China News Brief
    March 22, 2024

    Rihanna’s Fenty Beauty launching in China; AliExpress to roll out livestream shopping in UK; Bottega Veneta unveils exhibition initiative.
    Fenty Beauty by Rihanna is launching in mainland China via Sephora. Photo: Shutterstock

    Rihanna’s Fenty Beauty launching in China#

    Fenty Beauty by Rihanna is launching  in mainland China at Sephora on April 1. It’ll offer their star products like the Pro Filt’r Soft Matte Longwear Foundation with 50 shades and the Gloss Bomb Universal Lip Luminizer. Consumers can explore the brand’s unique makeup concept and enjoy a seamless shopping experience both in-store and online.

    AliExpress to roll out livestream shopping in UK#

    AliExpress yesterday announced  it will launch livestream shopping services in the UK. This service will be conducted through AliExpress’s mini shop platform, inviting British TV personalities Olivia Attwood, Kady McDermott, Farah Sattaur, Alexis Economou, as well as social media influencers such as Summer Botwe, Emma Vacchio, and Sinead Biddlecombe to host live broadcasts for product sales. The hosts will receive commissions from the sales.

    Bottega Veneta unveils exhibition initiative#

    Bottega Veneta has joined  forces with Juanzong Bookstore to mount exhibitions in four Chinese cities: Qinhuangdao, Beijing, Shanghai, and Xiamen. Members of the public can visit the Juanzong Bookstore in these four cities today to collect limited edition fanzines, delving into the creative stories behind the brand’s 2024 summer collection advertisements.

    Li-Ning sees profitability dip#

    Li-Ning reported  its full-year 2023 performance on March 20. Revenue reached $4.35 billion (27.60 billion RMB), a 7% increase YoY, driven mainly by footwear and apparel sales. Domestic revenue remains dominant, comprising 98.07% of total revenue. Despite nearly 30 percent of revenue coming from e-commerce, Li-Ning has no plans to expand this further. However, net profit dropped by 21.6% to $0.50 billion (3.19 billion RMB) due to increased expenses, particularly in sales and distribution.

    Pinduoduo posts huge revenue growth#

    Pinduoduo’s revenue in the fourth quarter of 2023 skyrocketed  123% YoY to $13.8 billion (88.9 billion RMB), while net profit for the quarter surged 146% YoY to $3.6 billion (23.3 billion RMB). This marks the first time Pinduoduo has achieved triple-digit growth in both revenue and profit since 2021. For the full year 2023, revenue soared by 90% YoY to $38.5 billion (247.64 billion RMB), and net profit surged by 90 percent YoY to $9.3 billion (60.02 billion RMB). Since its global business Temu was launched in September 2022, it has expanded into over 50 countries and regions worldwide.

    BYD expands to Greece#

    BYD yesterday said it is entering  the Greek passenger car market with the launch of two models, the latest move from the electric vehicle giant to expand in Europe. The Shenzhen-based company is bringing its Yuan Plus crossover – known as the Atto 3 in overseas markets – and Seal sedan to Greece, and will be releasing more models in the future, it said in a statement.

    Domestic travel surging in China: Ctrip#

    Online travel agency Ctrip yesterday released  its “2024 Qingming Festival Travel Forecast” report, indicating a rise in bookings for holiday travel products like flights and hotels. Popular activities include visiting hometowns, enjoying spring outings, planning extended holidays, and self-driving tours. Data reveals a significant increase in domestic hotel and flight searches compared to previous years, with bookings for flower viewing tours and domestic car rentals soaring. This year, travelers show a preference for mainland destinations, with a notable shift in tourism towards western regions.

    US retail sales seen weakening#

    The US’ National Retail Federation (NRF) yesterday forecasted  2.5% to 3.5% growth in US retail sales this year, totaling $5.23 trillion to $5.28 trillion, slightly lower than last year’s 3.6 percent growth. Excluding auto, gas, and dining, the forecast includes online sales. NRF attributes the restrained growth to ongoing inflationary pressures, but anticipates potential consumer spending boosts with expected mid-year interest rate cuts by the Federal Reserve.

    Guess reports 3% revenue growth for 2023#

    Guess’ fourth-quarter revenue rose  9% to $890 million, surpassing analysts’ $860 million estimates. For FY 2023, total revenue increased 3% YoY to $2.78 billion, driven by a 7% growth in Europe and 16% in Asia, offsetting declines in US retail and wholesale sales. Guess recently finalized its acquisition Rag & Bone, aiming to integrate it into its portfolio and introduce Guess Jeans to target Gen Z consumers.