Swank International Manufacturing has appointed Dicky Kawai Tong as its new CEO and Teresa Chan as its new marketing and communications manager. Both executives come from the bankrupt Moulin Global Eyecare Holdings. Tong spent 11 years at Moulin, rising to the post of vice president and executive director. Indicating that he learned a few important lessons at Moulin, Tong plans to maintain Swank's focus on manufacturing and he is not recommending that the company get into any big-time European or American distribution anytime soon. It has been more than a year since the former chief executive of Swank, Paul So, left the Hong Kong-based company, and the position has been essentially vacant since then.
Tong comes in at a challenging time. Swank sales for 2005 fell by 16.0 percent to HK$147.0 million (€15.1m-$19.0m), but a gain from a credit restructuring agreement reached in January 2005 allowed the group to turn a HK$38.7 million (€4.0m-$5.0m) profit against a HK$7.6 million loss. The revenue declines were fairly evenly spread across the USA, Europe, China and other markets. Only Hong Kong recorded a small sales gain. The drop in China came despite the launch of two licensed German fashion brands there - S. Oliver and Camel Active. Swank says it will launch ?a new OBM brand? in China this year.