Amorepacific Third-Quarter Revenue Rises 11%, Overseas Growth Cools
Revenue growth outpaced the previous quarter in the Korean conglomerate’s domestic market, but slowed internationally.
Beijing, China
Luxury
Zegna to Take Summer Fashion Show to Beijing
The Italian label has continued to enjoy solid growth in China, defying a wider downturn in demand for European luxury. The June 11 presentation of its summer collection will be the latest in a series of travelling shows.
Global Markets
Asia Feels Full Force of War-Fuelled Energy Crisis
Asia braces for deepening shortages as Iran war disrupts oil flows, sending everyday goods prices sharply higher across global supply chains.
Global Markets
China Luxury Market Forecast to Rebound in 2026, Bain Says
The consultancy expects a ‘modest’ expansion of the mainland luxury market this year but warned that recovery would be fragile and uneven across brands and categories.
Global Markets
China’s Golden Week Holiday Spending Falls in Latest Red Flag for Economy
Average spending during the recent Golden Week holiday dipped to a three-year low, indicating continued weak consumer confidence amidst various economic pressures.
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China
Harrods Opens Second China Outpost
The British luxury department store institution has opened its second iteration of The Residence, as it calls its invitation-only culture, events and personal shopping spaces in China.
Technology
Alibaba Leads Chinese Internet Selloff Approaching $260 Billion
The move comes after Beijing issued regulations designed to curb the growing influence of internet-sector leaders.
Luxury
Luxury Brands Bank on a Raring China Market
The economic uncertainty caused by the pandemic means high-end brands now depend more than ever on Chinese consumers for sales.
Luxury
China Luxury Spend Expected to Jump 30 Percent This Year
It’s the only bright spot for the luxury industry, which is otherwise poised to see worldwide spending shrink 45 percent in 2020.
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Technology
TikTok Removes 104 Million Videos for Violating Guidelines
The social media giant started fact-checking in the first half of the year to verify content related to the coronavirus and elections.
Retail
JD.Com Reports Quarterly Revenue Above Estimates
The Chinese e-tailer's net product revenue, which includes online retail sales, rose 33.5 percent to $25.67 billion.
Retail
Report: JD to Raise $3.9 Billion in Hong Kong Listing
The e-commerce company priced 133 million new shares at HK$226 each, according to people familiar with the matter, making it the second-largest listing this year after Beijing-Shanghai High Speed Railway.
Technology
JD.Com Beats Revenue Estimates on Lockdown Boost
Total net revenue rose 20.7 percent to 146.21 billion yuan ($20.59 billion) in the first quarter ended March 31.
The News in Brief
Hearst Magazines Names Juliana Stock President
Current president Debi Chirichella will be Hearst Magazine’s next chair.
Lilly Raises Sales Forecast, Widening Lead in Obesity Market
Eli Lilly & Co. raised its full-year sales forecast as demand for its blockbuster obesity and diabetes drugs continues to surge, giving the drugmaker more momentum as it expands into pills and develops even more powerful weight-loss treatments.
US to Temporarily Allow Compounding of Six Peptides
The move relaxes rules to access some peptide compounds for recovery, sleep and cognition and will require pharmacies to notify regulators about adverse events.
Adidas Keeps Humming With Apparel, Performance Sports Growth
The German sneaker brand on Thursday reported strong growth in apparel and sports gear, led by running, training and football products, elaborating on preliminary results published last week.
Uniqlo Scraps Price Rise on $2 Socks After Japanese Shopper Outcry
The decision underscores the challenge Japanese retailers face as persistent inflation squeezes household budgets.
Puig Targets €8 Billion in Annual Sales by 2032
Ahead of its first Capital Markets Day in Madrid, the Spanish beauty group has unveiled its “Vision 2032” and detailed its plans to grow its share of the global fragrance market.
Report: Puig, CVC, Cinven Eye Luxury Fragrance Maker Parfums de Marly
Private equity firms CVC Capital Partners and Cinven, along with Spanish beauty group Puig, are considering acquiring Parfums de Marly, the luxury fragrance brand owned by Advent International, two people familiar with the matter told Reuters.