The French luxury conglomerate LVMH announced a remarkable revenue surge to €86.15 billion ($97.4 billion) for the fiscal year 2023, marking an 8.8 percent increase, or 13 percent organic growth, year-over-year. This growth trajectory is significantly buoyed by the Asian market, including China, accounts for 31 percent of total sales. Despite the shadow of the pandemic, LVMH has doubled its Chinese clientele since 2019, prompting iconic brands within the group, such as Louis Vuitton and Christian Dior, to expand their footprint in China.
Italian luxury marque Tod's disclosed a commendable 14 percent spike in sales for the fiscal year 2023, with revenues touching €1.1267 billion ($1.28 billion). The fourth quarter alone saw a 7.5 percent increase, largely fueled by robust retail performance. The brand's Chairman and CEO, Diego Della Valle, expressed satisfaction with these figures, highlighting the extraordinary 28.2 percent growth in the Greater China region, a testament to the brand's resilience in a challenging global economic landscape.
In a significant equity transaction, Lanvin Group secured a $15 million capital injection from Meritz Securities, part of South Korea's Meritz Financial Group. This deal, documented with the U.S. SEC, signifies Meritz's ascent as the second-largest shareholder in Lanvin Group, holding a 13.1 percent stake. This capital boost follows a preceding $50 million investment from Meritz, underscoring a strong vote of confidence in Lanvin Group's market trajectory.
The Kering Group has joined forces with the distinguished Chinese artist Chen Ke for a collaborative project: the oil painting dubbed "Dragon Boat," is a contemporary ode to the Lunar New Year, blending modern aesthetics with traditional narratives. This initiative is not a first for the group, which has a rich history of partnering with Chinese artists like Peng Wei and Xu Bing, accentuating their steadfast commitment to nurturing the symbiosis of art and culture.
L'Oréal (China) Co., Ltd. marked a significant shift in its leadership structure. The former linchpin, Fabrice Megarbane, relinquished his roles as the legal representative, chairman, and general manager, passing the baton to Vincent Boinay. This transition comes after L'Oréal's announcement last September, positioning Megarbane as the Global Chief Growth Officer and heralding Boinay as the incoming President of North Asia and CEO of China. Established in September 2000 and fully backed by L'Oréal S.A., the subsidiary boasts a robust presence with a registered capital north of $58 million.
The French brand celebrated the grand opening of its boutique at Beijing SKP-S as its first green concept space in the Asia-Pacific region, combining a unique “green oasis” immersive art installation with a fresh and vibrant French apartment atmosphere. With Longchamp's bright and lively green as the main color scheme, along with minimalist lines and an open layout, the new concept store provides customers with a more expansive view and a unique and fashionable shopping experience.
Christofle, the storied French silverware brand, celebrated the inauguration of its maiden boutique in Henan, setting its roots in Zhengzhou's Dennis David City. With a heritage dating back to 1830, Christofle's expansion into Henan complements its Greater China portfolio, which includes outlets in cosmopolitan hubs like Shanghai, Beijing, and Hong Kong.
As Valentine's Day approaches, Swarovski proudly announced the appointment of the young, dynamic actor Ci Sha as its brand ambassador. The collaboration kicks off with Ci Sha bringing his unique charm to the Swarovski Hyperbola Infinity Collection. Together, they aspire to explore new horizons and celebrate creativity and individuality.
In a landmark agreement, China and Singapore have mutually decided to waive visa requirements, facilitating a 30-day stay for citizens engaging in leisure, family visits, or business. This initiative, effective from February 9, marks a significant stride in diplomatic relations, though it necessitates adherence to the respective legal frameworks and agreements of both nations. This gesture underlines China's intent to foster a more inclusive and open international community.