Swiss Watch Exports Rise for Fifth Month on US, Europe Demand
Total shipments rose 2.7 percent to $23.6 billion in the first nine months of the year, the Federation of the Swiss Watch Industry said Tuesday.
Shenzhen, China
Financial Markets
Topsports to Seek Approval Next Week for $1 Billion IPO
The sportswear retailer is planning to make its Hong Kong stock market debut, seeking to raise around $1 billion.
China
Tencent's $65B Wipeout Bodes Ill for Hong Kong Stocks
The Chinese tech heavyweight has plunged 14 percent since last month’s high.
China
Tencent First-Quarter Profit Beats Estimates
Profit rose to 27 billion yuan ($3.93 billion), compared with the average estimate of 19.4 billion yuan from 13 analysts.
Technology
Tencent Profit Beats Estimates
The company almost doubled net income to a record $3.3 billion driven by its vast social networks WeChat and QQ.
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China
Shenzhen Ellassay Fashion Acquires Vivienne Tam’s Brand Rights in China
The Chinese fashion and apparel company, which acquired French brand Iro in March, is aiming to become a high-end fashion group.
China
Alibaba Singles' Day Sales Pass 2015, But Growth Slows
Alibaba Group Holding Ltd's Singles' Day sales surged past last year's 91.2 billion yuan ($13.85 billion) total with nearly nine hours left on the clock.
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The News in Brief
EssilorLuxottica Sales Lifted by Traditional Frames, Lenses
Revenue rose 7.2 percent, beating analysts' estimates.
Adidas Lifts Outlook on US Tariff Refund, Strong Demand
Chief executive officer Bjoern Gulden wants the company’s local staff to jump on trends quickly and cater to customers in their markets to drive demand.
Milan Luxury Shops Close for Fear of New Unrest as Government Prepares to Deploy Troops
Most stores in the Via Montenapoleone luxury shopping district, home to brands including Chanel, Tiffany and Dior, removed merchandise from their windows as a precaution.
Vinted Faces Influx of Suspected Looted Goods After French Riots
The company has ‘taken immediate action to identify and remove listings linked to the looting,’ and has ‘stepped up monitoring of suspicious listings,’ a Vinted spokesperson said in a statement. ‘When our rules are breached, we act against the accounts involved, up to permanent bans.’
Quince Launches in UK
The direct-to-consumer business, known for its dupes of popular items, is expanding outside North America for the first time.
Mulberry Posts 18% Rise in First-Half Sales, Sending Shares Up
Resilient demand for heritage bags and a higher share of full-price sales boosted the British luxury handbag maker, sending shares nearly 4 percent higher in early trading.
Swedish Hair Brand Björn Axén Names New CEO
Onur Aktas has been appointed chief executive of the Stockholm-based label as it plots global expansion.