Hang Lung Reports Revenue Increase, Pop Mart Announces Record Profit and Salomon Appoints Brand Creative Director
Hang Lung Group Reports 2024 Financial Results
Hang Lung Group reported an 8 percent year-on-year increase in revenue for 2024, totaling HKD 11.7 billion. However, rental income from core operations fell by 6 percent, reaching HKD 10.03 billion, with declines of 5 percent in mainland China and 9 percent in Hong Kong. The company’s profit also dropped, with net profit decreasing by 43 percent. High-end mall tenants, particularly in first-tier cities like Shanghai, saw retail sales fall by 15 percent, though the decline slowed toward the end of 2024.
Pop Mart Reports Record Revenue and Profit for 2024
Pop Mart announced its 2024 financial results, achieving a revenue of RMB 13.04 billion, a 106.9 percent year-on-year increase, and a net profit of RMB 3.4 billion, up 185.9 percent. Domestic revenue grew by 52.3 percent, while overseas revenue surged by 375.2 percent, accounting for 38.9 percent of total revenue. The company saw strong growth in its IP portfolio, with several IPs surpassing RMB 1 billion in revenue. Pop Mart’s expansion continued globally, opening new stores in markets such as Southeast Asia, North America, and Europe, alongside a strong performance from online channels.
Salomon Hires Nick Parkinson as Global Brand Creative Director
Salomon has appointed Nick Parkinson as its new global brand creative director. Parkinson brings 15 years of experience from Nike, where he held roles including global senior creative director for Nike Running and creative director for Converse and Jordan Brand. In his new position, Parkinson will work with the executive board and product teams to shape the brand’s creative strategy across all consumer touchpoints, platforms, and regions.
Trump Set 25 Percent Tariffs on Imported Vehicles and Auto Parts
President Donald Trump announced a 25 percent tariff on all foreign-made vehicles and auto parts imported into the U.S., potentially raising vehicle costs and disrupting production across North America. U.S. automakers, including General Motors, Ford, and Stellantis, saw their shares fall, as did major global players like Toyota, Honda, and Hyundai. The move, aimed at boosting U.S. investment, has raised concerns about higher prices and fewer manufacturing jobs. Companies, including Tesla, have also expressed concerns about increased costs due to the tariffs.
Converse Collaborates with Artist Noritake for Exclusive Collection
Converse has teamed up with renowned artist Noritake to create a special collaboration. The collection features a minimalist white Chuck 70 sneaker adorned with exclusive illustrations, offering a subtle yet playful design. The apparel line, crafted from comfortable fabrics, includes intricate embroidery. The full collection will be available from March 28 across various Converse platforms and select stores, including children’s wear.
Mixue Reports Strong Financial Growth in 2024
Mixue posted a 22.3 percent year-over-year increase in revenue for 2024, reaching RMB 24.83 billion, and a 39.8 percent rise in net profit to RMB 4.45 billion. The company’s gross profit surged by 34.4 percent, reflecting a significant boost in gross margin to 32.5 percent. Its rapid expansion, including 10,555 new stores, was driven by a successful franchise model, which saw the addition of 4,192 new franchisees, bringing the total to 20,976. The brand’s digital supply chain and popular IP also contributed to its continued market presence and consumer engagement.
Li Ning Appoints Xiao Zhan as Global Brand Ambassador
Chinese Sports brand Li Ning announced that Chinese Actor Xiao Zhan has been promoted from global ambassador for its sports and lifestyle products to the brand’s first and the only global brand ambassador. In a promotional video, Xiao Zhan shared how his commitment to sports, inspired by his partnership with Li Ning, has positively impacted his life, and he aims to encourage fans and audiences to discover a healthier, more resilient version of themselves through sport. Li Ning looks forward to continuing its collaboration with Xiao Zhan, creating new stories and possibilities through their shared focus on sports.
Giant Biogene Reports Strong Growth in 2024
A biotech company rooted in tech-driven skincare, Giant Biogene’s 2024 annual report reveals a 57.2 percent year-over-year revenue increase to RMB 5.54 billion, marking a significant leap into the 50-billion realm. The company’s net profit rose 42.1 percent to RMB 2.06 billion, driven by strong growth in its functional skincare products and online direct sales channels, which contributed 71.6 percent of total revenue. The company’s flagship brands saw substantial gains, with Comfy’s revenue growing by 62.9 percent, approaching RMB 4.54 billion. Giant Biogene continues to expand both online and offline, with an increasing presence in hospitals, pharmacies, and key cities.
