Key Global Business Highlights: Shein’s Profit Decline, Lululemon and Crocs Brand Partnerships, Thailand’s Tourism Challenges

Lewis Hamilton Joins Lululemon as New Ambassador

Formula 1 Champion Lewis Hamilton has been named the newest ambassador for Lululemon, signaling a new direction for the brand. Hamilton will collaborate with Lululemon’s design and innovation teams and promote the brand‘s wellness-focused products. As part of the partnership, he will feature in Lululemon’s “No Holding Back” campaign and work alongside his global foundation, Mission 44, to promote social impact and inclusivity. The move places Hamilton alongside other high-profile ambassadors across various sports.

Crocs Partners with Actor and Singer Tan Jianci as Global Brand Ambassador

Crocs has officially announced actor and singer Tan Jianci as its new global brand ambassador. Tan embodies the brand’s “Come As You Are” philosophy, blending confidence and effortless style. Known for his versatility in both acting and music, he perfectly aligns with Crocs’ spirit of freedom and individuality. Tan’s collaboration with the brand brings a fresh energy to the iconic Crocs designs, encouraging fans to express their unique style boldly. The campaign features Tan in striking fashion-forward looks, showcasing how Crocs remains both stylish and comfortable.

Shein’s Profits Drop Amid IPO Delays and Rising Competition

Shein’s profits have reportedly dropped nearly 40 percent to $1 billion in 2024, with sales rising 19 percent to $38 billion. Despite earlier predictions of $4.8 billion in profit and $45 billion in sales, the fast fashion company faces increased competition from its rival Temu. These disappointing results could further delay Shein’s plans for IPO in London, as it struggles with regulatory challenges and geopolitical pressures, including US tariffs and EU regulations. The company may also lower its valuation from $66 billion to $50 billion.

Thailand’s Tourism Goals at Risk as Chinese Tourists Choose Japan Over Safety Concerns

Thailand’s target of attracting 9 million Chinese tourists in 2024 is in jeopardy as concerns over safety, triggered by a recent kidnapping incident, have driven Chinese travelers to Japan and Singapore instead. Flight cancellations to Thailand surged 94 percent last month, and bookings remain behind last year’s levels. While Thailand has ramped up efforts to crack down on scams and criminal activities, its reputation remains at risk. In contrast, Japan has seen a record number of Chinese tourists, with bookings more than doubling. If safety issues persist, Thailand may struggle to meet its tourism targets this year.

Chinese Tech Stocks Drop Following Trump’s Investment Squeeze

Chinese tech stocks saw a sharp decline after former President Donald Trump moved to limit US investments in China, signaling increased financial and technological decoupling between the two largest economies. The Hang Seng Tech Index dropped by 4.4 percent, its biggest fall since November. Alibaba’s stock fell 7.9 percent in Hong Kong, which comes after the Nasdaq Golden Dragon China Index fell 5.2 percent.

Sanzitang Tops TikTok’s Cosmetics Brand Rankings

According to Beauty in Sight data, Sanzitang, a Chinese beauty brand, secured nearly 200 million yuan in Gross Merchandise Volume (GMV) in January 2025, surpassing Mao Geping to retain the top spot in TikTok’s cosmetics category. Furthermore, in the 2024 China Cosmetics Yearbook by Beauty in Sight, Sanzitang ranked first in both the online eye makeup and eyebrow makeup GMV categories for 2024, continuing its strong dominance in the beauty market.

Shiseido’s Brand Sidekick Exits China Amidst Market Challenges

Shiseido’s men’s skincare brand, Sidekick, officially exited the Chinese mainland market in December 2024, after operating for less than 30 months since its launch in July 2022. Despite initial efforts, including a Tmall flagship store and celebrity endorsements, Sidekick struggled with high pricing and competition in China’s growing but still competitive men’s skincare market. Strategic shifts within Shiseido and an underperformance on platforms like TikTok accelerated the brand’s exit, highlighting the ongoing challenges for foreign brands in the Chinese men’s grooming sector.

Hainan Reports Strong Growth in Duty-Free Shopping During Spring Festival Travel Rush

According to Hainan Daily, during the travel period of 2025 Chinese New Year (January 14 to February 22), duty-free shopping in Haikou reached 6.61 billion yuan, with 818,000 shoppers and 5.64 million items sold. The recent policy expansion by five government departments, which broadens the scope of eligible consumers, further fueled this impressive growth in Hainan’s duty-free shopping market.