KK Group Launches Hong Kong IPO as Rapid Growth Continues
KK Group, a retail unicorn startup, submitted an IPO application to the Hong Kong Stock Exchange on Thursday.
KK Group owns four self-developed retail chain brands, namely KKV, THE COLORIST, X11 and KK Mall, and its product portfolio covers various categories including beauty cosmetics, trendy toys, food and drinks, household goods and stationery.
As of the submission date of the prospectus, the firm’s number of stores in the world reached 680. According to a report by Frost & Sullivan, from 2018 to 2020, KK Group achieved GMV (gross merchandise volume) of 188 million yuan ($29.365 million), 652 million yuan and 2.254 billion yuan, respectively, representing a compound annual growth rate of 246.2%, making it the fastest growing trends-focused retailer among the top ten in China. In the same period, its annual operating income was 155.3 million yuan, 463.7 million yuan and 1,645.9 million yuan, respectively.
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KK Group has continued to expand after experiencing a rapid development period since 2019 and the pandemic challenge in 2020. During the first half of 2021, the firm achieved a GMV of 2.213 billion yuan and a revenue of 1.683 billion yuan. The company’s revenue in the first half of the year has exceeded the annual level of 2020, and the revenue in the same period of 2020 is 502 million yuan.