35-year-old Texwood Apple Jeans flagship shop closed down in Mong Kok

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29th March 2020 – (Hong Kong) Founded nearly half a century ago, the Texwood brand jeans has lasted for 35 years at their TEXWOOD Apple flagship shop located on Argyle Street in Mong Kok. It finally lost ground and closed down due to the current coronavirus outbreak. The founder of the brand invested and bought properties in the 80s ion Lockhart Road and Causeway Bay and the family is worth over HK$10 billion. Even though the business has failed, they still make around HK$100m from rent collection alone. The building on Argyle Street was purchased for HK$83.5m in 1998. Based on the latest annual rental value, the average monthly rental value is only about HK$570,000 for the ground floor space of 2,547sqf.

Texwood brand was founded by Tham in 1972, and it has been established for nearly half a century. Tham is a native of Xinhui, Guangdong Province. He operated the garment industry in his early years. He has one daughter and two sons. It is understood that since Tham passed away, the business has been taken over by his son and operated in a low-key manner. The family has donated a lot of funds to build local schools.

At present, Texwood jeans has only Diamond Hill branch left in Hong Kong. According to Texwood’s official website, the group entered the mainland market in 1993. The first branch was opened in Tianhe City, Guangzhou. Until 2006, it had opened more than 200 branches in the mainland, and even opened in Shanghai Port Exchange and Shanghai Chia Tai Plaza. In addition to the physical business, the group also set up an online shop in Taobao. According to its online shop data, the average selling price of its jeans is about 400 RMB.

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