Reports

    China News Brief
    January 19, 2024

    Richemont reports Q3 25 percent China revenue surge, big executive changes at LVMH, China's live streaming stars eye global presence and more from L'Oreal, Prada, Sephora and BMW
    Richemont, owner of Cartier, reports big boost in Q3 revenue from China, lifting up luxury hopes. Image: Cartier

    Richemont reports a 25 percent surge in China revenue in Q3#

    Richemont, the luxury conglomerate behind Cartier, reports a 4 percent sales uplift to 5.59 billion euros ($6.32 billion), fueled by a notable 25 percent revenue surge in China . Cartier's stellar performance, with a 12 percent rise in jewelry revenue, contrasted with a modest 3 percent growth in watches, contributes significantly to the group's 13 percent sales increase in the Asia-Pacific region.

    Top Chinese livestreamers are flocking to overseas Tiktok#

    Crazy Little Brother Yang, a digital commerce sensation with 100 million Douyin followers, pioneers Chinese livestreamers' global expansion  with his debut on TikTok Singapore. This strategic move, spurred by successful ventures in Southeast Asia and potential in markets like Indonesia, signals a shift as Chinese livestreamers seek international growth amidst the domestic market's deceleration.

    Michael Burke to replace Sidney Toledano as Head Of LVMH Fashion Group#

    LVMH heralds a new era, appointing Michael Burke as chairman and CEO of its fashion group,  overseeing luxury stalwarts from Dior to Louis Vuitton. Succeeding Sidney Toledano, Burke, known for his leadership at Christian Dior USA and Louis Vuitton, is set to further the group's legacy of craftsmanship and innovation, backed by Bernard Arnault's confidence in his vision and experience.

    Prada Group predicted with robust Q4 growth#

    CMB International analysts predict that Prada Group, bolstered by Miu Miu's dynamism and strong full-price sales, anticipates a robust 12 percent year-on-year surge in Q4 , projecting over 1.3 billion euros ($1.469 billion) in revenue. With Asia, including China, expected to see a 20 percent revenue boost and Japan witnessing a 35 percent increase, CEO Andrea Guerra remains cautiously optimistic about recovery in the US amidst slower European market growth.

    Sephora's Greater China General Manager to Resign#

    Sephora's Greater China operations enter a transition phase as General Manager Maggie Chan prepares to step down , leaving a legacy of consumer-centric innovation and digital advancement. Alia Gogi, Sephora's Asia President, will helm the region's operations, maintaining the momentum of Sephora China's transformative strategies and notable profitability.

    Onitsuka Tiger and Astro Boy team up for collection, Shanghai Pop-up#

    Onitsuka Tiger celebrates its 75th anniversary with a nostalgic nod, teaming up with iconic manga character Astro Boy  for a unique co-branded collection and immersive pop-up in Shanghai. The collaboration showcases 43 pieces, infusing Astro Boy's classic imagery into a range of apparel and accessories, and brings the character to life at Onitsuka Tiger's Shanghai flagship with a thematic pop-up, resonating with China's manga-enthusiast millennials.

    BMW Is Officially The World’s Best-Selling Luxury Automaker#

    BMW cements its status as the world's top luxury automaker in 2023 , with sales soaring to 2,253,835 vehicles, marking a 7 percent annual increase. The brand's robust performance is significantly bolstered by its thriving electric vehicle sector and contributions from Mini and Rolls-Royce, outperforming competitors in a year marked by dynamic growth and industry challenges.

    L'Oréal Invests In Swiss Longevity Biotech Company#

    L'Oréal strategically invests in Swiss biotech firm Timeline , aiming to pioneer the integration of longevity science into the beauty and wellness sectors. With a substantial Series D funding round and the promising 'Mitopure' molecule at its core, L'Oréal's venture into longevity underscores its commitment to fostering health and beauty synergies.