Harrods Appoints New CFO, RedNote Valuation Rises and China’s Services Trade Grows

Harrods Appoints New CFO Amid Ongoing Business Expansion

Harrods has named Geoff Weaver as its new Chief Financial Officer. Weaver brings over 20 years of financial leadership experience in multinational settings, most recently serving as Finance Director at Tui Group’s largest division. He replaces Tim Parker, who stepped down last month. Harrods continues its development initiatives, having recently unveiled a newly renovated womenswear space as part of its long-term plan to enhance customer experience.

BMW Brilliance Automotive Names First Female CEO in Leadership Transition

BMW Brilliance Automotive announced that Birgit Böhm-Wannenwetsch will become President and CEO starting August 1, 2025, succeeding Dr. Franz Decker. Böhm-Wannenwetsch currently leads BMW Group’s financial services in the Americas, the company’s largest financial unit. With over 30 years of automotive industry experience across Europe and North America, she joined BMW Group in 2018 as Senior Vice President of Finance. She will be the first woman to hold the CEO role at Brilliance BMW.

RedNote Valuation Rises to $26 Billion in Latest Funding Round

RedNote’s valuation has climbed to $26 billion, according to a recent transaction involving major institutional investors, Bloomberg reported. Internal documents show GSR Ventures’ fund holds 91 percent of its assets in RedNote, with the company’s valuation rising significantly from $20 billion previously. The firm’s 2024 profits are expected to exceed $1 billion, with an IPO possibly planned later this year. Investors include GGV Capital, ZhenFund, Tiantu Capital and so on.

China’s Services Trade Grows to 2.63 Trillion RMB in First Four Months

China’s services trade reached 2.63 trillion RMB from January to April 2025, up 8.2 percent year-on-year, according to the Ministry of Commerce. Exports rose 14.6 percent to 1.13 trillion RMB, while imports grew 3.9 percent to 1.50 trillion RMB, narrowing the trade deficit to 375 billion RMB. Knowledge-intensive services trade increased 5.5 percent, with strong performance in business and IT services. Travel services posted the fastest growth, with total trade up 14.7 percent, including a 79.9 percent rise in exports.

China’s May CPI Falls as Energy Prices Decline

China’s Consumer Price Index (CPI) fell 0.1 percent year-on-year in May, unchanged from April, driven mainly by a 6.1 percent drop in energy prices, according to the National Bureau of Statistics. Core CPI rose 0.6 percent, up slightly from the previous month, supported by higher service prices. Analysts expect policy measures to support demand, though external trade factors may pose risks to price trends.

Starbucks Lowers Prices on Non-Coffee Drinks to Expand Market in China

Starbucks China is reducing prices on key non-coffee drinks, including Frappuccinos, iced shaken teas, and tea lattes, by an average of 5 RMB starting June 10, targeting the afternoon tea segment. The move aims to diversify its product mix as coffee market growth slows amid rising competition. China’s tea beverage market is expanding rapidly, prompting Starbucks to focus on non-coffee offerings. The company also continues to launch new products and collaborations to drive afternoon sales, supported by its 140 million-member customer base.

Louis Vuitton Appoints Carole Bildé as SVP of Image and Communications

Louis Vuitton has named Carole Bildé as its new Senior Vice President of Image and Communications, effective June 10, 2025. Bildé joins from LVMH’s Veuve Clicquot. With over 25 years of experience in communications and luxury branding, she will oversee Louis Vuitton’s global image and communication strategy. Bildé succeeds Blake Harrop, who will take on new responsibilities within the LVMH group.

Dr. Martens Reports 10 Pecent Revenue Decline in FY2025

Dr. Martens reported a 10 percent year-on-year revenue decline to 790 million euros for the fiscal year ending March 30, 2025. DTC revenue fell 4 percent, and wholesale revenue dropped 20 percent. EMEA and Americas revenues declined 11 percent each, while APAC saw a 4 percent decrease. For FY2026, the company aims to reduce discounting in key markets to boost full-price sales and anticipates a significant increase in adjusted pre-tax profit despite an expected 18 million euros forex impact.