Global Business and Economy Updates: Pritzker Prize, ByteDance Valuation, and Luxury Retail Shifts

Chinese Architect Liu Jiakun Wins 2025 Pritzker Architecture Prize

The 2025 Pritzker Architecture Prize has been awarded to Chinese architect Liu Jiakun, making him the second Chinese recipient after Wang Shu. The jury praised Liu for his adaptive approach, focusing on site-specific needs rather than fixed aesthetics or styles. His notable projects include the Luye Stone Carving Museum, West Village Yard in Chengdu and so on. Based in Chengdu, Liu founded Jiakun Architects in 1999, emphasizing architecture’s connection to local culture, nature, and everyday life.

ByteDance Increases Valuation in Latest Share Buyback

ByteDance, the parent company of TikTok, is offering U.S. employees a share buyback at $189.90 per share, an 11 percent increase from last year. This pricing values the company at approximately $315 billion, reflecting a recovery from its 2023 valuation drop. The buyback highlights ByteDance’s financial position amid ongoing regulatory scrutiny in the U.S., where TikTok faces a potential ban unless divested by January 2025.

Prada Group Reports 17 Percent Revenue Growth in FY 2024

Prada Group recorded net revenues of €5.4 billion (approximately $5.65 billion) in FY 2024, a 17 percent increase from 2023, driven by strategic investments and product quality. Retail sales rose 18 percent to €4.8 billion (approximately $5.02 billion), with Miu Miu achieving 93 percent growth. The company reported a net profit of €839 million (approximately $878 million), up 25 percent year-on-year, and an EBIT margin of 23.6 percent. Europe saw 18 percent growth, while Japan led with a 46 percent increase. Prada Group expects continued growth in 2025.

Luxury Brands Reshape Retail Strategy: Armani Closes Beijing Flagship Store

Luxury brands are streamlining their retail presence by closing standalone stores while upgrading key locations. Armani and Zegna recently shut down their flagship stores at China Central Place, shifting focus to Beijing SKP, a high-end shopping hub. This move reflects a broader trend of luxury brands concentrating on premium, high-traffic commercial zones. With market dynamics changing, brands are optimizing store networks, emphasizing flagship locations, and integrating digital strategies to enhance customer experience.

China Targets 5 Percent GDP Growth for 2025 Amid Trade and Economic Challenges

China has set a 2025 GDP growth target of around 5 percent despite external uncertainties. To support growth, the government plans a 4 percent budget deficit and increased bond issuance, including 1.3 trillion yuan ($179 billion) in ultra-long special treasury bonds. Key policies will focus on boosting consumption, infrastructure investment, and fiscal reforms to strengthen household spending. For example, a recently expanded consumer subsidy program will provide 300 billion yuan to support purchases of electric vehicles, appliances, and other goods. Meanwhile, ongoing trade tensions with the U.S. and shifting global trade dynamics may impact economic momentum, prompting authorities to consider further policy adjustments if needed.

Starbucks Seeks Strategic Partner to Boost China Business

Starbucks is exploring strategic partnerships to regain momentum in China, its second-largest market, after losing market leadership to local rival Luckin Coffee. Analysts suggest that a local partner could help navigate real estate, government relations, and consumer preferences. Potential investors include KKR, Fountainvest, and China Resources Holdings. The company’s China revenue reached approximately $3 billion in FY 2024 but declined for four consecutive quarters. A successful turnaround could support Starbucks’ broader global recovery efforts.

Cos to Launch First Fragrance Line Globally on April 16

Fashion brand Cos will introduce its first fragrance collection, COS PERFUMERY, on April 16, available in stores and online worldwide. Created in Grasse, France, the collection features four eau de toilette scents priced at $99 per 100ml bottle. Cos will also release four scented candles, each priced at $69. This marks the brand’s first in-house fragrance line after previously selling third-party perfumes.

Nordstrom Reports Strong Q4 Sales, CFO to Depart

Nordstrom reported a 4.7 percent increase in Q4 comparable sales, with Nordstrom banner sales up 5.3 percent and Nordstrom Rack sales rising 3.5 percent. Net earnings for the quarter reached $165 million, with adjusted EPS at $1.10. Full-year comparable sales grew 3.6 percent, while total revenue, including credit card sales, rose 2.2 percent. The company also announced that CFO Cathy Smith will leave to become Starbucks’ CFO.