# Moncler working Jay-Z with musicians
Italian luxury brand Moncler this week released a cooperation series with American music brand Roc Nation, which was Jay-Z conceived and designed by the owner of the brand. It includes nearly 20 shapes including short down jackets, leather bomber jackets, double-sided down jackets and a series of basic items, focusing on street sports styles. In addition, the two sides also jointly produced a series of promotional films, documenting the connection between outdoor sports and urban life among skyscrapers in the Alps and New York.
# Tod’s releases preliminary figures for fiscal 2023
Tod’s, the Italian luxury goods group, reported preliminary data for its 2023 earnings on Wednesday, showing that group sales rose 14% year-on-year to 1.1267 billion euros. Core brand Tod’s revenue rose 10.4 percent to 0.5629 billion euros. Roger Viver’s revenue was 0.2867 billion euros, up 16.5 percent. The leather and garment businesses both rose more than 16 per cent, recording 0.1873 billion and 79.1 million euros respectively, while footwear revenue rose 10.4 per cent to 0.8578 billion euros. By region, revenue in Greater China surged 24.2 per cent to 0.3567 billion euros, while Italy and the rest of Europe contributed 0.2639 billion and 0.2396 billion euros, up 4.9 per cent and 10.5 per cent, while revenue in the Americas and other regions rose 3.5 per cent and 7.2 per cent to 85 million and 0.1815 billion euros, respectively.
# Brunello Cucinelli sued for infringement
Levi’s Group this week sued Italian luxury brand Brunello Cucinelli in San Francisco federal court for trademark infringement and unfair competition. Levi’s believes that the rectangular pockets on the latter’s clothing are “almost identical” to its trademark registered in 1928, which will mislead consumers and cause damage to revenue and brand image. Levi’s Group has repeatedly tried to settle with Brunello Cucinelli in private, and now hopes to stop selling infringing products and compensate for losses. In this regard, the founder of Brunello Cucinelli said that he wore Levi’s Denim products when he was a child and used the brand’s Denim fabrics in the early days of his business, but he respected the latter’s intellectual property rights very much.
# Dior opens its first spa in Dubai
Dior announced it will open a 4305-square-foot spa on the 29th floor of The Lana, a luxury hotel owned by the Dorchester Group, which will be open to the public from April 15. The hotel is located next to the Dubai Canal and Marasi Marina, and is less than 20 minutes from Dubai International Airport. Dior said the spa has five single rooms and one double suite, offering gem therapy, massages and men’s interview treatments, and will also open a boutique selling Dior’s range of apparel products.
# American Express and Swiss Watch Group Collaborate
American Express’s Centurion Black Gold Card and Swiss Watch Group reached a cooperation this week. Cardholders in the United States can get personalized shopping experience in the latter’s selected exhibition halls, including unique and rare styles and suggestions from famous watch experts. The Swiss Watch Group has prepared more than 200 undisclosed top watches for this purpose, including Patek Philippe, Cartier, Jacob & Co and Omega. American Express said that as consumer demand for top watches increases, it is committed to providing more customers with relevant quality services.
# DSM Collaborates with British Chinese Restaurants
Dover Street Market has recently announced a partnership with British Chinese restaurant brand BAO to celebrate the arrival of the Chinese New Year. In addition to the limited-time market, the two sides will also bring products jointly created by Carhartt brands such as WIP, Simone Rocha and Shushu/Tong. BAO was established in 2013, with Taiwan snack bags as its brand foundation. It is operated by Zhang Eryi and two British Chinese Zhong Huiting and Zhong Chengda. It is a famous British restaurant.
# South Korea Financial Group Meritz Becomes Second Largest Shareholder of Furang Group
Fulang Group said on Wednesday that it had bought back a total of US $54.47 million of shares from Meritz, a South Korea financial services group, while the latter also bought US $69.47 million worth of common shares from Fosun Group. Upon completion of the transaction, Meritz will hold 13.1 per cent of its common shares, replacing Chunhua Capital, which holds 10.8 per cent, as its second largest shareholder, with Fosun International, which holds 64.9 per cent of its shares through Fosun Fashion and Yuyuan Group. It is worth mentioning that the FuLang Group received a $50 million investment from the Meritz Group before listing.
# Chiarra Ferragni pushes Italy to strengthen legal regulation
After the fashion KOL Chiarra Ferragni was criticized by the Italian Prime Minister for misleading marketing and lost its cooperation with Safilo Group, the Italian government announced that it would implement a new law, requiring individuals and enterprises to clarify the connection between product sales and charitable donations, including the specific amount and organization of donations. Violators will be fined up to 50000 euros, and repeated violations will be suspended for one year, this bill is mainly aimed at KOL and MCN institutions on social media.
# Moschino parent company revenue down 9%
Italian fashion group Aeffe reported on Thursday that its revenue in 2023 fell 9% year-on-year to 0.319 billion euros, mainly due to a sharp drop in sales in Europe and the Americas, partially offset by growth in Asia. Sales in the garment sector fell 7.6 per cent to € 0.2124 billion, while revenue from footwear and leather goods fell 13.1 per cent to € 0.1421 billion. By region, Italy’s revenue fell 7.3 per cent to 0.134 billion euros, while the rest of Europe plunged 16.3 per cent to 98.6 million euros. The US market fell more than 20 per cent, while Asia and other regions rose 4.9 per cent to 66.8 million euros, thanks to Aeffe Group’s return to Moschino control of the Chinese market.
# H & M restarts Cheap Monday
H & M Group announced this week that it will restart Cheap Monday, a cheap tannin brand, this summer. The latter’s core jeans line will be sold through another brand Weekday the group. The group said that Cheap Monday focuses on youth culture and can attract more young consumers. Founded in Sweden in 2004, Cheap Monday was acquired by H & M Group four years later and discontinued in 2018.
# Jingdong Opens First Overseas Warehouse for Fashion Luxury Goods in France
Jingdong International recently announced that it has landed its first self-operated overseas warehouse for fashion luxury goods in France and officially put it into use. It is located in the province of Valle de Vaz in Paris, France, with a storage area of 3000 square meters, covering clothing, shoes, jewelry, makeup, luxury goods and other products. The radiation scope of overseas warehouses will cover many European countries such as France, Germany, the United Kingdom, Italy and Spain, building a direct bridge between overseas businesses and Chinese consumers, providing more affordable prices and faster international logistics and distribution services, and helping more Many overseas fashion brands enter the Chinese market.
# Procter & Gamble Group’s Second Quarter Financial Report Released, Sales in Greater China Plunge 34% in SK-II
Procter & Gamble Group released its report for the second quarter of fiscal year 2024 on Wednesday, showing that group sales rose 3% year-on-year to $21.441 billion. Net profit fell 12% to $3.468 billion, the lowest in nearly five years, and the decline broke double digits, mainly due to the increase in non-core restructuring costs and the impairment of Gillette’s business. However, the group’s gross margin increased to 52.7 per cent from 47.5 per cent previously. By business, the revenue of men’s tolerance business was 1.734 billion US dollars, up 6% year on year. The fabric and home care department, baby women and home care and health care increased by 6%, 3% and 2% respectively. Sales in the beauty section increased slightly by 1% to US $3.85 billion, mainly due to SK-II. Sales of the brand in Greater China fell 34%.
# American head and lip care brand acquired
Consumer health company Haleon announced on Thursday the sale of lip care brand ChapStick, the buyer of private equity firm Yellow Wood’s investment firm Suave Brands. Upon completion of the transaction, Haleon will receive $0.43 billion in cash and a minority stake in Sauve worth $80 million. Haleon has been cutting its product portfolio to pay down debt after it was spun off by drugmaker GSK in 2022. Chapstick is the highest-selling brand in lip care, with an extremely rich range of products, generating $0.142 billion in revenue last year. Yellow Wood said it will increase marketing and streamline sales channels in the future to promote the growth of its brands.
# Givaudan 2023 earnings net income growth of 4.3 percent
Swiss flavor and fragrance group Givaudan Givauarton released its 2023 financial report on Thursday, showing that the group’s sales increased by 4.1 percent year-on-year to 6.915 billion Swiss francs, and net income increased by 4.3 percent to 0.893 billion Swiss francs. This performance was mainly driven by price increases across the line, a surge in high-end perfume revenue and higher growth in the consumer goods business in the second half of the year. By business, perfume and beauty division sales rose 7.6 percent to 3.312 billion, and flavor and health division revenue edged up 1.1 percent to 3.603 billion. By region, the number one market, Europe and the Middle East, contributed 2.717 billion revenue, up 8.4 percent, while Asia-Pacific grew 3.9 percent, with sales of 1.698 billion. Revenue in North America and Latin America fell 6.8 per cent in 1.653 billion and 0.847 billion, respectively, while the latter rose 15.1 per cent.
# Inter Parfums’s 2023 fiscal year revenue rose 21%
French perfume manufacturer Inter Parfums released its 2023 financial report on Wednesday, showing that the group’s sales rose 21% year-on-year to $1.32 billion, exceeding market expectations. This was mainly due to a 6% increase in sales in the fourth quarter to record $0.329 billion. By region, Europe’s fourth-quarter revenue rose 2% to $0.2 billion; full-year revenue rose 16% to $0.862 billion, driven by Coach, Jimmy Choo and Montblanc. U.S. full-year sales were $0.456 billion, up 33%, with DKNY’s revenue quadrupling. In the fourth quarter, it increased 13% to $0.128 billion. Although the performance of the Chinese market has not been disclosed, the Group’s forecast will be more optimistic. Looking ahead, Inter Parfums expects fiscal 2024 sales of $1.45 billion.
# Bertani cancels its funds
On Tuesday, Beitani liquidated and canceled the Cloud Heavy Fund in advance, citing objective factors such as changes in the policy environment. The fund was filed in August last year and was jointly established by Beitani and its private equity fund Xiamen Paris. The former invested 0.3 billion yuan, accounting for 94.9367 per cent and 0.3165 per cent of the shares respectively, but has not invested since its establishment. Bertani said that it was decided to turn all investment projects into strategic investment and direct investment, and investment will still be made this year. Beauty makeup is the focus of attention, aiming to improve the layout of the industrial ecosystem.
# Scent Beauty signs perfume cooperation agreement with AllSaints
Perfume maker Scent Beauty said this week it had signed a partnership agreement with British fashion brand AllSaints. The first batch of products will be unveiled this fall, including three perfumes priced between US $100 and US $140, namely Ravaged Rose, which mixes sour rose and wood notes, Sunset Riot Intense, which is based on the original product with innovative floral notes, and Shoreditch of wood notes similar to cloud and asphalt notes. These products will be launched in Europe, the Americas, the Middle East and Asia, and are expected to generate $40 million in revenue in the next two years.
# M & S makes two key appointments
On Thursday, M & S, Britain’s largest multinational retail group, announced the appointment of Rachel Higham as its new chief digital and technology officer and Mark Lemming as its general manager of international department. Higham is currently the chief information officer of advertising giant WPP and will join M & S later. Lemming already holds the position of director of clothing and home supply chain and logistics at M & S and will start his job as general manager of the international department in the new fiscal year.
# Clae founder returns to creative director
After founding the Clae sneaker brand in 2001 and leaving in 2017, Sung Choi returns as its new creative director. As an expert in the field of sneaker, Choi has worked with brands such as Supreme and Stussy, and has also served as creative director of Sergio’s Tacchini brand.
# Venetia Butterfield as Next Non-Executive Director
To strengthen the board, British clothing retailer Next appointed Venetia Butterfield as an independent non-executive director, effective April 2. Upon appointment, Butterfield will become a member of the Nominating Committee, Audit Committee and Remuneration Committee. Butterfield has extensive marketing experience and is the Managing Director of Penguin Random House’s largest adult publishing business Cornerstone.
# Boohoo appoints Stephen Morana as new CFO
British fast-selling clothing brand Boohoo recently announced the resignation of Chief Financial Officer Shaun McCabe and appointed Stephen Morana to the board of directors as Chief Financial Officer for a term beginning on February 19, 2024. Stephen Morana was a non-executive director at Boohoo for four years from 2014 to 2017, supporting the company through the IPO process.
# Mutual visa exemption between China and Singapore
According to CCTV News, on January 25, representatives of the the People’s Republic of China government and the government of the Republic of Singapore signed the “Agreement between the Government of the Republic of the People’s Republic of China and the Government of the Republic of Singapore on Mutual Visa Exemption for Ordinary Passport Holders” in Beijing. The agreement will come into effect on February 9, 2024, when ordinary passport holders of both sides can enter each other’s country visa-free to engage in tourism, family visits, business and other private affairs, and stay for no more than 30 days.
# Microsoft’s Market Value Breaks $3 trillion for the First Time
According to a Reuters report on January 24, the market value of Microsoft’s stock exceeded the $3 trillion mark for the first time on the 24th, thus maintaining its position as the second largest company in the world by market value. Microsoft’s share price rose 1.7 percent on the 24th to a record high of $405.63, pushing the company’s market value above the $3 trillion mark. Thanks to the optimism of artificial intelligence, Microsoft’s stock price rose nearly 57% in 2023 and has risen 7% this year.
Canada to limit number of international students this year and next
Recently, the Canadian government announced that in response to increasing housing pressure, it will impose a two-year cap on international undergraduate visas, limit the ability of international students to apply for work permits after graduation, and limit the ability of undergraduates to use visas to bring their spouses to Canada. Canadian Immigration Minister Marc Miller said that Canada will limit the number of new student visas issued this year and next to 364000, a 35% reduction from the current level.
# Tesla’s Q4 results miss market expectations
On January 25, Tesla released its fourth-quarter earnings after hours on Wednesday, and its earnings failed to meet expectations. At the same time, Tesla said sales growth could slow significantly in 2024 as it focuses on launching next-generation vehicles. At the same time, Tesla did not provide a specific delivery outlook for 2024, and the company has previously set an average annual delivery growth rate of 50%.
# Microsoft to Cut 8% of Game Staff
According to the Wall Street Journal, Microsoft will lay off about 8% of its gaming department employees. The layoffs mainly reflect the duplication of functions after the acquisition of Activision Blizzard in October last year. Microsoft Gaming CEO Phil Spencer said in a company email that about 1900 employees would be affected. At the same time, a Microsoft spokesman also confirmed that two executives of Blizzard Entertainment will leave, namely president Mike Ybarra and design director Allen Adham.
# Meta will build a new $0.8 billion data center
The Indiana Economic Development Corporation announced on January 25 that Meta plans to build a $0.8 billion data center park in Indiana. Meta will build a nearly 700000-square-foot facility in Jeffersonville, the state, and construction will begin this month, with the data center expected to be operational by 2026. In addition to 100 operational jobs, the company expects to support more than 1250 jobs during the construction peak.
# Temu will go live in semi-hosted mode
According to Interface News, Temu, a cross-border e-commerce platform owned by Pinduoduo, is preparing a semi-managed model, which is scheduled to be launched on the U.S. site on March 15 and will be expanded to European sites by the end of the month. The platform has previously quickly opened overseas markets in a fully managed mode. Since its launch in September last year, Temu has been stationed in 49 countries around the world in a few months with its full hosting model, quickly covering Asia, Europe, North America, South America, Oceania and South Africa, with downloads exceeding 0.2 billion.
(Source: Vogue Business)
