Breaking Down BIEM.L.FDLKK Garment Co.,Ltd. Financial Health: Key Insights for Investors

From a Guangzhou startup in 2003 to a Shenzhen-listed name under ticker 002832.SZ, BIEM.L.FDLKK - now rebranded as BIEMLOFEN in January 2025 - has carved out a leadership role in high-end golf apparel, sponsoring the Chinese National Golf Team since 2013 and supplying uniforms for the Tokyo 2020 Olympics while operating more than 1,100 retail stores across malls, airports and golf clubs; strategic moves include the April 2023 acquisition of global trademark rights to CERRUTI 1881 and KENT & CURWEN, and a planned up-to-2.3 billion yuan investment announced in June 2024 to build the Biem.L.FDLKK Bay Fashion Industry Headquarters Base in Guangzhou to boost retail and production capacity - a portfolio underpinned by 570.71 million shares outstanding as of December 2024 with insiders holding 43.90%, institutional ownership at 19.39%, and a market capitalization of 8.83 billion yuan (enterprise value: 7.51 billion) as of December 9, 2025, while financials show 2024 revenue of 4 billion yuan (+13.2% year-on-year), net income of 780 million yuan (-14.3% year-on-year) and first-half 2025 revenue up 9%, all pointing to why investors and fashion watchers are tracking its multi-brand strategy, technological focus on performance fabrics, and international ambitions.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): Intro

• 2003 - Company established in Guangzhou, focused on premium golfwear and technical fabric innovation.
• 2013 - Became official apparel sponsor of the Chinese National Golf Team; supplied uniforms for Tokyo 2020 Olympic participation.
• 2016 - Listed on the Shenzhen Stock Exchange (ticker: 002832.SZ), marking its transition to a public corporate group.
• April 2023 - Acquired global trademark rights for French luxury brand CERRUTI 1881 and British heritage brand KENT & CURWEN.
• June 2024 - Announced up to ¥2.3 billion investment to build the Biem.L.FDLKK Bay Fashion Industry Headquarters Base in Guangzhou.
• January 2025 - Rebranded to BIEMLOFEN to emphasize high-end, international, and youth-oriented strategy.

• Branded retail sales - Own-brand stores, franchised outlets, and e‑commerce platforms targeting golf and lifestyle categories.
• Brand licensing and acquisitions - Monetizes acquired heritage brands (CERRUTI 1881, KENT & CURWEN) through wholesale, licensing partners, and co‑branding.
• OEM/ODM manufacturing - Contract manufacturing for third-party brands leveraging Guangzhou production capacity.
• Sports sponsorship and merchandising - Long-term sports partnerships (national teams, events) drive premium pricing and brand recognition.
• Distribution and wholesale - Regional distributors and department store concessions across China and selective international markets.

• Headquarters: Guangzhou, Guangdong Province; major R&D and fabric testing labs co-located with manufacturing oversight.
• Manufacturing: In-house and partnered factories focused on performance textiles (moisture-wicking, UV protection, stretch knits) with vertical integration for quality control.
• Retail network: Combination of company-owned flagship stores, franchise partners, and online channels (Tmall, JD, proprietary webstore).
• Human capital: Cross-functional teams for design, technical R&D, supply chain, and brand management supporting international licensing.

• Average unit margin mix: Retail & direct-to-consumer margins typically higher than wholesale; licensing generates royalty rates and lower working capital needs.
• Inventory & working capital: Investment in Guangzhou HQ Base intended to centralize logistics, improve inventory turnover and reduce time-to-market.
• Channel mix optimization: Growth strategy balances premium brick-and-mortar flagships for brand experience with digital channels to capture younger consumers.
• International brand leverage: Acquired heritage labels provide immediate brand equity for higher ASP (average selling price) and expanded wholesale relationships.

• Integration of acquired trademarks into product lines and distribution partnerships (speed-to-market, licensing revenue growth).
• ROI on the ¥2.3 billion headquarters investment - measured by retail expansion, production capacity utilization, and reduced logistics costs.
• Brand repositioning impact - customer demographics (share of customers under 35), e‑commerce penetration, and same-store-sales growth.
• Margin expansion via direct-to-consumer channels and premiumization of product mix under BIEMLOFEN identity.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): History

• Founded from consolidation of regional garment units (early-stage manufacturing and OEM focus).
• Gradual vertical integration: in-house design, dyeing, cutting and finishing added across the 2010s.
• Public listing and scale-up of production to serve domestic retail brands and international OEM clients.
• Recent strategic emphasis on branded collections and higher-margin proprietary lines.

• Significant insider ownership (~43.90%) indicates concentrated internal control and alignment of management/major shareholders with long-term strategy.
• Institutional stake (~19.39%) reflects moderate external investor participation and liquidity support in the free float.
• EV lower than market cap suggests net cash or lower debt levels relative to equity value at the cited date.

• Manufacturing: Contract manufacturing and OEM services for domestic and international brands-revenue from production contracts priced per unit or per order.
• Branded sales: Proprietary branded apparel lines sold through wholesale and selected retail channels-higher gross margins than OEM work.
• Value-added services: Design, sample development and logistics coordination charged as either bundled with production or as ancillary fees.
• Scale advantages: Large production runs, integrated supply chain and cost control translate into lower COGS and improved operating margins.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): Ownership Structure

• Mission and Values: deliver high-quality, sophisticated dressing experiences with an emphasis on innovation, craftsmanship, and youth-oriented luxury.
• Product focus: high-end golf apparel incorporating performance fabrics (windproof/waterproof/thermal regulation).
• Retail footprint: over 1,100 retail stores across China-shopping malls, airports, and golf clubs-supporting omnichannel integration (flagship, franchise, and e‑commerce).
• Rebranding: renamed BIEMLOFEN in January 2025 to align with a high-end, international, and youth-oriented strategic pivot.

• Retail sales: flagship and mall stores generate the majority of revenue through full-price premium items.
• Wholesale & licensing: distribution to specialty retailers, golf clubs, and overseas partners.
• E‑commerce: direct-to-consumer online channel (own site + major platforms) increasing share of sales.
• Value-added services: customization, golf-event partnerships, and limited-edition collaborations.

• Panyu Charity Foundation established; corporate pledge of at least RMB 20 million to elderly care and childcare projects.
• Organizes golf charity events focusing on youth development; regular donations of money and goods to disaster relief.
• Sustainability initiatives: increased use of recycled fibers and water-saving dyeing processes in select collections.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): Mission and Values

• Design & R&D: proprietary product development emphasizing windproof, waterproof and performance fabrics for golf and leisure apparel.
• Multi-brand portfolio: owns and manages multiple labels to capture different segments (see list below).
• Retail footprint: direct-operated and franchised stores in high-traffic locations plus digital flagship stores.
• Brand acquisition & repositioning: acquires international trademarks and repositions them for broader global reach.
• Manufacturing & supply chain: combines in-house quality control with external partners to scale production.

• BIEM.L.FDLKK - core domestic brand for golf and leisure performance wear.
• BIEM.L.FDLKK Golf - specialist sub-brand focused on on-course apparel and accessories.
• CARNAVAL DE VENISE (Venice Carnival) - leisure and lifestyle range with European design cues.
• KENT & CURWEN - repositioned classic menswear and heritage label acquired in 2023.
• CERRUTI 1881 - luxury diffusion and lifestyle products; global trademark rights acquired in April 2023 to accelerate international expansion.

• Retail network: operates more than 1,100 retail stores across China, concentrated in shopping malls, airports and golf clubs.
• Digital channels: company-run flagship stores and e-commerce platforms to complement brick-and-mortar sales.
• Target channels: premium retail locations and membership-driven golf channels for customer acquisition and retention.

• April 2023: acquired global trademark rights to CERRUTI 1881 and KENT & CURWEN to redefine positioning and broaden international influence.
• June 2024: announced plans to invest up to 2.3 billion yuan to build the Biem.L.FDLKK Bay Fashion Industry Headquarters Base in Guangzhou to enhance retail, design and production capabilities.

• Technical focus: windproof and waterproof fabrics, stretch and breathability engineering, seam and finish quality tailored for golf performance.
• Craftsmanship: emphasis on cut, fit and finishing details to support premium pricing and brand differentiation.
• Omnichannel analytics: uses retail and digital sales data to optimize assortments and regional store assortments.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): How It Works

• Primary revenue driver: direct retail sales of branded apparel and accessories (golf, leisure, lifestyle).
• Retail footprint: over 1,100 stores across China in malls, airports and golf clubs, complemented by flagship and brand stores online.
• Wholesale and partner channels: selective distribution to clubs, specialty retailers and corporate clients.
• Brand licensing and trademark monetization: acquisition and relaunch strategies for premium international brands.
• Value capture across the chain: in-house design, contracted manufacturing, retail operations and digital retailing raise margin control.

• Retail-first, omni-channel model - physical stores drive brand presence; digital flagship stores and e-commerce platforms extend reach and low-cost distribution.
• Vertical integration - control of design and production enables faster collections and margin preservation versus pure wholesalers.
• International brand acquisition - in April 2023 the company acquired global trademark rights to CERRUTI 1881 and KENT & CURWEN to reposition and lift international influence and ASPs (average selling prices).
• Capacity and HQ investment - in June 2024 BIEM.L.FDLKK announced up to RMB 2.3 billion investment to build the Biem.L.FDLKK Bay Fashion Industry Headquarters Base in Guangzhou to enhance retail support, R&D, logistics and production capacity.

• Retail sales (company-owned stores and franchises): majority share of revenue.
• Digital sales (flagship stores, e-commerce marketplaces, cross-border channels): growing share year-on-year.
• Licensing & trademark exploitation (post-acquisition brands): incremental revenue and potential higher-margin product lines.
• Wholesale/B2B (clubs, specialty retailers): supplemental, relationship-driven sales.

• Higher-margin branded retail: premium positioning and controlled distribution help sustain gross margins despite retail costs.
• Scale and store network: >1,100 physical touchpoints drive brand visibility, impulse purchase and membership/loyalty sales.
• Brand acquisitions: opportunity to raise ASPs, access international license fees and diversify revenue beyond domestic market.
• Investment in HQ/base: intended to lower per-unit production/logistics costs long-term and support faster product cycles, improving operating leverage.

BIEM.L.FDLKK Garment Co.,Ltd. (002832.SZ): How It Makes Money

• Retail sales: Over 1,100 self-operated and franchised stores in shopping malls, airports and golf clubs across China - primary revenue generator.
• Digital & flagship stores: E-commerce and flagship-brand digital channels for direct-to-consumer sales and promotions.
• Brand licensing & royalties: Income from acquired global trademark rights (CERRUTI 1881, KENT & CURWEN) and co-branded partnerships.
• Wholesale & institutional sales: Bulk supply to golf clubs, sports retailers and duty-free/airport concessionaires.
• Production & OEM margins: In-house and contracted manufacturing with scale benefits from planned Guangzhou HQ investment.

• Domestic leadership in golf apparel with a premium pivot after the January 2025 BIEMLOFEN rebrand targeting high-end, international and youth segments.
• International expansion enabled by April 2023 acquisitions of CERRUTI 1881 and KENT & CURWEN trademarks-moves intended to lift ASPs and license income over the medium term.
• Capacity and retail strengthening via the planned Guangzhou Biem.L.FDLKK Bay Fashion Industry Headquarters Base (up to 2.3 billion yuan investment announced June 2024) to support faster product cycles and integrated supply chain efficiencies.
• Corporate social responsibility and brand goodwill supported by the Panyu Charity Foundation and a pledged donation floor of no less than 20 million yuan to elderly care and childcare projects, which can aid premium positioning among value-conscious consumers.