In a surprising move that has sent ripples through the Hong Kong real estate market, Adrian Cheng has stepped down as the chief executive officer of New World Development Company, marking a significant shift in leadership for one of Hong Kong’s largest property developers. The resignation comes in the wake of the company’s first annual […]
Online Holiday Spending Projected to Rise 8.4%, Most Since 2021
As the holiday season approaches, digital wallets are poised to become significantly fuller this year. According to Adobe Inc., U.S. consumers are expected to spend a remarkable $240.8 billion online in November and December, marking an 8.4% increase from last year’s figures. This growth signals not only the resilience of e-commerce but also a shift […]
Crypto Market Rallies After Fed Rate Cut
The cryptocurrency market has witnessed a significant uptick following a recent rate cut by the US Federal Reserve. This move, aimed at stimulating economic activities, has not only impacted traditional markets but has also galvanized the crypto sector, showcasing its growing correlation with macroeconomic events. Data from Coinglass indicates a remarkable 46% rise in crypto […]
Hong Kong Billionaire’s Mall to Expand Luxury Space With LVMH, Prada
In the heart of Hong Kong’s Tsim Sha Tsui district, the K11 Musea mall, owned by billionaire Henry Cheng’s New World Development Co., is making significant strides in luxury retail. Amidst fluctuating economic conditions and a struggling property market, this bold investment reflects a renewed confidence in the premium segment of retail, aiming to draw […]
US Bitcoin ETFs Gain Momentum as Prices Rise
On Friday, the landscape of US Bitcoin Exchange-Traded Funds (ETFs) experienced a notable shift, mirroring a significant surge in Bitcoin prices, which eclipsed $60,000. This remarkable increase in cryptocurrency values has reignited investor interest, leading to substantial inflows into Bitcoin ETFs. In total, US spot Bitcoin ETFs amassed an impressive $263 million in net inflows, […]
Mytheresa Grows Sales Amid Continued Focus on Top Clients
In a year marked by uncertainty in the luxury sector, Mytheresa stands out as a remarkable success story. The luxury e-tailer reported a 10% sales growth, reaching €841 million ($927 million) for its fiscal year ending in June 2024. This achievement is particularly notable against a backdrop of tepid consumer demand and the broader challenges […]
Hong Kong Luxury Shops Sit Empty as Chinese Spending Plunges
In the heart of Hong Kong’s Tsim Sha Tsui district, the once-bustling 1881 Heritage mall is now a stark reminder of changing economic tides. Formerly the go-to destination for affluent mainland Chinese tourists seeking high-end retail therapy, this iconic shopping hub now resembles a ghost town. Only three of the thirty retail spaces remain occupied, […]