Loewe and Hennessy Collab, Nike Surpasses Expectations and PDD Reports Lower Revenue
PDD Holdings Reports Lower Revenue Amid Competition and U.S. Policy Uncertainty
PDD Holdings, the operator of Pinduoduo and Temu, reported lower-than-expected quarterly revenue of 110.61 billion yuan ($15.3 billion), missing market estimates. The company faces strong competition from Alibaba and JD.com in China, while its international platform Temu contends with potential changes to the U.S. de minimis policy, which currently allows tariff-free imports under $800. Despite challenges, PDD’s adjusted profit exceeded expectations, supported by favorable currency exchange rates and investment income.
Loewe and Hennessy Unveil Limited-Edition Paradis Decanter Collection
Loewe and Hennessy have collaborated on a limited-edition decanter for Hennessy Paradis, featuring a handcrafted leather encasement inspired by a chestnut burr. The collection includes a 3L Paradis decanter and a 70cl/700mL version, both encased in artisanal leather nests in shades of anise, amber, and chestnut. Available from mid-March 2025 in select markets, the collection includes custom accessories, with pricing available upon request.
H World Group Reports 16.5 Percent Growth in Q4
A Chinese hotel management group, H World reported Q4 2024 revenue of 6 billion yuan ($837 million), a 7.8 percent year-over-year increase, with hotel turnover rising 16.5 percent to 23.7 billion yuan ($3.3 billion). For the full year, revenue reached 23.9 billion yuan($3.3 billion), up 9.2 percent, while hotel turnover grew year over year 15.5 percent. As of the end of 2024, H World operated 11,147 hotels across 19 countries, with a total of 1.088 million rooms.
Emis Faces Counterfeit Threat and Market Challenges as it Expands in China
Korean fashion brand Emis, known for its caps, recently opened its first permanent store in Shanghai, marking its continued push into China after pop-up stores in major cities. Despite its growing popularity, especially among celebrities, Emis struggles with widespread counterfeit versions, which undermine its brand value. The brand’s focus on accessible, trendy products, mainly hats, faces competition from both local Chinese brands and other Korean labels like Chuu and Badblood, which have already expanded rapidly in China.
Tongcheng Travel Achieves Record High Profits in 2024
Tongcheng Travel Holdings reported its 2024 financial results, revealing a strong performance with revenue reaching 17.34 billion yuan ($2.5 billion), up 45.8 percent year-on-year. Adjusted net profit increased by 26.7 percent to 2.79 billion yuan ($400 million), marking the highest profit in the company’s history. The company’s business structure was adjusted with significant growth in its vacation segment, which saw a 1075 percent year-on-year revenue increase, contributing over 18 percent of total revenue. Tongcheng’s focus on lower-tier cities and expansion into international markets also supported its growth.
Swarovski Reports 6 Percent Revenue Growth in 2024
Swarovski’s revenue for 2024 reached €1.906 billion, marking a 6 percent increase compared to the previous year. The company achieved 8 percent like-for-like growth despite a challenging trading environment and reported an 11 percent organic growth in the fourth quarter. Jewelry sales grew 9 percent, and the company also saw improvements in EBITDA, operating profit, and cash flow. Swarovski’s performance was driven by its LUXignite strategy and an emphasis on creativity and cost discipline. The brand continues to expand its product offerings, including lab-grown diamonds.
Nike Surpasses Expectations as New CEO’s Transformation Strategy Takes Effect
Nike reported a 9 percent decline in quarterly revenue to $11.3 billion, slightly better than the forecasted 11 percent drop. Under new CEO Elliott Hill, who returned last October, the company is showing signs of recovery. Hill has refocused Nike on core sports and worked to rebuild relationships with retail partners. Despite a challenging market environment, Nike’s North American and EMEA regions performed better than expected, while the Chinese market continued to struggle. The company also increased marketing spend and launched new partnerships, including with Kim Kardashian’s brand.
Zeekr Group Reports Over 100 Billion Yuan Revenue in 2024
Zeekr Group released its first post-IPO financial report, revealing a revenue of 113.89 billion yuan ($16.6 billion) in 2024, with operating income surpassing 75 billion yuan ($10.9 billion). The company reached 79,250 units in Q4, marking a 99.8% increase and a historic high. Zeekr also achieved a net profit of 214 million ($31 million) yuan in 2024, positioning itself as one of the fastest profitable Chinese EV makers on the US stock market.
