Dior Men Appoints New Creative Director, Chagee Makes Nasdaq Debut and Hermès Reports Slow Growth

Jonathan Anderson Appointed Creative Director of Dior Men

Dior has named Jonathan Anderson as the new creative director of its menswear collections. He will present his first show for Dior Men on June 27 in Paris. Anderson previously led Loewe for over a decade, significantly growing the brand. He replaces Kim Jones, who departed in January. Meanwhile, Anderson will continue to run his own label, JW Anderson.

L’Oréal Reports Sales Growth Amid US Market Challenges

L’Oréal posted a 3.5 percent increase in first-quarter like-for-like sales, surpassing expectations despite a tough US market. The company earned 11.7 billion euros in sales, driven by strong demand for face creams and perfume in Europe. Although the US market proved challenging, growth in China exceeded expectations. L’Oréal plans to offset tariff impacts while continuing to outperform the global beauty sector.

Hermès to Raise US Prices in Response to New Tariffs

Hermès will increase prices across its product categories in the US on May 1 to offset new 10 percent import tariffs. The company reported 4.13 billion euros in first-quarter revenue, marking a 7 percent increase year-on-year, slightly below expectations. Sales in the Americas rose 11 percent, while the US faced challenges due to extreme weather and inventory shortages. Meanwhile, sales in Asia (excluding Japan) were up 1.2 percent, while Japan was up 17.2 percent. Despite a slower growth rate compared to last quarter, Hermès continues to outperform the luxury industry amid global economic uncertainties.

Chagee Makes Nasdaq Debut marking a New Chapter for China’s Tea Industry

On April 17, Chagee, a Chinese tea brand founded in 2017, went public on the Nasdaq under the ticker symbol CHA. The company raised $411 million through its IPO, with shares opening at $33.75, a 20 percent increase from the offering price of $28. Chagee’s focus on high-quality, innovative tea beverages has led to rapid growth, and its expansion includes new markets in North America. The IPO marks a significant milestone in the company’s journey to bring Chinese tea to a global audience, reflecting the growing influence of the Chinese tea culture worldwide.

Apple’s Smartphone Shipments in China Decline by 9 Percent in Q1

Apple’s smartphone shipments in China dropped by 9 percent in the first quarter, marking the seventh consecutive quarterly decline, according to IDC data. The company’s market share fell to 13.7 percent, down from 17.4 percent in the previous quarter, with shipments totaling 9.8 million units. In contrast, Xiaomi saw a 40 percent increase in shipments. IDC analysts attribute Apple’s decline to its premium pricing strategy, which limited its ability to benefit from new government subsidies aimed at boosting smartphone sales.

China’s Travel Market Continues Heating Up for Labor Day Holiday

As China approaches the Labor Day holiday, travel demand has surged, with bookings for cross-city accommodations exceeding 80 percent. A report from Ctrip highlights key trends: long-distance travel, rising interest in county-level tourism, and a boom in inbound tourism, which saw a 173 percent increase in bookings. The “long weekend” strategy has led to higher demand for extended stays, while coastal cities like Sanya and Haikou have seen significant growth. Cross-border travel is also thriving, with Japan and South Korea emerging as top inbound sources.

Erdos Reports 36 Percent Decline in Net Profit for 2024

Erdos reported a continued decline in net profit for 2024, with a 36.39 percent drop to 1.847 billion yuan, following a trend of decreasing profits in 2022 and 2023. The company achieved revenue of approximately 28.4 billion yuan, a 7.04 percent decrease year-on-year. Erdos operates primarily in the clothing and power metallurgy chemicals sectors, focusing on cashmere apparel and products in coal mining, power, and chemical industries.

Brunello Cucinelli Reports 10.5 Percent Revenue Growth in Q1 2025

Italian luxury brand Brunello Cucinelli reported a 10.5 percent increase in revenue for Q1 2025, reaching 341.5 million euros, slightly below the expected 343 million euros. Regionally, the Americas grew by 10.3 percent, and Europe saw a 10.1 percent rise. Asia stood out with a remarkable 11.3 percent growth, generating 95.9 million euros, representing 28 percent of total revenue. The Chinese market showed strong demand for high-end ready-to-wear, contributing to near double-digit growth in the region.