Estée Lauder Group to hike prices in China#
According to sources, starting July 1, 2024, Estée Lauder Group will raise the prices of some products. This price hike involves six brands: Estée Lauder, La Mer, Mac, Bobbi Brown, Jo Malone, and Origins, covering a total of over 500 products. The overall price increase for each brand is generally within 10%, with the 30ml Estée Lauder Advanced Night Repair Serum rising by 3.6% to 720 RMB ($101), and the 150ml La Mer Treatment Lotion increasing by 4.1% to 1,520 RMB ($213). As of the time of writing, the Estée Lauder Group has not yet responded to media reports of the price hikes.
Shanghai Port Group, China Duty Free Group team up for cruise tourism resort#
On May 30, Shanghai International Port Group (SIPG) and China Duty Free Group (CDFG) signed a cooperation framework agreement regarding the subsequent positioning, leasing, and operation management of the Shanghai Changtan Project commercial complex. The collaboration aims to jointly develop the Shanghai International Cruise Tourism Resort. This partnership will create a concentrated commercial complex of approximately 180,000 square meters, integrating high-end outlets, leisure and entertainment, culture, and family-friendly facilities.
Galeries Lafayette recreates Parisian scenes at Shanghai pop-up#
On June 1, Galeries Lafayette opened the Boulevard Haussmann pop-up experience at Shanghai Lujiazui Center L+Mall. This space, recreating three key historical scenes of Boulevard Haussmann, offers an immersive Parisian experience. The year-long pop-up will regularly refresh its offerings, promoting cultural exchange and providing an evolving shopping experience.
Inditex’s Massimo Dutti debuts on JD.com#
Massimo Dutti, a brand under the global fashion retail group Inditex, yesterday officially launched on JD.com, offering a range of men’s and women’s fashion items. This is the brand’s fifth e-commerce platform, and the first Inditex brand on JD.com. Eugenio Bregolat Lukashov, President of Inditex Greater China, stated that China is a key strategic market and that partnering with JD.com is crucial for their digital transformation.
Breguet showcases collections at Nanjing exhibition#
The Swiss luxury watchmaker Breguet has unveiled the first stop of its nationwide themed tour, The Art of Breguet, at Deji Plaza in Nanjing. The exhibition will showcase Breguet’s iconic collections, embodying the spirit of innovation and aesthetic style.
Boucheron expands presence with 16th boutique in mainland China#
At the end of May, jewelry house Boucheron announced the opening of its new boutique in the Shanghai IFC Mall, its 16th boutique in mainland China. Global brand ambassador Zhou Dongyu and actor Wei Daxun attended the glittering opening of Boucheron’s new boutique at the Shanghai IFC Mall.
US consumers accuse Hermès of hiding Birkin bag lottery system#
US consumers have expanded their lawsuit against French luxury house Hermès, accusing it of requiring buyers to spend thousands on other products before being allowed to purchase a Birkin bag. A third plaintiff joined the class action in San Francisco federal court, originally filed in March. The lawsuit claims Hermès only offers Birkin bags to customers with sufficient purchase history, masking a hidden lottery system. Hermès has called the lawsuit “far-fetched,” stating that customers without a purchase history can still buy a Birkin. The amended complaint highlights the Birkin bag’s exclusivity and argues that rival brands like Gucci and Louis Vuitton lack its unique status. The complaint also cites Hermès’ statements from a 2022 trademark lawsuit, emphasizing the Birkin’s scarcity and investment value.
Tod’s Group set for delisting, focuses on brand investments with partners#
Tod’s Group will be delisted on Friday, with trading of shares suspended on June 5 and 6, making today the last trading day. Italy’s Consob approved the squeeze-out at 43 euros ($46.81) per share. Earlier, Tod’s reported that Crown Bidco Srl, an affiliate of L Catterton, reached over 90% ownership, enabling the delisting. CEO Diego Della Valle stated that delisting allows better investment in their brands, with support from partners L Catterton and LVMH. Despite a first-quarter sales decline to $269.96 million (252.3 million euros) due to weaker shoe sales, China revenue drop, and negative currency impact, the tender offer is valued at approximately $425.86 million (398 million euros), with L Catterton increasing its stake to 7.9%.
TikTok shelves European e-commerce plan, eyes US growth#
TikTok has shelved its plans to launch its rapidly growing e-commerce business in major European markets, instead focusing on growth in the US market. TikTok has postponed its plans to roll out its shopping platform in Spain, Germany, Italy, France, and Ireland. Analysts say this move aims to strengthen its market position in the US, where the company has 170 million monthly active users. TikTok has also set a new growth target, expecting US market sales to increase tenfold to $17.5 billion this year.
Burberry seeks new CMO as Rod Manley exits#
Burberry’s chief marketing officer Rod Manley is leaving the company. Previously the executive vice president for Calvin Klein in New York, Manley joined Burberry in January 2019, initially reporting to then-CEO Marco Gobbetti and currently to Jonathan Akeroyd, who took over in 2021. During his six-year tenure, Manley worked with former creative director Riccardo Tisci for three years before partnering with the current chief creative officer, Daniel Lee. Manley’s departure coincides with Burberry’s declining profits, as the brand warned in January that its full-year results would be below previous guidance following a 7% sales drop to $882.5 million (£706 million) in the 13 weeks to 30 December 2022. The company has begun searching for his replacement.