Moncler Q1 Revenue Exceeds Forecasts, Stripe Integrates WeChat Pay and K11 Ecoast to Open in Shenzhen

Moncler Q1 Revenue Exceeds Forecasts Driven by Asia

Moncler reported a 1 percent year-on-year revenue increase in Q1 2024, reaching €829 million, surpassing analyst expectations. The growth was mainly supported by strong demand in Asia and direct-to-consumer sales. Sales for the Moncler brand rose 2 percent, while its Stone Island brand saw a 5 percent decline, partly due to shifting delivery schedules. Currency movements had no impact on reported growth. Asia continued to outperform Europe and the Americas across both brands.

K11 Ecoast Art and Cultural District to Open as Cultural Destination in Shenzhen

K11 ECOAST Art and Cultural District, developed by New World Development and China Merchants Shekou, is set to open on April 28 in Prince Bay, Shenzhen. Spanning 228,500 square meters, the project integrates art, retail, and nature, offering immersive experiences, public art installations, and a diverse range of cultural activities. Aiming to shift from traditional consumerism to experientialism, K11 ECOAST will feature creative retail districts, music and theatre festivals, and seaside markets, catering to Gen Z’s demand for cultural involvement. The district is expected to drive further culture-commerce integration in the Greater Bay Area, with plans for 30 projects over the next five years.

Piaget Names South Korean Actress Jun Ji-hyun as Global Ambassador

Piaget has appointed South Korean actress Jun Ji-hyun, also known as Gianna Jun, as a global ambassador. She will front the campaign for the brand’s new Sixtie watch line, debuting in May. Jun joins the Piaget Society alongside other international figures and wore the Sixtie watch and Swinging Sautoir necklace in her first official portrait. Known for her roles in “My Sassy Girl” and “My Love from the Star,” she will star in the upcoming Disney+ series Tempest in 2025.

Temu and Shein Cut U.S. Digital Ad Spend Amid Tariff Policy Shift

Temu and Shein have significantly reduced their U.S. digital advertising budgets following policy changes that end tariff exemptions for low-value imports from China. Data shows Temu’s ad spend dropped 31 percent and Shein’s 19 percent between March 31 and April 13. The companies are also planning price increases in response to higher shipping costs. The changes affect platforms like Facebook, YouTube, TikTok, and Google Shopping.

U.S. Retail Sales Rise Moderately in March Ahead of Tariff Policy Shift

U.S. retail sales grew 0.6 percent in March, rebounding after two months of decline, according to the CNBC/NRF Retail Monitor. Core retail categories rose 0.4 percent month-over-month and 5.07 percent year-over-year. The increase came before new tariff announcements, with consumer behavior reflecting early buying due to price concerns. Digital products and general merchandise saw the strongest gains.

Stripe Integrates WeChat Pay in 20 Countries, Expanding Global Payment Options

Stripe has announced an expanded global partnership with Tencent, integrating WeChat Pay into its Stripe Terminal across 20 countries, including the U.S., U.K., Australia, Canada, France, Germany, Italy, and Singapore. This move allows businesses using Stripe to seamlessly accept WeChat Pay for both online and offline transactions. The integration aims to offer a broader range of payment options for international businesses.

Domestic and International Travel Bookings Surge Ahead of China’s May Day Holiday

As the May Day holiday approaches, train and flight bookings are reaching new peaks. On the Qunar platform, popular routes such as Beijing-Hangzhou and Beijing-Qingdao are seeing high demand, while international bookings are also rising. Chinese travelers are heading to 1,303 cities worldwide, with destinations like Japan, Thailand, and Malaysia showing strong growth. The platform reports a 20 percent increase in hotel bookings abroad, especially in lesser-known cities like Munich and Granada.

TikTok’s U.S. Public Policy Chief Michael Beckerman to Transition to Global Advisory Role

TikTok’s U.S. public policy chief, Michael Beckerman, will step down from his Washington-based position and transition to a global advisory role, according to a staff memo reported by The Information. Beckerman has been a central figure in TikTok’s efforts to avoid a U.S. government ban. This shift comes after President Donald Trump extended the deadline for ByteDance to sell its U.S. assets related to the TikTok app by 75 days earlier this month.