the accounts. The opening of the Icicle outlet in Dublin is part of a move to strengthen the group’s presence in Europe.
Ms Tao owns 100 per cent of the shares in Guoshi Tao Ltd. Mr Ye owns another Irish company, Guoshi Ye Ltd. An Irish company called Guoshi Investment Ltd is 52 per cent owned by Guoshi Tao and 48 per cent owned by Guoshi Ye, with the former producing consolidated accounts that include Guoshi Investment.