???????? Li Ning plunges on $282 million HK property bet. Li Ning Co Ltd. shares plunged as investors disapproved of plans to buy a commercial building in Hong Kong for HK $2.2 billion ($282 million). The stock, which fell 14 percent on Monday, has declined over 70 percent this year, making it the worst performer on Hong Kong’s Hang Seng China Enterprises Index in 2023. “While we think Li Ning’s commitment to overseas markets is important, we don’t think this property transaction will be favoured by investors,” Morgan Stanley analysts wrote in a note. [Bloomberg]
???????? TikTok is looking to invest in Indonesian GoTo’s e-commerce firm Tokopedia. The short-form video platform is reportedly close to finalising a deal to invest in the Indonesian tech company, which would allow TikTok to reopen its e-commerce arm in Indonesia. Its TikTok Shop platform was suspended in the country in September after new government rules came into effect. The deal, which could be completed as early as next month, marks TikTok’s first arrangement to invest in another e-commerce platform to circumvent government bans — and it could become a new model for overcoming regulatory setbacks in countries spanning south-east Asia, Europe and the US. [Financial Times]
???????? Chennai manufacturing limps back after cyclone flooding. The Indian city of Chennai was hit with flooding following Cyclone Michaung, which landed on Monday last week. Apparel manufacturers were without electricity and internet and many factories are still running at less than half capacity with workers unable to reach the factories due to lack of transport. “While many factories could not function for three to four days, they have begun in a low capacity on Thursday,” Rajasekar Dsk, executive secretary of the Apparel Handloom Exports Association, told Sourcing Journal. [Sourcing Journal]
???????? Tiffany & Co opens new flagship store in Shanghai at Taikoo Li Qiantan. The American jeweller Tiffany & Co has recently opened a new store in Shanghai at Taikoo Li Qiantan. The store features bespoke decor by worldwide renowned artists and numerous art installations, as well as all the brand’s product lines available for sale. [CPP Luxury]
???????? Jimmy Choo opens new flagship store in Tokyo at Ginza. The luxury brand has teamed with Harry Nuriev, the founder and creative director of interior architecture and design firm Crosby Studios, to design Jimmy Choo’s largest store in Japan. The store, 3,200 square feet over two floors, is the fourth largest Jimmy Choo store globally. “The space Harry Nuriev has created for Ginza is the epitome of the beauty of simplicity. He has an art for distilling the brand essence to its purest form, playing with the utilitarian to create a glamorous and immersive experience,” said Sandra Choi, creative director of the brand. [CPP Luxury]
???????? Dior teams up with rising Japanese artist Otani. Dior Men’s artistic director Kim Jones has teamed up with the rising Japanese artist Otani on a capsule menswear collection, marketing his first new collaboration since 2021. Otani specialises in ceramic sculptures, incorporating themes including bulging heads, anthropomorphic vases, children and animals. The 24 piece collection, released on Jan. 4, includes pieces such as sweaters and bomber jackets featuring a small green monster known as Tanilla. “I really admire Otani’s work. He is a key figure in the Japanese contemporary art world. Working with him is a nice reference to Monsieur Dior, who was a gallerist before being a couturier. The Tanilla monster designed by the artist gives a fresh and funny energy to this capsule collection,” Jones said in a statement. [CPP Luxury]
???????? Coty inks new distributor agreement, adds to leadership team in India. The conglomerate has announced Rizman Mulla, formerly at the Chalhoub Group, has been appointed as business development director for the region, and the company has also signed a partnership with local distribution and marketing firm House of Beauty. Coty said its India business increased 65 percent in the 2023 financial year. The partnership with House of Beauty will see the companies work to expand Kylie Jenner’s Kylie Cosmetics to the country with a dual distribution and retail marketing programme. [BoF]
???????? Unilever Ventures doubles down on Australian hair care brand Straand. Melbourne-based hair care line Straand has raised 4 million Australian dollars ($2.62 million) in a seed round backed by Unilever Ventures. The corporate venture capital arm of Unilever had previously invested in a pre-seed round earlier this year. Straand has inked a deal that will see it in more than 70 Sephora stores across Australia, southeast Asia and the United Kingdom by March next year. [BoF]
???????? Lanvin Group replaces Joann Cheng with new CEO. Joann Cheng, the chairman and CEO of Lanvin Group, the Chinese luxury firm that owns Lanvin among other brands, will be succeeded in the CEO role by Eric Chan, a senior executive at a subsidiary of Lanvin-parent Fosun Group. Huang Zhen, another Fosun Group director, will take over as chairman. “I am pleased to be stepping away from the group, with a clear creative direction set, and all the building blocks in place for the next phase of growth,” Cheng said Friday. [BoF]
???????? US, UK, Germany, Canada, Japan, France, Italy to ban Russian diamonds starting next year. Earlier attempts to sanction Russian gems in Europe had met resistance from leading importer nations including Belgium, which had argued that a simple ban would just shift the lucrative gem trade elsewhere. The G-7 said Wednesday that it will ban all imports of rough diamonds directly from Russia from Jan. 1. This will go a step further in Mar. 1 to expand to include Russian diamonds that have been processed in third countries, with the final step being a full traceability system implemented by the start of September. [Time Magazine]
