Bottega Veneta Appoints New Ambassador, Chagee Reports Q1 Revenue and Hong Kong Retail Sales Drop

Bottega Veneta Appoints Hong Kong Actor Terrance Lau as Brand Ambassador

Bottega Veneta has officially named Hong Kong actor Terrance Lau Chun-him as its new brand ambassador. Known for his subtle and composed screen presence, Lau features in the brand’s latest campaign “Craft is our Language”, using hand gestures to echo the legacy of Bottega Veneta’s Intrecciato craftsmanship. Lau previously attended the brand’s Winter 2024 show. The partnership will continue with future creative collaborations.

Chagee Reports Q1 Revenue After Nasdaq Debut

Chagee released its first earnings report since going public on Nasdaq. In Q1 2025, it reported 3.39 billion RMB in revenue and 677 million RMB in net profit. The company operated 6,681 stores worldwide, including 169 overseas, with Malaysia leading international growth. Overseas GMV reached 178 million RMB. Chagee saw 44.9 million active users and increased spending on R&D and operations.

Forest Cabin Files for Hong Kong IPO

Chinese Skincare Brand Forest Cabin has filed for an IPO on the Hong Kong Stock Exchange, aiming to become China’s first high-end domestic skincare stock. From 2022 to 2024, the company’s revenue grew from 691 million RMB to 1.21 billion RMB, with gross margins exceeding 80 percent. Forest Cabin operates over 500 stores, prioritizing offline retail and direct management, while maintaining control over its supply chain through in-house R&D and vertically integrated production.

JD Central Launches Annual 618 Shopping Festival in Thailand

JD Central, the Thai joint venture of JD.com, launched its annual “618 Super Joy Shopping Festival” on May 29, running through June 20. The campaign includes multiple sales phases, offering deals from over 6,500 brands, flash sales with items priced as low as 618 THB, and final-day discounts starting at 1 THB. JDC’s CMO highlighted the event as part of JD.com’s global promotional calendar and noted its aim to boost local consumption.

Wacoal Reports Decline in Revenue, Struggles Continue in China Market

Japanese lingerie brand Wacoal Holdings reported a 7.1 percent drop in total revenue for the fiscal year ending March 31, 2025, with net profit rebounding to ¥6.99 billion. Sales in China remained weak amid cautious consumer spending and ongoing economic uncertainty. The company closed underperforming stores and incurred restructuring costs to address inventory devaluation. Both offline retail and e-commerce saw lackluster results in China, despite renegotiated wholesale terms.

China Sees 657 Million Cross-Regional Trips During Dragon Boat Festival Holiday

During the Dragon Boat Festival holiday, China recorded 657 million cross-regional person-trips, an average of 219 million per day, up 3 percent from 2024. Railways experienced a return-trip peak on June 2, adding 1,279 trains and running over 11,000 daily services to accommodate family visits and tourism. Highways carried 600 million passengers, with short-haul and self-driving trips dominating; daily highway traffic reached 40.7 million vehicles, a 3 percent increase. Civil aviation handled 5.60 million passengers, with some regional airports seeing over 30 percent growth thanks to folk-and-scenic travel demand.

Jonathan Anderson Named Dior Creative Director for All Collections

Jonathan Anderson has been appointed creative director of Dior’s women’s, men’s, and haute couture lines, becoming the first to lead all three since Christian Dior. He succeeds Maria Grazia Chiuri and Kim Jones, previously responsible for womenswear and menswear respectively. Anderson will debut his first Dior collection Men’s Summer 2026 in Paris on June 27.

Hong Kong Retail Sales Drop Again in April Amid Weaker Mainland Spending

Hong Kong’s retail sales declined 2.3 percent year-on-year in April, marking the 14th consecutive monthly drop, with volume down 3.3 percent. Sales of jewelry and luxury items fell 1.7 percent, while fashion-related goods dropped 5.5 percent. Despite a rise in mainland Chinese visitors, many were day-trippers with limited spending, while local residents increasingly shopped across the border.

Temu’s US Daily Users Drop 58 Percent After End of De Minimis Tariff Exemption

Temu’s daily US users fell by 58 percent in May following the US government’s removal of the de minimis tariff exemption, according to Sensor Tower. The platform cut ad spending and shifted to a local fulfillment model to address rising tariffs. While US engagement declined, Temu’s growth outside the US accelerated, with non-US users accounting for 90 percent of its global user base.