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    CHINA NEWS BRIEF: 31 Jan 2024

    L'Oréal, Loro Piana, Chagee, Michael Kors release CNY collections, and data shows Swiss watch exports to China declined in 2023.
    Swiss watch exports to China declined 6.9 percent in 2023. Photo: Shutterstock
    Jing DailyAuthor
      Published   in News

    L'Oréal launches CNY gift box, photo competition#

    L'Oréal Group partnered with the Jingdezhen Dragon Pearl Pavilion to jointly launch on Sunday a limited edition commemorative gift box dubbed Hearts Connect, Stories Pass On (心心相印,口口相传). It also collaborated with Xinhua News Agency's News Information Center to run the Seeking French Beauty Meets Chinese Style (#寻找法式美遇见中国风) photo contest. The gift box consists of the Paris L'Oréal 666 French Red Lipstick and Dragon Pearl Pavilion's porcelain teacups.

    Loro Piana unveils CNY collection#

    Loro Piana recently launched its Chinese New Year limited edition collection, featuring intricate dragon totem patterns and delicate knitting craftsmanship to convey blessings. Taiwanese singer and actor Jam Hsiao and his partner Summer Lin (Lin You-hui) have been deployed to showcase the clothing collection.

    Chagee sees in CNY with fireworks#

    Chinese tea chain Chagee has teamed up with fashion magazine Elle China and actor Gong Jun to mark Chinese New Year by paying tribute to the intangible cultural heritage of the firework dragon in Jieyang, Guangdong. The firework dragon, with a history spanning over 600 years, combines fireworks and traditional dragon dance. Chagee collaborated with designer Renee to create a collection inspired by this heritage, featuring items like door decorations, coasters, smartphone stands, and holiday greeting cards.

    Michael Kors presents film, collection for CNY#

    Michael Kors today released a short film for Chinese New Year titled This Year, I Won't Pretend, featuring the singer Mika, supermodel Zhao Jiali, and model Liu Fanqi. The film portrays the inner emotions of contemporary young people as they return home for the Spring Festival. Analysts suggest that in the current consumer fatigue with luxury goods, the release will resonate with young people.

    L'Occitane Group reports robust sales growth#

    L'Occitane Group posted sales of $945.33 million (€843.4 million) in FY 3Q 2023, up 19.5 percent. This growth was primarily driven by a 199.1 percent surge in sales from Sol de Janeiro. Elemis also achieved double-digit growth of 14.7 percent, while sales in the UK and the US saw significant increases of 23.2 percent and 19.4 percent, respectively. Notably, L'Occitane's flagship brand, L’Occitane en Provence, faced challenges with a 2.9 percent decline in sales, partly offset by stronger sales growth in China. Overall, the group's strategy to expand its product range and focus on premiumization has contributed to its impressive performance, especially in China and the American market, where sales increased by 67.1 percent and 6.7 percent, respectively, in the first nine months of the year.

    Swiss watch exports to China decline#

    Swiss watch exports achieved a third consecutive record-breaking year in 2023, surging by 7.6 percent to reach $31 billion (26.7 billion Swiss francs), largely driven by strong sales in the US, which saw a 35.1 percent increase for the year. However, exports to China declined by 6.9 percent, despite a slight improvement towards the end of the year. The Swiss watchmaking industry benefited from sustained demand in the luxury goods market, but the industry federation cautioned that 2024 is expected to be less dynamic, with export growth likely to be modest. Notable export increases were observed in Hong Kong, Japan, and the United Arab Emirates, while declines were noted in the UK, Singapore, Germany, and South Korea.

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