ATRenew Grows Outside the Smartphone Box with Luxury Bags, Watches and Liquor

The recycler that spent its first decade in electronics is finding early strong results with its recent expansion into new consumer categories Key Takeaways: ATRenew’s sales from non-smartphone categories are showing initial success, accounting for an extra 300,000 yuan in monthly sales per store and 0.5% of transaction volume The smartphone recycler reported its first non-GAAP net profit in the third quarter as its margins improved on cost controls and growing focus on direct sales to consumers By Doug Young In these increasingly difficult times, who needs an overpriced new…

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Lanvin Nears Completion of U.S. SPAC Listing. Now the Work Begins

The luxury arm of debt-challenged financial conglomerate Fosun looks set to complete its New York listing by year-end, with an aim of breaking even by 2024 Key Takeaways: Lanvin Group’s plan for a SPAC listing has moved a step closer to completion with the setting of a Dec. 9 vote on the deal by the SPAC’s shareholders The company recorded impressive overall revenue growth in the first half of this year, but results were less stellar for the important Greater China market By Trevor Mo As the debt-strapped Fosun International…

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Secoo’s Online Luxury Dream Ends in Bankruptcy, Sea of Discontent

The former highflyer hoped to get rich on China’s booming appetite for luxury goods, but ended up sputtering due to a range of macro and company-specific issues Key Takeaways: Online luxury goods reseller Secoo has filed for bankruptcy after its business stumbled under Covid-related disruptions and internal missteps Company’s Nasdaq-listed shares now trade at around $0.24, a fraction of the $13 they sold for in better times at its 2017 IPO By Shirley Lau Talking big is second nature to many an ambitious Chinese company. But luxury e-commerce platform Secoo…

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China Offers Up Luxury Investment With Lanvin Backdoor Listing Plan

Local private equity giant Fosun says it will use a SPAC to list Lanvin, whose brands also include St. John Knits, Sergio Rossi and Wolford Key Takeaways: Chinese private equity giant Fosun will list its Lanvin luxury goods unit in the U.S. using a SPAC backed by Primavera Capital, another major Chinese private equity company Lanvin is currently losing money, but Fosun believes the company can become profitable by 2024 if it meets its aggressive growth projections By Doug Young Watch out, world. China is entering the global race for…

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