Reports

    China News Brief
    April 19, 2024

    Taobao launches Apple Vision Pro app; Proya claims beauty crown.
    A customer tries Apple Vision Pro. Image: Getty Images

    Taobao launches Apple Vision Pro app#

    Taobao on Monday launched  an app for the Apple Vision Pro on the App Store, offering users an immersive shopping experience where products can be projected into reality and compared with others. Tech bloggers note that this combination delivers an enhanced naked-eye 3D shopping experience, allowing users to virtually place items like refrigerators into their living rooms and inspect them in detail. The Taobao Vision Pro version supports simultaneous display of multiple items for easy comparison and visualizes item dimensions. While some improvements are suggested, such as more precise image search, Taobao’s official Vision Pro version app is anticipated to introduce more features in line with the Chinese version.

    Proya claims beauty crown#

    Proya yesterday released  its 2023 annual financial report. In its 21st year since establishment, the Chinese private cosmetics company boosted its annual revenue to 8.9 billion RMB ($1.34 billion). As of yesterday, Proya’s stock price was 103.46 RMB/share ($15.52/share), with a market value of 41 billion RMB ($6.15 billion), leading its domestic peers, knocking established cosmetics company Shanghai Jahwa off its throne after a 23-year reign. This signals a long-awaited “changing of the guard” in the Chinese beauty market. It’s no longer dominated by European and American companies.

    Chow Tai Fook ditches red theme#

    Chow Tai Fook yesterday announced  a new brand logo and plans to renovate all stores within the next five years, marking the first time the business has deviated from its iconic red theme. In preparation for its 100th anniversary in 2029, Chow Tai Fook aims to revamp its retail business and has unveiled a new corporate and brand website. Two flagship stores, located in Central, Hong Kong, and Nanjing East Road, Shanghai, will be the first to debut the new brand image, with the Central store set to open in the third quarter and the Shanghai store in early 2025.

    China buoys Porsche’s 2023 results#

    Porsche announced its 2023 financial results: revenue rose  7.7% to $48.6 billion (€40.5 billion), with a 7.6% increase in sales profit to $8.76 billion (€7.3 billion). Despite global supply chain disruptions and inflation, investments in digitalization and innovation soared. Porsche highlights China as a vibrant market. To this end, Porsche Ventures, in collaboration with China International Capital Corporation Limited, will establish a venture capital fund to participate in the growth of Chinese startups and actively promote technological innovation in the automotive industry.

    JD.com founder given digital makeover#

    Liu Qiangdong, founder of JD.com, debuted  on Tuesday as a “digital persona” in JD.com App’s home appliances and supermarkets’ livestream rooms, attracting nearly 3,000 viewers in each room within a minute and accumulating over 10 million viewers in total during the half-hour livestream. Named “Big brother Dong,” the digital persona accurately replicated Liu’s speech patterns and gestures, engaging consumers by asking questions and interacting with them. This innovation aligns with the growing trend of livestream shopping, which had a penetration rate of around 31.9% in 2023, despite the high costs involved. To address this, employing digital persona anchors like JD.com’s can significantly reduce livestream costs.

    Boseideng goes summery#

    Chinese down jacket brand Boseideng staged  a fashion show featuring 70 male and female models donning summer season clothes at Beijing International Film Festival yesterday. It took place in the South Square of Yanqi Lake International Convention Center, a beauty spot north of China’s capital. Comprising flloaty jackets and tops with drawstring hems and 3D pocket designs, belted pleated skirts, wrap-over shirts, stencilfloral prints and cargo shorts, collection reflects the company’s bid to expand from winter wear to breathable sun-protection fabrics that feature UPF100+ sun protection functionality.

    Converse, Feng Chen Wang revamp Chucks#

    Converse and Chinese-born, London-based menswear designer Feng Chen Wang have joined forces to co-create  a version of the classic black and white two-in-one Chuck 70 low-top, along with two new colorways. Inspired by the concept of “two,” the shoes merge two sneakers into one, symbolizing unique individuals coming together to create new possibilities. Featuring bold design elements like contrasting color lines and Velcro straps, as well as Feng Chen Wang branding, the shoes blend classic canvas with modern sports mesh for a distinctive look.

    US regulators aim to block Capri takeover#

    The US Federal Trade Commission is preparing to block  Tapestry’s $8.5 billion takeover of Capri Holdings, aiming to prevent the creation of a luxury fashion mega-merger that would bring together brands like Coach, Kate Spade, Versace, and Michael Kors. While the deal was approved by regulators in the EU and Japan, US regulators are concerned it could reduce competition and lead to higher prices for consumers. Investors are skeptical about the deal's completion, reflected in Capri's declining shares and Tapestry's modest gains. The case may attract political attention, though it lacks appeal as a means of protecting consumer interests.