Lingerie giant in the red

A sign of the times? The South China Morning Post reports:

China’s largest lingerie maker Cosmo Lady (China) Holdings expects to record a loss of not less than 980 million yuan (US$139.79 million) this year.

The loss is due to a “one-off provision” on unsold, out-of-date stock worth between 650 million yuan and 700 million yuan, the company said in a profit warning to the Hong Kong stock exchange on Monday night.

Cosmo Lady’s chairman, Zhèng Yàonán郑耀南, said in the announcement that the slowdown in the Chinese economy had hit demand for its products.