De Beers Makes Sweeping Cuts to Its Elite Diamond-Buying Club
The diamond company produced less than 22 million carats last year, down from almost 35 million in 2022.
Beijing, China
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.
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.
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.
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.
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.
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.
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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 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.
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.
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.
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.
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.
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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.
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.
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.
China
After Coronavirus, Young Chinese Consumers Are Selling Their Goods
Many Gen-Z and Millenial shoppers are offloading possessions and embracing a new-found less-is-more attitude.
After Coronavirus, Young Chinese Consumers Are Selling Their Goods
Many Gen-Z and Millenial shoppers are offloading possessions and embracing a new-found less-is-more attitude.
Retail
Report: JD.com to File for $2 Billion Hong Kong Second Listing
The e-commerce platform's potential listing could come as early as the second half of the year.
Report: JD.com to File for $2 Billion Hong Kong Second Listing
The e-commerce platform's potential listing could come as early as the second half of the year.
The News in Brief
L’Oréal India in Talks to Acquire Beauty Company Innovist
L’Oréal is in advanced talks to acquire a majority stake in Bare Anatomy parent Innovist sources told The Economic Times India.
Zegna Chairman Says War Has Clouded Visibility of Demand in Middle East
The Italian fashion house cautioned the war is reducing visibility on demand in the Middle East, which accounts for 7 percent of its sales, though all stores are currently open in the region.
Glossier Appoints New CMO
Nicole Solorzano, who joins from Ouai, is the Millennial beauty brand’s latest hire.
Macy’s CEO Points to E-Shaped Economy, Signalling Consumer Shift
The mention of a forked economy by the head of America’s largest department store signals a heightened wariness that middle-income Americans will continue to spend at the same pace.
France’s Bid to Suspend Shein’s Marketplace Rejected by Appeals Court
The decision from Paris’ Court of Appeal marked a win for the fast-fashion giant after a scandal over sex dolls resembling children for sale on its site.
Coty Announces Board Revamp
The embattled Covergirl owner has appointed five new independent directors amidst a wider leadership and company shakeup.
Zimmermann Names Roberto Eggs CEO
The Moncler Group executive will succeed longtime CEO Chris Olliver, who is staying on as executive chairman.