Prada Acquires Versace, Anta to Acquire Jack Wolfskinand Chagee Launches US IPO
Prada Acquires Versace in $1.375 Billion Deal to Expand Luxury Portfolio
Prada has agreed to acquire Versace from Capri Holdings for $1.375 billion, including debt, marking a major consolidation in Italian luxury fashion. The move follows Donatella Versace’s departure as chief creative officer and aims to combine Versace’s bold style with Prada’s global reach. Prada will fund the deal with €1.5 billion in new debt. Capri, which acquired Versace in 2018, said the sale will support growth at Michael Kors and Jimmy Choo.
St. Louis Fed President Expects Slower US Economic Growth in 2024
St. Louis Fed President Alberto Musalem told Reuters he expects U.S. economic growth to fall below the anticipated 2 percent this year on April 9. He cited declining confidence, high prices, and reduced household wealth as contributing factors. Musalem warned that tariff-related price increases could have lasting effects and should not be overlooked. He also noted rising tensions between the Fed’s dual mandate of stable prices and maximum employment, as inflation risks remain.
Anta to Acquire Outdoor Brand Jack Wolfskin in $290 Million Deal
Anta Group announced it will acquire 100 percent of Jack Wolfskin from Topgolf Callaway Brands for $290 million in cash, with customary adjustments. The deal, expected to close by Q3 2025, will add the German outdoor brand to Anta’s multi-brand portfolio. Jack Wolfskin, known for its outdoor apparel and Texapore technology, has strong market presence in Europe and Asia. The acquisition aligns with Anta’s global strategy to deepen its presence in the outdoor sports sector.
Disney and Coperni Launch Capsule Collection Featuring Iconic Characters
Disney and French fashion brand Coperni have launched a 50-piece capsule collection, featuring items like Minnie Mouse-inspired T-shirts, bunny-eared heels, and the signature Swipe Bag. The release follows Coperni’s first-ever fashion show at Disneyland Paris in October 2024. The collection draws from classic Disney princesses and villains, and is available at global pop-up stores and select retail locations from April. Coperni’s Swipe Bag, made with 3D-printed, recyclable silicone, is also among the standout pieces.
Chinese Tea Brand Chagee Targets $5.1 Billion Valuation in US IPO
Chagee, a Shanghai-based tea chain, aims for a valuation of up to $5.1 billion in its upcoming US initial public offering, offering nearly 14.7 million American depositary shares priced between $26 and $28 each. The IPO comes amid volatile market conditions and trade tensions between the US and China. Founded in 2017, Chagee has rapidly expanded to over 6,000 stores worldwide, with plans to extend its global presence to 100 countries.
Pop Mart and Kerry Center Launch “The Monsters Forest Secret Base” in Hangzhou
Hangzhou Kerry Center has partnered with Pop Mart to create the first-ever “The Monsters Forest Secret Base,” an immersive experience that brings the whimsical world of Labubu to life, magnified 100 times. The exhibition features a 5-meter-tall Labubu installation and seven interactive play areas, along with more than 10 Labubu character displays. The pop-up store offers exclusive products, including blind boxes and limited edition items. The exhibition will run until June 8, with a Labubu drone show set to debut during the May Day holiday.
Tesla Adjusts Sales Strategy in China with Limited Model S/X Orders
Tesla has removed the option for its Model S and Model X on its Chinese website. Meanwhile, the Model 3 and Model Y continue to offer order options. Sales of Model S and Model X remain low, accounting for just 3.83 percent of Tesla’s total deliveries in Q1 2024. In Japan, Tesla has also ceased production of these models as of March 31, 2024, shifting to selling only stock and used cars. Conversely, Model 3 and Model Y continue to perform well in China, with deliveries of over 170,000 units in Q1 2024.
Bloomage Biotech Reports 2024 Revenue
Bloomage Biotech, a leading biotechnology company specializing in biological research and healthcare solutions, reported a revenue of 5.37 billion yuan for 2024, with a 9.47 percent year-on-year increase in raw materials business revenue, reaching 1.24 billion yuan. The medical end-user business saw a 32.03 percent growth, with skin medical sales growing by 43.57 percent to 1.07 billion yuan. The company’s innovation in skin science and medical aesthetics has shown notable transformation, contributing to steady operational improvements. Bloomage Biotech is currently undergoing a key transformation phase, focusing on cutting-edge biological research to drive future growth and sustainable development.
Swedish Sportswear Brand Craft Enters the Chinese Market
Swedish sportswear brand Craft has officially entered the Chinese market, introducing its innovative endurance sports gear. Founded in 1973, Craft originated from a revolutionary moisture-wicking fabric developed for the Swedish Air Force, designed to keep pilots dry and comfortable in extreme conditions. The brand’s latest innovation, the limited-edition Kype Pro running shoes, launched in April 2024, features advanced cushioning and lightweight carbon fiber technology.
