THE tough times facing the retail industry have had their effect on one of Hong Kong's most successful fashion companies, Toppy International, according to chief executive Jeffrey Fang.
Mr Fang said Toppy, which won the International Award in last year's Hong Kong Business Awards, sponsored by DHL and South China Morning Post, had faced a difficult year.
Founded in 1973, Toppy is part of the Fang family's group of companies, and is the company behind the Episode, Jessica, Excursion, Jeselle and Colour 18 lines of women's wear.
Toppy's product lines are sold in 15 countries, and the company owns more than 150 stores and concession counters in Britain, France, Germany, Belgium, Sweden, Hong Kong, Taiwan, Thailand, Singapore, China and the United States.
Mr Fang said the past year had been a time to shake up, and not make mistakes.
'Since last year, with the slump in retail, it's been pretty difficult probably in all the markets we are involved in,' he said.
Earlier this year, the company closed six of its stores in the US because it was thought the stores were not in cities that would appreciate the company's upmarket designs, which are typically aimed at the career woman.