China News Brief
    April 10, 2024

    Hublot launches on Tmall; Aesop expands in Guangzhou; Chopard promotes Zhang Linghe.
    Pianist Lang Lang performs during a Hublot event on November 17, 2016 in Hong Kong. The watchmaker has debuted on Tmall’s luxury platform. Photo: Getty Images

    Hublot launches on Tmall#

    Hublot yesterday launched  a flagship store on Tmall’s luxury platform. A highlight of this debut is the global premiere on Tmall of the limited edition Big Bang Soul Blue Carbon Fiber Watch, with 28 pieces available.

    Aesop expands in Guangzhou#

    After opening  its first city store in Guangzhou’s Dongshankou on March 15, Aesop has recently erected barricades for its second store in Tianhuan, Guangzhou. It is understood that the store was originally a Panerai store, adjacent to Marni. According to Aesop’s WeChat mini-program, it operates nine stores in mainland China.

    Chopard promotes Zhang Linghe#

    Chopard promoted  actor Zhang Linghe from “brand friend” to brand ambassador on Monday. In the brand’s new promotional campaign, Zhang wears items from the Alpine Eagle and Ice Cube collections.

    South Korea launches probe into Temu#

    South Korea’s Fair Trade Commission initiated  an investigation into Temu, a cross-border e-commerce platform owned by Pinduoduo, on Monday, suspecting it of using false and exaggerated advertisements. Temu’s recent establishment of a legal entity in South Korea has prompted this inquiry, focusing on potential violations of consumer protection laws and advertising regulations. The investigation follows concerns about Temu’s marketing tactics, including controversial strategies like cash coupon distribution and allegations of delayed deliveries and low product quality. There is speculation that the commission may broaden its probe to include other Chinese e-commerce platforms after similar investigations into AliExpress.

    Maison Kitsuné names brand envoy#

    Maison Kitsuné has announced  actor and singer Wei Daxun as its first-ever brand ambassador. In their latest advertisement, Wei leisurely strolls along the Seine River, interpreting the diverse styles of the label’s 2024 Spring/Summer collection amid flowing light and shadows.

    Versace rolls out ad campaign#

    Versace on Monday unveiled  the Versace Icons series advertisement featuring its global brand ambassador, Zhao Lusi. Zhao dons a sleek dress crafted from soft nappa leather, adorned with the metallic Medusa ‘95 emblem on the dress’s straps and short necklace, elegantly showcasing the collection's unique charm. As of the time of writing, the ad has garnered 120,000 views on Weibo.

    Puig targets IPO in Spain#

    Puig plans  an IPO to raise over €2.5 billion ($2.75 billion), targeting a listing on Spanish stock exchanges. Led by Marc Puig, the family-owned company aims for a balance between family legacy and market accountability. Despite post-pandemic challenges, Puig reported record revenue of €4.3 billion ($4.73 billion) in 2023. The IPO signals a strategic move to fuel growth through acquisitions and brand-building initiatives.

    Loro Piana, New Balance team up#

    Loro Piana has announced  plans to collaborate with New Balance in the fall of 2024. According to the Japanese website Full Press, the collaboration, known as Loro Piana x New Balance, will focus on the classic 990 series sneakers, specifically the 990v6 model, and will be part of the American-made line. Creative director Teddy Santis will lead the project, and it is anticipated that Loro Piana will utilize premium wool fabric for the collaboration.

    Chanel eyes Fifth Avenue store#

    Chanel is in discussions  to purchase a building located on Manhattan’s Fifth Avenue, joining the competition among top global retailers vying for prime spots on New York’s renowned luxury shopping strip. The brand is reportedly eyeing 745 Fifth Ave. and is competing against LVMH for the acquisition of the property at the corner of 58th Street. Global luxury retailers, including Gucci owner Kering SA and entities linked to Prada SpA, have been actively acquiring buildings on Fifth Avenue in recent months.

    Allbirds faces Nasdaq delisting#

    Allbirds on Monday revealed  that it had received a notification from Nasdaq indicating that its stock price had remained below $1 for a month. The troubled company must have its stock price above $1 for at least 10 consecutive days within a six-month period to avoid delisting. Since its initial public offering in November 2021, Allbirds’ stock price has plummeted by over 90%. In 2023, its revenue dropped by 15% YoY to $254 million, with net losses widening by 52% to $152 million.