Sunday, June 23, 2024

CHINA NEWS BRIEF: 14 May 2024

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On May 9, Victoria’s Secret, in collaboration with Chinese fashion designer Susan Fang, launched the Victoria’s Secret x Susan Fang collection. Together with Labelhood, they created a limited-time themed experience event inspired by the theme Fly With Love. The Victoria’s Secret x Susan Fang event was held at Labelhood House in Shanghai. The entire space was infused with design elements and color schemes from the Victoria’s Secret x Susan Fang collection.

Chanel plans to hold a repeat showing of its cruise 2025 collection in Hong Kong, on November 5. In a statement on May 13, Chanel said, “This event seals historic ties with the city and celebrates Chanel’s attachment to Hong Kong SAR as well as the vibrancy and modernity of its culture.” Last November, Chanel hosted its reprised cruise 2023/24 collection in Shenzhen. Bruno Pavlovsky, President of Chanel Global Boutique Operations and President of Chanel SAS, noted that as Chinese consumers gradually resume cross-border travel, Chanel’s overall business with Chinese consumers continues to grow. He also pointed out that due to the sustained demand from both Hong Kong consumers and mainland tourists, Hong Kong will continue to serve as the brand’s strategic hub in the Chinese market.

Givenchy Beauty’s 520 Day offering comprises the flower of love design on its Forbidden Flower Language haute couture gift boxes, symbolizing emotion through florals. The collection includes five types of gift boxes: Star, Kiss, Fragrance, Dual-Color, and Premium. They contain products like face powder, Forbidden Lipstick, and light perfume.

Louis Vuitton’s Espace Culture and Arts Space in Beijing is mounting an exhibition titled Painting of work by German artist Albert Oehlen from May 24, 2024, to October 27, 2024. The exhibition is part of the Louis Vuitton Foundation’s Beyond the Walls project, which is being showcased in the Espace Culture and Arts Spaces in Tokyo, Venice, Munich, Beijing, Seoul, and Osaka.

On May 10, jewelry brand Chow Sang Sang announced young actor Wang Anyu as its new brand ambassador. In the accompanying campaign, Wang is seen wearing pieces from Chow Sang Sang’s Heritage Blessings collection, along with items from the Diamond Recital and Promessa collections.

Swiss watch brand Tudor yesterday announced actor Cheng Yi as its new brand ambassador. Together, they have launched an advertisement that showcases the craftsmanship of Tudor watches in detail, conveying the brand’s motto “Born to Dare.”

On May 10, Shiseido released its Q1 2024 financial report. Net sales increased by 3.9% to $1.82 billion (249.5 billion yen), with an operating loss of $63.6 million (8.7 billion yen) and a net loss of $24.1 million (3.3 billion yen). Excluding travel retail, Shiseido saw growth in Japan, China, Asia-Pacific, the Americas, and EMEA regions. Japan’s net sales grew by 19.3% to $538 million (73.6 billion yen), while the Americas and EMEA regions recorded growth of 22.4 percent and 25.2 percent. The Chinese market showed a weaker recovery, with a 4.2% increase in net sales to $406 million (55.5 billion yen), making up 22.2% of total sales.

Aeffe Group, Moschino’s parent company, reported a 14% drop in Q1 revenue to $87.8 million (80.2 million euros) and increased net losses to $6.1 million (5.6 million euros). European revenue dropped 12.7% to $26.2 million (24 million euros), Asia and other regions saw a 2.7% decline to $18.7 million (17.1 million euros), and American revenue decreased 27.7% to $4.4 million (4 million euros). In February, Moschino debuted new Creative Director Adrian Appiolaza’s first women’s collection and will host a combined men’s and women’s show in Milan next month.

Shein is shifting its focus to a London listing after facing regulatory challenges and political opposition in the US. The fast-fashion retailer, valued at $66 billion, plans to update China’s securities regulator and file for an IPO with the London Stock Exchange as early as this month. Initially engaging London-based financial and legal advisers earlier this year, Shein has started introductory meetings with London-based fund managers. While Shein has confidentially filed for a US IPO and sought approval from both US and Chinese regulators, it has encountered significant hurdles including allegations of labor malpractices and lawsuits. Despite preferring New York as its listing venue, Shein is exploring a secondary US listing in the future, contingent on a more favorable political climate.

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