Louis Vuitton Appoints Brand Ambassador, Valentino’s 2024 Revenue Drops and US Tourism Faces Decline

Louis Vuitton Appoints Xu Minghao as New Brand Ambassador

Louis Vuitton has officially announced Chinese singer Xu Minghao (The 8) as its new brand ambassador. Known for his blend of art and fashion, Xu has long collaborated with LV, from attending its spring/summer and autumn/winter menswear shows to featuring on the cover of Bazaar and contributing to the music for the autumn/winter 2025 menswear show. Xu was also invited to attend LV’s exhibition in Beijing, where he shared his unique perspective on culture and art. LV plans to continue exploring the intersection of art and fashion with Xu in the future.

Valentino’s 2024 Revenue Drops 3 Percent But E-Commerce Grows

Valentino’s 2024 revenue decreased by 3 percent to €1.31 billion, with a 2 percent drop at constant exchange rates. The brand’s direct retail, including e-commerce, grew by 5 percent, now making up 70 percent of total revenue. E-commerce saw a 37 percent increase, contributing 15 percent to direct sales. Valentino also reduced its wholesale channel by 20 percent, while its beauty and fragrance business saw a 51 percent revenue increase. Despite these gains, EBITDA dropped by 22 percent due to non-recurring items. The company plans to release its sustainability report in May 2025.

US Tourism Faces Decline Amid Tariff Policies and Political Tensions

US tourism revenue, which totaled approximately $1.3 trillion in 2024, has been impacted by new tariff policies, political rhetoric, and stricter border and immigration regulations. According to the Washington Post, foreign visitors to the US dropped nearly 12 percent in March, the steepest decline since the pandemic, with Central America seeing a 24 percent decrease and Western Europe down 17 percent. The decrease was particularly pronounced in Germany (28 percent) and Spain (25 percent). Canada, a major source of tourists, also saw a 32 percent drop in cross-border traffic. The US Travel Association forecasts a $72 billion decline in tourism revenue by 2025, with potential broader economic impacts, including a 0.3 percent reduction in GDP.

China to Support Tariff-Hit Exporters by Expanding Domestic Market

China has pledged to help exporters affected by tariffs by leveraging its domestic market to stabilize foreign trade and boost consumption. The Commerce Ministry announced initiatives, including programs by major e-commerce platforms like JD.com and Alibaba to buy products from exporters for local sales. In addition, a new campaign in Hainan is promoting goods originally made for export to be sold domestically, with plans to expand this effort to 10 provinces. Despite challenges like weak consumer sentiment and overcapacity in some industries, the government aims to assist exporters in navigating these difficulties.

BYD to Expand Sales Network in Japan, Targeting 100 Stores by 2025

BYD plans to expand its sales network in Japan to 100 stores by 2025, with over 60 locations already established across 36 prefectures. The company aims to enhance customer experience with new outlets offering test drives of its electric vehicles, including the recently launched Sea Lion 07. In addition, BYD will introduce plug-in hybrid vehicles to Japan later this year to address the country’s limited charging infrastructure. The company is also working on expanding production partnerships in Southeast Asia, despite market uncertainties due to current US policies on electric vehicles.

Rihanna’s Fenty Beauty to Open First Store in Shenzhen

Fenty Beauty, the avant-garde cosmetics brand founded by Rihanna, is set to open its first national store in Shenzhen’s MixC Mall, with renovations currently underway. The brand, launched in 2017 in collaboration with LVMH’s Kendo, revolutionized the beauty industry with over 40 foundation shades catering to diverse skin tones. Fenty Beauty’s global sales reached nearly 4 billion RMB in its first year and approached 4.4 billion RMB by 2023. Recently, the brand launched a new deep brown mascara, “Let’z be Blunt”.

PL Achieves Rapid Growth as a Leading Chinese Cosmetics Player

PL, the second brand of Marubi Biotech, has demonstrated exceptional growth in the competitive Chinese beauty market, with a 54 percent year-on-year increase in GMV for 2024, reaching 1.68 billion RMB. Since its launch, PL’s core products have become major hits, each surpassing 100 million RMB in sales. The brand continues to expand its product line, recently unveiling 15 new products at a launch event in Sanya, including advanced formulas for foundations, powders, and sunscreens. PL’s strategic focus on customer needs and product innovation positions it as a prominent player in the market.

Saint Angelo Reports 2024 Annual Profit Decline

Saint Angelo has released its 2024 annual report, showing total revenue of 5.153 billion RMB, a 1.91 percent year-on-year decrease. Net profit attributable to the parent company dropped 29.07 percent to 495 million RMB, while non-recurring net profit declined 27.88 percent. The company reported a basic earnings per share of 0.34 RMB and a return on equity of 11.38 percent. The company’s main business focuses on the development, production, and sale of branded apparel, with a portfolio that includes brands like Saint Angelo, HAZZYS, and Woolrich.