Veeko International went from HK$2.23B revenue and 222 stores to HK$421M and 89

Veeko International, a Hong Kong ladies' fashion retailer founded in 1984 and listed in 1999, launched its Colourmix cosmetics chain in 2004. Colourmix sold imported skincare, makeup and fragrance from street-level stores in tourist districts, riding the mainland-visitor boom. In the year to March 2016 the group's revenue peaked at HK$2.23 billion — 77% of it cosmetics — across 222 stores in Hong Kong, Macau, Taiwan, Singapore and mainland China.

The flow turned. Mainland arrivals and per-visitor spending fell from 2016, and revenue had already dropped to HK$1.69 billion by 2019. Taiwan fashion retail practically ceased in March 2016; the Singapore operation was gone by 2020; COVID then cut revenue 38% to HK$1.04 billion with a HK$258 million loss; and mainland China retail was exited in the year to March 2023.

Reopening brought one good year — revenue rose to HK$586.7 million in FY2024 — then losses of HK$124.8 million and HK$105.5 million followed as northbound shopping and weaker tourist spending replaced the old flow. By March 2026 Veeko ran 89 stores (46 cosmetics, 43 fashion), all in Hong Kong and Macau, on revenue of HK$420.7 million, down 81% from peak. Shareholders' funds had fallen to HK$18.9 million against HK$192.5 million of on-demand bank borrowings, the auditor flagged a material going-concern uncertainty, and 52 of the 89 leases expire by March 2027.