SKP Beijing to Sell Stake to Boyu Capital, Kering Appoints New CEOs and Coty Lowers 2025 Outlook
Li Ning Named Official Sportswear Partner of Chinese Olympic Committee (2025–2028)
On May 6, the Chinese Olympic Committee announced Li Ning as its official sportswear partner for 2025–2028. The brand will outfit Chinese delegations at major international events, including the 2026 Winter Olympics and the 2028 Los Angeles Olympics. This marks a renewed partnership following Li Ning’s previous role from 1992 to 2004. The collaboration was unveiled at a ceremony attended by COC officials, Li Ning’s founder, and national team athletes.
Boyu Capital to Acquire 42–45 Percent Stake in SKP Beijing
Boyu Capital is set to acquire a 42–45 percent stake in SKP Beijing, China’s leading luxury department store operator, through its US dollar-denominated fund. The transaction will make Boyu a financial investor, while Radiance Investment Holdings will retain control. SKP’s operations and management structure will remain unchanged. Founded in 2006, SKP Beijing reported record sales in 2023 but saw a dip in 2024 before rebounding in early 2025.
Hugo Boss Redirects China-Made Goods Away From US Amid Tariff Pressures
Hugo Boss is shifting China-made products to non-US markets due to tariffs, while increasing sourcing from countries like Peru and Turkey for its US operations. The company is also stockpiling inventory in the US to manage trade risks. CEO Daniel Grieder noted a decline in US outlet traffic and said pricing strategies are still under review. The US became Hugo Boss’s largest market in 2023, accounting for about 15 percent of annual sales.
Hugo Boss Q1 Revenue Tops Estimates Despite Lower Sales and Profit
Hugo Boss reported 999 million euros in Q1 revenue, beating analyst expectations but slightly down from 1.01 billion euros a year ago. EBIT fell to 61 million euros, with a 6.1 percent margin, as global consumer sentiment remained subdued. Sales declined across most regions, especially Asia-Pacific, while digital sales grew 4 percent. The company reaffirmed its 2025 outlook, expecting stable sales and EBIT growth of 5 percent to 22 percent, amid ongoing macroeconomic and tariff uncertainties.
Coty Lowers 2025 Outlook Amid Market Uncertainty
Coty has revised its fiscal 2025 profit forecast to $0.49–$0.50 per share and delayed its investor day due to ongoing macroeconomic and tariff-related uncertainty. CEO Sue Nabi cited softening US consumer demand and retailer destocking as key factors, while noting stronger trends in Europe. The company is exploring supply chain adjustments and expects Q4 sales to decline in the high single digits. Q3 revenue fell 6 percent to $1.30 billion, slightly below analyst expectations.
Kering Appoints New CEOs at Brioni and Ginori 1735
Kering has named Federico Arrigoni as CEO of Brioni and Mehdi Benabadji as CEO of Ginori 1735, both effective immediately. Arrigoni previously served as deputy CEO and Asia-Pacific president of Saint Laurent, while Benabadji led Brioni since 2020 and held prior roles at Berluti and Hermès. Arrigoni will report to Francesca Bellettini, and Benabadji to Jean-Marc Duplaix. The leadership changes aim to support brand development and global growth.
Maserati China Appoints New Leadership
Maserati China has updated its leadership change, with Davide Grasso stepping down as legal representative and chairman. Santo Ficili has taken over both roles, alongside changes in other key personnel. The company, founded in June 2014 with a registered capital of $10 million, is wholly owned by Maserati and serves as the general distributor for Maserati imports in China, covering wholesale, import-export, vehicle sales, and after-sales services.
Pandora Lowers 2025 EBIT Margin Forecast
Jewellery brand Pandora revised its 2025 EBIT margin guidance to around 24 percent, down from 24.5 percent, citing the weaker US dollar. The company also noted it is assessing potential cost impacts from US tariffs that could reach tens of millions of dollars. Its full-year organic growth forecast of 7–8 percent remains unchanged.
