Columbia, Prada, BYD and More: Major Brand Moves, Market Growth, and IPO Successes
Columbia Names Actress Zhang Jingyi as New Brand Ambassador
Outdoor brand Columbia announced Chinese actress Zhang Jingyi as its new brand ambassador and “Nature Explorer”. Following its collaboration with actor Jiang Qiming, Columbia aims to strengthen its connection with young outdoor enthusiasts. Zhang, known for her natural style and passion for outdoor activities, will represent the brand across various outdoor and lifestyle campaigns.
Prada Nears Acquisition of Versace in $1.6 Billion Deal
Prada is in advanced talks to acquire Versace from Capri Holdings for up to €1.5 billion ($1.6 billion), potentially finalizing the deal this month. Capri’s shares surged, while Prada’s stock rose in Hong Kong, reflecting investor interest. The acquisition would strengthen Prada’s position in luxury fashion, competing with global giants like LVMH and Kering. This comes as Capri faces financial challenges following a blocked merger with Tapestry and a recent credit downgrade.
F1 Stars Carlos Sainz Joins L’Oréal Paris as Brand Ambassador
Formula 1 driver Carlos Sainz has been named L’Oréal Paris’ newest brand ambassador, representing its Elvive hair care line. The announcement follows a growing trend of beauty brands partnering with F1, including Elemis’ collaboration with Aston Martin and Givenchy Parfums signing Pierre Gasly.
Hong Kong Retail Sales Decline 3.2 Percent in January Despite Tourism Growth
Hong Kong’s retail sales value dropped 3.2 percent year-on-year in January to HK$35.3 billion ($4.5 billion), marking the 11th consecutive month of decline, despite a 24 percent rise in visitor arrivals. The drop was influenced by lower spending from shoppers, fewer overnight mainland visitors, and increased cross-border shopping by local residents. In volume terms, sales fell 5.2 percent, narrowing from a 11.3 percent decline in December. Jewelry and luxury goods sales fell 17.9 percent, while clothing and footwear sales rose 2.2 percent.
Chicmax Reports Strong Revenue and Profit Growth for 2024
Shanghai Chicmax Cosmetic Co., Ltd. forecasts a revenue of approximately RMB 6.7 billion to RMB 6.9 billion (about $920 million to $940 million) for the year ending December 31, 2024, marking an increase of 59.9 percent to 64.7 percent from RMB 4.191 billion (around $570 million) in 2023. The corporation’s profit is projected to be between $750 million and $810 million, reflecting a 62.4 percent to 75.4 percent rise compared to the previous year’s profit of $461.7 million. The growth is mainly driven by significant revenue growth from its skincare brands, Hanshu and newpage.
Mixue Shares Surge 47 Percent in Hong Kong IPO Debut
China’s largest bubble tea chain, Mixue Group, saw its shares rise 47 percent on their Hong Kong Stock Exchange debut, after raising $444 million in its IPO. The stock opened at HK$262 ($33.45) and peaked at HK$298 ($38.05), outperforming the 1 percent gain in the Hang Seng Index. The IPO attracted strong retail interest, with subscriptions exceeding supply by 5,258 times.
China’s BYD Raises $5.59 Billion in Hong Kong’s Largest Share Sale Since 2021
Chinese EV maker BYD raised $5.59 billion in a Hong Kong share sale, the city’s largest in four years. The company sold 129.8 million shares at HK$335.20 ($42.75) each, a 7.8 percent discount to Monday’s closing price. Al-Futtaim Family Office was a key investor, with plans for a strategic partnership. BYD intends to use the funds for R&D, overseas expansion, and working capital.
Geely Unveils G-Pilot Smart Driving System for Multiple Brands
Chinese automaker Geely introduced its new G-Pilot smart driving system, which will be available in vehicles under the Geely Auto, Galaxy, Lynk & Co, and Zeekr brands. The system debuts in the Galaxy E8 electric sedan, priced from 149,800 yuan ($20,550).
