China News Brief
    April 15, 2024

    Maoge Ping Cosmetics edges closes to Hong Kong IPO; TikTok shop gaining ground in the US.
    Maoge Ping Cosmetics, a high-end cosmetics group in China, submitted its prospectus to the Hong Kong Stock Exchange on April 8 to list on the main board. Image: Maoge Ping Cosmetics

    Maoge Ping Cosmetics edges closes to Hong Kong IPO#

    Maoge Ping Cosmetics, a high-end cosmetics group in China, submitted  its prospectus to the Hong Kong Stock Exchange on April 8 to list on the main board. Founded by Maoge Ping in 2000, the company, jointly owned by Maoge Ping and his spouse, holds approximately 57.26% of the group’s issued share capital. Maoge Ping’s revenue increased from $243 million (1.58 billion RMB) in 2021 to $445 million (2.89 billion RMB) in 2023, with a compound annual growth rate of 35.3%. According to Frost & Sullivan data, Maoge Ping is the only Chinese company among the top 10 high-end cosmetics groups in China, ranking eighth in terms of retail sales in 2022.

    TikTok shop gaining ground in the US#

    According to the latest Earnest Analytics’ report, over 11% of US households have purchased  items via TikTok Shop since its launch in September 2023. In February 2024, TikTok Shop sales accounted for 68.1% of the total gross merchandise value (GMV) in social commerce transactions. Livestream shopping platform Whatnot captured 31% of GMV, while Instagram Checkout, Facebook Shop, and Flip App combined amounted to less than 1%. Regarding age demographics, Gen Z consumers aged 18 to 24 are 3.2 times more likely to make purchases on TikTok Shop compared to the general adult population.

    Ugg, Qiu Shuting co-release capsule#

    Ugg has collaborated  with Chinese designer Qiu Shuting to launch a limited-edition collection inspired by the ocean and its creatures, featuring two pairs of flat sandals and a printed T-shirt. Previously, the two parties collaborated on a joint collection inspired by Hangzhou. Qiu, a graduate of the Royal Academy of Fine Arts in Antwerp, is known for her portrayal of female expression through the collision of colors and patterns.

    Michael Kors launches Shanghai pop-up#

    Michael Kors’ denim pop-up store opened  April 11 on Yuyuan Road, Shanghai, creating an immersive denim space where two giant Tribeca handbags made a striking appearance as MK Denim Statement Bags. Michael Kors invited brand Greater China spokesperson Bai Lu and brand friend He Chaoyin to the MK Denim Pop-Up Store to share their experiences and photos.

    Sephora names news China exec#

    Sephora today announced  the appointment of Ding Xia as the General Manager of Sephora Greater China. Ding is based in Shanghai and reports directly to Alia Gogi, President of Sephora Asia. Previously, Ding Xia held executive positions in fashion retail, including president of Fashion and Lifestyle Business Group at and vice president of e-commerce for Asia Pacific and Latin America at Nike.

    Saint Laurent Productions releases 3 films#

    Saint Laurent Productions, the subsidiary of the French fashion house, has unveiled  three feature films slated to compete in this year’s Cannes Film Festival. Emilia Perez, helmed by Jacques Audiard and starring Zoe Saldaña and Selena Gomez, narrates a lawyer aiding a cartel leader’s transition into his desired feminine identity. David Cronenberg’s The Shrouds, featuring Vincent Cassel and Diane Kruger, explores a businessman’s invention allowing the living to monitor their deceased loved ones. Paolo Sorrentino’s Parthenope portrays a character’s heroism and complex loves, boasting a star-studded cast including Gary Oldman.

    Pieter Mulier said in running to helm Celine#

    According to sources cited by Miss Tweed, LVMH is reported  to be in negotiations with Pieter Mulier, the creative director of Alaïa under Richemont, to potentially succeed Celine creative director Hedi Slimane. Industry insiders suggest that if Mulier takes over from Slimane, it would be a good move for Celine, but it might cause problems for Alaïa and Richemont. Mulier, a Belgian designer, previously worked for Raf Simons and Jil Sander and served as a key assistant to Raf Simons during his tenures at Dior and Calvin Klein.

    Goldman Sachs boosts luxury investment team#

    Cosmo Roe, renowned for his involvement in major deals like Amazon’s acquisition of Whole Foods, has taken on a new role  as head of global luxury and beauty in Goldman Sachs’ investment banking division, signaling the firm’s focus on the lucrative beauty and luxury sectors. Roe’s recent work includes orchestrating deals such as Tom Ford’s sale to The Estée Lauder Cos. and Creed’s sale to Kering, reflecting Goldman’s recognition of the burgeoning opportunities in the beauty industry. With the beauty IPO market gaining momentum, Roe predicts continued activity in beauty dealmaking, albeit with a more discerning approach.