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7 mentions found


☆ In China’s battle of the lattes, Luckin Coffee keeps beating Starbucks
  + stars: | 2024-02-26 | by ( Laura He | ) edition.cnn.com   time to read: +5 min
Luckin, which already calls itself China’s biggest coffee chain, says it had surpassed Starbucks in mainland China by number of outlets in 2019. By the end of 2023, Luckin had 16,218 stores in China, nearly double its 2022 count of more than 8,200. Starbucks’ outlets in China are entirely company-owned. The number of branded coffee shops in China jumped 58% in the past twelve months, reaching 49,691 outlets, according to a December report by World Coffee Portal. Making a comebackBy 2019, the company had outnumbered Starbucks stores in China, with more than 4,500 outlets, according to the company.
Persons: Luckin, ”, Jinyi Guo Organizations: Hong Kong CNN, Nasdaq, Starbucks, CNN, International Coffee Organization, Daxue Consulting, Visual China, Centurium, US Securities and Exchange Commission Locations: China, Hong Kong, Singapore, Xiamen, United States, Beijing, New York, American
☆ Fewer 'I dos' ruin the party for China's $500 bln wedding industry
  + stars: | 2023-09-19 | by ( Casey Hall Farah Master | Casey Hall | Farah Master | ) www.reuters.com   time to read: +4 min
[1/4] Couples prepare to get their photo taken during a wedding photography shoot on a street, in Shanghai, China September 6, 2023. "The traditional Chinese wedding industry is probably in for tough times." "People are more inclined to go for a simple and niche wedding," said Chen, adding that a decade ago, it was common for couples to spend millions of yuan. 'NICHE, NICHE, NICHE'The economic downturn has hit the middle class, and the youth, the hardest, resulting in high jobless rates and low household spending. Our strategy has been to stay niche, niche, niche," said Wang.
Persons: Aly, Yuan Jialiang, Ben Cavender, Frank Chen, Chen Feng, Chen, Chow Tai Fook, It's, Xueyi, Jewel Wang, Vera Wang, Wang, Oscar de la, Carolina Herrera, Casey Hall, Xihao Jiang, Farah, Marius Zaharia Organizations: REUTERS, Rights, China Market Research, Daxue Consulting, COVID, Jewellery, HK, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, Xi'an, Hong Kong
☆ From ice cream to cattle feed: Here are the winners and losers as the summer heat bears down
  + stars: | 2023-06-21 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +3 min
With temperatures hitting all-time highs, consumers are turning to ice cream and chilled drinks to beat the heat — and analysts say some sectors could benefit. Several Southeast Asian cities hit record high temperatures in May as global climate change exacerbates heat waves and air pollution in the region. A street vendor selling bottles of chilled water amid high temperatures in Dhaka, Bangladesh, on Tuesday, June 6, 2023. "Use of air-conditioning will skyrocket, benefiting the HVAC industry but leading to extremely high levels of energy usage," said Allison Malmsten, public research director at Daxue Consulting. Cattle feeding at a cattle farm on December 13, 2020 in Pingliang, Gansu Province of China.
Persons: Bain, Zara Lightowler, Kuo, David Kuo, Allison Malmsten, Daxue, Rice Organizations: Getty, Company's, Vitasoy, Cola, PepsiCo, Bloomberg, Unilever, Smart Investor ., Daxue Consulting, Visual China, Co's, Sustainability Locations: Srinagar, Indian, Kashmir, Asia, El, Southeast Asia, Dhaka, Bangladesh, Pingliang, Gansu Province, China, Laos, Malaysia
☆ Temasek-backed firms buy stake in VIVA Biotech unit ahead of listing
  + stars: | 2023-06-12 | by ( ) www.reuters.com   time to read: +2 min
VIVA Biotech said it will use the net proceeds to redeem convertible bonds in a bid "to settle its outstanding liabilities without occupying its internal resources." The deal included capital injection into VIVA Shanghai by new investors and sale of existing interest in VIVA Shanghai from Viva Investment, another unit of VIVA Biotech, the filing showed. Ltd, will altogether hold 17.55% stake in VIVA Shanghai after the deal, according the filing. HLC SPV and Qingdao Hongyi, both linked to HighLight Capital, will obtain a total of 6.66% stake from the transaction. VIVA Biotech has initiated a restructuring which will transfer all assets and personnel related to its early-stage drug discovery business to VIVA Shanghai, and move out of the Shanghai unit any assets and personnel related to drug development and manufacturing service, the filing showed.
Persons: Roxanne Liu, Kane Wu, Stephen Coates Organizations: Singapore's Temasek, Capital, VIVA Biotech Holdings, HK, VIVA, VIVA Shanghai, VIVA Biotech, Viva Investment, Daxue Investments, Temasek Holdings, Temasek, Ltd, SPV, Qingdao Hongyi, Investors, Thomson Locations: Shanghai, Viva
☆ How a quest for identity made China the luxury powerhouse that it is today
  + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +5 min
"Traditions provide identity. As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted. Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025. "Traditions provide identity. Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.
Persons: Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton Organizations: CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting Locations: China, Europe, Today's China, San Diego, Beijing
☆ 6 companies that struck it big on China's zero-COVID policies and came out on top after 3 years of lockdowns
  + stars: | 2023-03-09 | by ( Matthew Loh | ) www.businessinsider.com   time to read: +2 min
As China kept to its chaotic zero-COVID push, a few companies reaped the rewards of a country prone to lockdowns. Kevin Frayer/Getty ImagesChina's economy suffered under zero-COVID, growing by just 3% in 2022 — one of the country's lowest levels ever. As China's economy reopens after a rollback of the zero-COVID policy on December 7, local media and social bloggers are heaping attention on how much was spent on the lockdowns, and who benefited from the expenditures. However, a select pool of firms and industries gained massive rewards from the years of lockdowns and constant testing. Here are six companies and sectors that came out on top during China's zero-COVID policy.
☆ Luxury stocks rally from China reopening, but world's largest luxury market may choose to shop 'in-house'
  + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +4 min
In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. CFOTO | Future Publishing | Getty Images"China's domestic luxury consumption should far exceed that of overseas luxury consumption," said Zhang, who estimates that in the long run, domestic luxury consumption will account for 70% of the Chinese luxury consumers' spending, and a mere 30% from abroad. That would be the inverse of spending patterns before 2017, when over 70% of Chinese luxury spending took place outside of China, according to Zhang. He added it is unlikely the share of overseas luxury shopping for Chinese consumers will recover to pre-pandemic levels of over 70%. The increasing digitalization of shopping processes has also facilitated Chinese shopping online for luxury goods, Bain & Co said in a report.
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