Luxury

Alphabet Inc’s health tech arm Verily on Thursday announced its newest tie-up in its search for sustainable revenue, saying it would study skin health and explore new products with cosmetics maker L’Oréal SA.

In a sign of the French luxury sector’s booming fortunes, Chanel will on Thursday inaugurate a huge complex of ateliers where artisans from around a dozen accessory suppliers create shoes, embroidery and other handmade crafts.

The e-tailer, which is part of Richemont-owned Yoox Net-a-Porter Group (YNAP), is expanding its operating model to incorporate a marketplace platform to sit alongside its existing wholesale business.

TikTok owner ByteDance saw its total revenue grow by 70 percent year-on-year to around $58 billion in 2021, according to two people familiar with the matter, slower growth than a year earlier as China tightens its regulation of big tech companies.

The up-and-coming Beijing-based beauty retailer has secured $200 million in recent Series C and D rounds of funding, led by QY Capital and General Allantic.

Domestic sales of luxury goods reached 471 billion yuan ($74.24 billion), a near doubling in two years, according to Bain & Company’s annual "China Luxury Report 2021".

Puma said sales reached a record €6.8 billion ($7.7 billion) in 2021, up 32 percent on a constant-currency basis.

British clothing retailer Primark will not raise prices for its Spring/Summer range despite inflationary cost pressures, the finance chief of its owner Associated British Foods said on Thursday.