Profil:
LPP SALPP fashion believes Sinsay is able to compete with Chinese e-comms on prices; US tariffs may work in its favour
Listed fashion retail group LPP assesses that the Sinsay brand is able to compete on price with Chinese online platforms, CEO Marek Piechocki told a conference following the publication of LPP's annual report for 2024 and strategy until 2027.The group also thinks that the tariffs introduced by the US may work in LPP's favour.
"People in small towns have to buy all sorts of things, not only clothing but non-food necessities. Even if we are to come to a downturn, if we say that consumers are saving money, it is a mill for our water, because the prices that Sinsay offers are prices that compete with the prices of online Chinese platforms (...). Price-wise we are able to compete with them," CEO Piechocki assessed.
As he reported, the period from decision to shop opening is about six months, therefore LPP is able to react flexibly.
"If we see that a certain market is starting to behave not the way we would like it to, we are able to stop it," Marek Piechocki added.
When asked about the possible threat of tariffs announced by US President Donald Trump, LPP's CEO assessed that this could work in the group's favour.
"We don't trade with the States; we don't buy or sell to the US. It even works in our favour because companies from Asia will be under more pressure to sell cheaper to European companies, so they will have to lower their prices," he said.
doa/ ao/ nl/