KUALA LUMPUR: Fashion retailer Carlo Rino Group Bhd made its debut on the ACE Market of Bursa Malaysia with a 13 per cent decline, opening at 23.5 sen, 3.5 sen lower than its initial public offering (IPO) price of 27 sen.

By 10:22 a.m., the stock declined further by 16.67 per cent, shedding 4.5 sen to trade at 22.5 sen.

Rakuten Trade Sdn Bhd projects Carlo Rino to achieve core net earnings of RM22.3 million and RM24.2 million for the financial years 2025 and 2026, respectively. 

The firm emphasised the importance of refurbishing boutiques and departmental store counters to provide a fresh and engaging shopping experience while enhancing brand visibility.

Carlo Rino has allocated RM3.5 million for these updates, ensuring its retail spaces maintain a modern aesthetic and align with changing customer preferences.

"This initiative reflects the company's focus on optimising the retail experience to reinforce its market positioning and drive long-term revenue growth," it said.

Rakuten Trade has a 'Buy' call on Carlo Rino with a fair value of 34 sen.