China News Brief
    January 24, 2024

    Kering's boosts its real estate portfolio, LVMH big moves, Swatch Group falls short as China demand lags and more from Uniqlo, Galeries Lafayette
    Galeries Lafayette, here in Guiyang, will expand to Macau, widening its China footprint.

    Reduced demand in China, Swatch Group's 2023 revenue falls short #

    Swatch Group confronts a challenging fiscal year, with its 2023 revenue of $8.61 billion narrowly missing analyst projections  amidst dampened demand in the crucial Chinese market. Despite these headwinds, the Swiss horological titan managed an 8 percent net profit increase, reaffirming its resilience and enduring appeal in the luxury watch sector.

    Galeries Lafayette to debut in Macau#

    Galeries Lafayette is set to unveil its first Macao outpost at Ming Seng World Shopping Plaza , a sprawling 35,000-square-foot luxury retail haven. This launch not only introduces exclusive brands to the region but also pushes Galeries Lafayette's position as a pivotal player in China's luxury retail scene, further enriching its network of stores across major cities.

    Uniqlo clinches 'China Outstanding Employer' title for ninth year#

    Uniqlo celebrates its ninth consecutive year  as 'China Outstanding Employer,' a testament to its commitment to fostering a nurturing and dynamic work environment in the country. This accolade, bestowed by the Top Employers Institute, highlights Uniqlo's innovative approach to talent cultivation, competitive compensation strategies, and its drive to attract a new generation of talent to its ranks.

    Kering Secures Iconic Fifth Avenue Real Estate in $963 Million Deal #

    In a strategic real estate maneuver, Kering acquires a prime New York City property at 715-717 Fifth Avenue for $963 million. This acquisition, pivotal in Kering's global retail expansion strategy, underscores the luxury group's commitment to positioning its illustrious brands at the forefront of the world's most prestigious shopping districts.

    Bernard Arnault Positions Sons Alexandre and Frédéric for LVMH Board#

    Bernard Arnault, the mastermind behind LVMH, prepares to nominate sons Alexandre and Frédéric to the luxury group's board, reinforcing the Arnault dynasty's influence. Amidst the anticipation of LVMH's annual results, this strategic move for succession planning awaits shareholder approval, cementing the family's pivotal role in steering the conglomerate through post-pandemic market shifts and the evolving luxury landscape.

    Italian jewelry brand Damiani opens boutiques in Shanghai and Sanya#

    The Italian luxury jewelry brand Damiani continued its expansion in the Chinese market by opening two new stores in Shanghai and Sanya . The brand-new boutique in Sanya is located in Haitang Bay's Taikoo Li. The Shanghai boutique is in the Waitanyu district, a retail development project that emphasizes environmental sustainability.

    Hey Tea and Clot does tradition and trend in CNY-inspired collaboration #

    In a fusion of tradition and contemporary street style, Hey Tea partners with Clot to launch a Chinese New Year-inspired collection , blending carmine red hues, dragon totem aesthetics, and exclusive merchandise. This collaboration, marrying the artistry of tea with streetwear finesse, captures the festive spirit and exemplifies the burgeoning trend of cross-industry partnerships, making waves on social platforms and setting a new benchmark for creative brand synergies.