Huawei Reports Revenue Growth, Hong Kong Retail Sales Drop and Tesla Offers Interest-Free Loans in China

Huawei Reports 22.4 Percent Revenue Growth in 2024

Huawei’s 2024 revenue reached 862.1 billion yuan, marking a 22.4 percent year-on-year growth, while net profit dropped 28 percent to 62.6 billion yuan. The company saw growth across five key business segments, with its smart car solutions business experiencing a remarkable 474.4 percent increase. Despite these gains, challenges remain from external factors, particularly in supply chain resilience and global sanctions. Huawei remains committed to strengthening its core technologies, investing heavily in R&D, with a 20.8 percent of revenue allocated to innovation in 2024.

Versace Becomes Official Partner of Beijing International Film Festival

Versace has partnered with the 15th Beijing International Film Festival (BJIFF) as its official luxury fashion sponsor. The collaboration aligns with the brand’s history in cinema and visual arts. Versace will also support the Beijing Market’s Pitch Training Camp, providing mentorship for emerging filmmakers. The partnership will culminate in the Beijing Film Night dinner on April 20.

Hong Kong Retail Sales Drop 13 Percent in February Amid Ongoing Challenges

Hong Kong’s retail sales fell by 13 percent in February year-on-year, marking the 12th consecutive month of decline, with total sales dropping to HK$29.4 billion ($3.78 billion). In volume terms, the decline was 15 percent. The drop was attributed to lower spending by local residents and fewer mainland Chinese visitors. February’s visitor arrivals fell 8.3 percent, with mainland Chinese visitors down 14.7 percent. The retail sector is expected to continue facing challenges from shifting consumption patterns, though government efforts to boost tourism may provide support.

Tesla Offers Interest-Free Loans for Model Y and Model 3 in China 

Tesla announced it will offer three-year interest-free loans for the refreshed Model Y in China until April 30. Additionally, five-year interest-free loans will be available for the Model 3 rear-wheel and long-range all-wheel drive versions. The offer was disclosed in a notice on the company’s social media account.

PVH Forecasts Sales Stabilization in 2025 Amid China Challenges

PVH Corp., owner of Calvin Klein and Tommy Hilfiger, expects flat or slightly positive sales growth in 2025, surpassing analyst expectations of a decline. Despite a 5 percent revenue drop in 2024, the company saw solid sales during the holidays and early 2025, although challenges remain in North America and China. PVH has faced scrutiny in China over trade issues, contributing to a nearly 40 percent drop in its stock price this year. The company also plans to repurchase $500 million worth of shares.

L’Oreal Targets 5 Percent Growth in China Despite Challenges

L’Oreal aims for around 5 percent sales growth in China in 2025, in line with the country’s GDP growth forecast, according to North Asia CEO Vincent Boinay. The company observed positive early signs in the market, although it reported a slight decline in sales in mainland China last year. Despite facing challenges like shifting demographics and consumer confidence, L’Oreal remains optimistic about its prospects in China.

Estee Lauder Faces Lawsuit Over Alleged Misleading China Sales Practices 

Estee Lauder is facing a class-action lawsuit accusing the company of defrauding shareholders by hiding its reliance on gray-market sales in China, particularly after a 2022 government crackdown on the “daigou” market. A federal judge ruled that shareholders identified misleading omissions in Estee’s disclosures regarding the impact of the crackdown on sales. The lawsuit claims the company concealed the extent of the issue until November 2023, leading to a significant drop in its stock price. Estee shares have since lost nearly half of their value.

Dolce & Gabbana Focuses on Beauty Business as Core to Future Independence

Italian luxury brand Dolce & Gabbana expects its beauty business to drive growth, with sales projected to rise by over 20 percent to €610 million, contributing to total revenue reaching €2 billion. The company is transitioning its beauty and fragrance operations from licensing agreements to in-house management, aiming for €1 billion in sales by 2027. Despite facing challenges such as the Russia-Ukraine conflict and shifts in Chinese consumer behavior, CEO Alfonso Dolce emphasizes the brand’s resilience and commitment to remaining independent, with no interest in external investments or an IPO.