Industry News & Trends Recap: June Week 1

Weekly News
7 June 2024

Industry News & Trends Recap: June Week 1

In this week’s recap, Akeso and Summit’s Ivonescimab garnered significant interest at ASCO. In the AI pharmaceutical sector, Vilya bags investments from top VCs and NVIDIA. Other notable industry developments include:

Table of contents

Finance Industry News
Investment, PE & VC News
Legal Industry News
Healthcare & Life Sciences News
Luxury & Retail News
Tech & AI News

Finance Sector News

1. Trends

i. Hong Kong Sees Surge in Chinese Investments

HSBC Holdings gained over 130,000 new bank customers in Hong Kong during the first quarter, while Bank of China (Hong Kong) saw 200,000 new cross-border clients in 2023. Hang Seng Bank also experienced a 342% rise in non-resident account openings last year. This influx is largely attributed to mainland Chinese seeking better investment opportunities in Hong Kong, driven by higher interest rates. Mainland Chinese are moving significant assets offshore, with Hong Kong seen as the primary gateway for overseas investments.

Read the full article about the surge in Chinese investments in Hong Kong.

ii. The Ultra Wealthy Drive $26.9b Worth of Listed Company Buyouts in 2024

Ultra-wealthy individuals and families worth over US$150 billion are driving a resurgence in private equity buyouts by providing significant capital for major acquisitions. In 2024, wealthy families have co-invested nearly US$20 billion in listed company takeovers, assisting investment firms like KKR & Co and Silver Lake in completing deals amid high borrowing costs. This trend highlights the increasing involvement and sophistication of private wealth in private equity, with major investment banks like Goldman Sachs engaging more with such investors. Family offices are becoming crucial co-investors, helping private equity firms reduce their own financial exposure in deals. This shift is expected to continue as pension funds and endowments reach their private equity allocation limits.

Read the full article about the trend of private wealth’s involvement in private equity.

2. Middle East Interest

i. HSBC Strengthens Saudi Investment Banking Team to Leverage Deal Boom

HSBC strengthened its investment banking team in Saudi Arabia by appointing Mehdi Benabdallah as head of mergers and acquisitions (M&A) and Ramez Halazun as head of equity capital markets. This move aims to capitalise on the kingdom’s booming deal activity as it diversifies its economy away from oil. Saudi Arabia’s investment banking market has become a focus for global banks. This includes HSBC, which led equity offerings in the Gulf last year and continues to expand its presence in the region alongside other international banks like Goldman Sachs and JPMorgan Chase.

Read the full article about HSBC’s interest in Saudi Arabia.

ii. Australian Investment Bank Barrenjoey Opens its First Overseas Office in Abu Dhabi

Australian investment bank Barrenjoey opened its first overseas office in Abu Dhabi, offering fixed-income sales and trading services. This expansion enables it to provide extended coverage during European and US trading hours. The firm has gained prominence in equity block trading and merger transactions. Abu Dhabi has attracted numerous financial firms and wealthy individuals due to its thriving financial environment, with significant growth in assets under management. Barrenjoey’s ownership is split between its staff, Barclays, and Magellan Financial Group.

Read the full article about Barrenjoey’s Abu Dhabi office.

3. Business Moves

i. HSBC to Launch Three Wealth Centres in Singapore, Joining Industry Peers

HSBC will establish three wealth centres in Singapore by early 2025 in the Central Business District (CBD) and the eastern and western regions. The initiative is part of HSBC’s strategy to enhance its investment in Singapore, and it will increase its client-facing roles by over a third by 2028. The first centre will open in the CBD in June, followed by the other two over the next year. This move aligns with similar strategies by other banks, such as Citibank, Standard Chartered, and OCBC, which have also opened wealth centres to cater to affluent clients.

Read the full article about HSBC’s wealth banking plans.

ii. China’s Tiger Brokers targets Singapore’s Rich for growth expansion

China’s Tiger Brokers, or Up Fintech Holding, announced plans to double its revenue in Singapore within one to two years. The firm aims to target clients including high-net-worth (HNW) individuals, family offices and hedge funds. Singapore is now its largest market for client assets and revenue, serving as its global headquarters. The firm plans to enhance its offerings to cater to both retail and institutional investors and some headcount growth is expected.

Read the full article about Tiger Broker’s plans for Singapore.

iii. Tether Buys US$100m Stake in Bitcoin Miner Bitdeer

Tether Holdings bought a US$100 million stake in Bitdeer Technologies Group, with an option to purchase an additional US$50 million shares within a year. Bitdeer is a US-listed Bitcoin mining company owned by Chinese billionaire Jihan Wu. The subscription agreement involved a private placement of 18.6 million Class A ordinary shares, which raised US$100 million in proceeds. The funds will be used to expand Bitdeer’s data centre operations, develop crypto mining equipment, and for other corporate purposes. This investment supports Tether’s plan to become a major Bitcoin miner, building on its ongoing projects in Uruguay, Paraguay, and El Salvador.

Read the full article about Tether’s stake in Bitdeer.

4. People Moves: BOS, Nomura, Barclays PB, CIMB, Morgan Stanley and UBS

BOS: The Bank of Singapore (BOS) hired 30-year veteran Owi S. Ruivivar as its chief portfolio strategist. This new role will enable BOS to develop a comprehensive multi-asset allocation framework for clients’ long-term investment portfolios. Ruivivar joins from GIC, where she was managing director. She will be part of BOS’s investment committee. Previously, Ruivivar led thematic research and future markets investments at GIC and managed over US$60 billion in assets at Goldman Sachs Asset Management.

Nomura: RIG Karkhanis, head of global markets at Nomura Holdings, is returning to Singapore along with chief operating officer Aleem Jivraj. The move came after his short stint in London, where he revamped the business and oversaw the hiring of over 400 people, the largest recruitment drive ever for the division. The hiring is aimed at diversifying and stabilising earnings. It includes several key leadership hires for the company’s business resource management, flow rates in EMEA, and global forex option trading teams.

Barclays PB: Barclays Private Bank Singapore hired Ren Yi Sng as a Senior Private Banker. Sng joins Barclays after a 19-year tenure at JP Morgan Investment Bank, where he most recently served as Head of Private Client Advisory Asia. In his previous role, he managed relationships with family-owned corporates and provided investment banking solutions. This strategic hire is part of Barclays’ efforts to enhance its services for Asia’s Ultra High Net Worth clients.

CIMB: CIMB Group Holdings Bhd, Malaysia’s second-largest bank by assets, appointed Novan Amirudin as its new group CEO, effective July 1. He succeeds Dato’ Abdul Rahman Ahmad, who will step down on June 30 to become president and group CEO of Permodalan Nasional Bhd. Novan, currently Co-CEO of Group Wholesale Banking and CEO of CIMB Investment Bank, has led key transformations in wholesale banking and the group’s re-entry into public equities. He has over 20 years of banking and advisory experience and previously worked at J.P. Morgan and PwC. Concurrently, Gurdip Singh Sidhu has been appointed CEO of CIMB Malaysia and CIMB Bank.

Morgan Stanley: Morgan Stanley strengthened its private wealth management business in Asia with two senior hires from its rivals in Hong Kong. Edwin Lim, formerly from HSBC Holdings, will join as the managing director and sales manager. Meanwhile, Terence Yu joins from UBS Group and will serve as the co-chief investment officer and head of the discretionary fixed-income business. Over the past year, Morgan Stanley has also hired six other seasoned relationship managers as part of its broader strategy of enhancing its wealth management operations, which generated significant revenue in the first quarter.

UBS: UBS announced a reorganisation of its executive board, which includes splitting the top wealth management role and naming new heads for its investment bank. Rob Karofsky will head the Americas and co-lead global wealth management with Iqbal Khan, who will oversee the APAC region from September 1. These changes position both Karofsky and Khan as potential successors to CEO Sergio Ermotti by early 2027. George Athanasopoulos and Marco Valla will also serve as co-presidents of the investment bank, effective July 1. The reshuffle coincides with UBS’s integration of Credit Suisse. Former Credit Suisse CEO Ulrich Koerner will retire later this year. Damian Vogel will replace Christian Bluhm as risk officer, and Naureen Hassan, president of UBS Americas, will step down on July 1.

Read the full article about BOS’s new chief portfolio strategist.

Read the full article about the return of Nomura’s head of markets.

Read the full article about CIMB’s two CEO promotions.

Read the full article about Morgan Stanley’s wealth management senior hires.

Read the full article about UBS’s executive reshuffle.

Investment, PE & VC News

1. Market Sentiments

i. Singapore and ASEAN Gain from Investment Inflows as Supply Chain Shifts

Singapore and five other ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) have seen increased foreign direct investment (FDI). The trend comes as companies adopt a China-plus-one strategy to diversify supply chains. Last year, FDI inflows into these countries rose to US$236 billion. This is driven by contributions from the US, Japan, Europe, China, and Hong Kong, which were attracted by strong domestic reforms and improving macroeconomic fundamentals. Most investments went into manufacturing, financial and insurance, transportation, construction, and wholesale sectors.

China’s FDI in ASEAN, which declined during the pandemic, has rebounded and shifted towards electronics, resources, and food industries. Singapore, in particular, has benefitted as a major recipient of FDI due to its status as a financial hub and strong synergies in the manufacturing, real estate and services sectors. Indonesia has also seen increased Chinese investments, especially in manufacturing. Meanwhile, Vietnam is seeing foreign interest shift from textiles, and Thailand is drawing investments in electric vehicles, printed circuit boards and consumer durables.

Economists suggest that while Vietnam will remain a strong beneficiary, Thailand may see limited benefits confined to low-value-added sectors. Investment opportunities in India include electronics, autos, solar energy, pharmaceuticals, and defence sectors. In Thailand, opportunities are seen in the electronics and automotive sectors, while in Indonesia, metals and mining are highlighted.

Read the full article about investment inflows into ASEAN.

ii. Hedge Fund Billionaire Dalio and Veteran Mark Mobius Bullish on China

Ray Dalio, the billionaire founder of Bridgewater Associates, highlights the potential of the Chinese market, with the attractive prices of Chinese assets and benefits for portfolio diversification. At the Greenwich Economic Forum in Hong Kong, Dalio acknowledged investor concerns about potential penalties from their governments and China’s economic issues but argued that the benefits of investing in the world’s second-largest economy outweigh these risks. Veteran investors like Mark Mobius have also become optimistic about China’s market recovery following recent government measures to support the real estate sector.

Read the full paid article about Ray Dalio’s analysis of the Chinese market.

iii. Global Investments in Solar Power Surpass Other Energy Forms: IEA

Global ivestments in solar power is found to surpass that of all other electricity sources combined, as identified in a report by the International Energy Agency (IEA). Investments of half a trillion dollars is expected this year. Clean energy investments are projected to hit US$2 trillion in 2024, double the amount invested in fossil fuels, and the combined spending on renewables and grids exceeded fossil fuel investments for the first time in 2023. The growth in clean energy funding is driven by better supply chains and reduced costs. It covers solar, wind, electric vehicles, heat pumps, and nuclear power, with China leading in solar investments. The IEA highlighted this trend as a sign of strong momentum in the global transition to clean energy.

Read the full article about IEA’s global investment report.

2. Business Moves

i. Ex-Morgan Stanley Banker Sets Up Hong Kong Family Office

Former Morgan Stanley banker Ann Yu established a new family office, the Jadewell Family Office, in Hong Kong. The office is still pending its license from Hong Kong’s Securities and Futures Commission. Yu left Morgan Stanley in September 2023 after nearly two-and-a-half years of serving as an executive director and relationship manager for its private wealth management division. Her past experience also includes working at JP Morgan for nine years, UBS for over two years, and an earlier stint at Morgan Stanley for two years.

ii. SGX and Temasek’s Digital Assets Firm to Launch Funds Ecosystem As Early As June

Marketnode, a digital assets firm founded by Temasek and SGX, is set to launch its blockchain-based funds settlement platform, Fundnode, by mid-June. Developed in just 12 months, Fundnode will be commercially ready and integrated with a network of partners, including fund managers and financial distributors. Fundnode is one of two products developed by Marketnode, the other being Gateway, a platform for issuance, tokenisation, and asset servicing. The team is carefully considering its distribution partners to establish a global network that helps it leverage the global demand for Asian capital markets products from investors in Europe, Britain, and the United States.

Read the full article about Marketnode’s expansion plans.

3. People Moves: Amundi and BlackRock

Amundi: Amundi, a Paris-headquartered asset management firm, made two senior-level hires in Asia.

Marco Tang was named deputy CEO for Hong Kong and head of distribution for China and Hong Kong. Tang has close to 25 years of experience and previously worked at firms such as Ninety One, Neuberger Berman, and J.P. Morgan.
Jae-Geun Oh, who has over 13 years of experience working with Korean clients, was appointed head of institutional business in Korea. He previously held positions at Goldman Sachs Asset Management, NNIP, APS Asset Management, Dimensional Fund Advisors, KB Asset Management and DWS.

BlackRock: BlackRock appointed Yik Ley Chan to lead its private credit efforts in Southeast Asia (SEA), effective July 2024. Chan will be based in Singapore and brings 16 years of experience, including 13 years in structuring private credit and financing solutions. Previously, he was the Asia head of private credit at Jefferies and a senior structurer at Credit Suisse. The appointment aims to tap into the growing investor demand for private credit, a sector that has seen significant growth amid non-bank lending expansion.

Legal News

1. People Moves: RPC, Shihui and ByteDance

RPC: UK law firm RPC strengthened its M&A capabilities in Singapore with the addition of Kiat Wee Lau from Quahe Woo & Palmer (QWP). Lau joins RPC’s corporate practice, which was established in July 2023 with the addition of QWP’s Kenneth Leong as its practice head. Lau specialises in M&A, and focuses on financial regulation, funds, and Variable Capital Companies (VCC) formation. He clients span across APAC and include industry leaders like Tencent Holdings, JTC Corporation, Nestle, City Developments Limited, Bain Capital, Petronas, Morgan Stanley Infrastructure, and Blackstone Group. RPC now has nine partners in Singapore.

Shihui: Shihui Partners strengthened its Shanghai office by hiring King & Wood Mallesons and Haiwen & Partners’ disputes resolution expert Wang Huikai as a partner. Wang specialises in civil and commercial dispute resolution, distressed asset recovery and disposal, and bankruptcy reorganisation. He has experience in criminal and administrative dispute resolution within sectors like banking, finance, corporate, securities, foreign investment, and debt restructuring. This marks the firm’s latest partner-level hire this year.

ByteDance: ByteDance hired former Warner Bros legal chief John Rogovin as its new global general counsel, succeeding Erich Andersen who has moved to a special counsel role. Rogovin will manage legal matters for ByteDance’s subsidiary, TikTok. He previously served as executive vice president and general counsel at Warner Bros and WarnerMedia until their merger with Discovery in 2022. During his tenure, he advised on matters including intellectual property (IP), litigation, privacy, compliance, regulatory enforcement and M&A. He has served as a partner for O’Melveny and worked for the US government, including roles at the Department of Justice and the Federal Communications Commission.

Read the full article about RPC’s corporate practice partner.

Read the full article about Shihui’s disputes partner in Shanghai.

Read the full article about ByteDance’s global GC.

2. Business Moves: Zhuojian, DOCVIT and China Commercial

Zhuojian: Shenzhen-based Zhuo Jian Law Firm opened a new office in Tokyo. Led by director Yin Xiuzhong, the Tokyo team comprises members with overseas study and work experience in Japan and bilingual skills.

DOCVIT: Beijing-headquartered DOCVIT Law Firm opened its 10th global branch in Hong Kong. The Hong Kong office will handle various practice areas, including cross-border litigation, restructuring and enforcement, family trusts, bond funds, M&As, and overseas listings. The move reflects the growing trend of mainland Chinese law firms establishing a presence in Hong Kong’s legal market.

China Commercial: Shenzhen-headquartered China Commercial Law Firm opened its 50th global branch in Chongqing. The office is led by Zhang Lei and comprises 18 lawyers, including five partners. It will focus on various practice areas, including governmental and state-owned enterprises, finance and securities, investment, financing M&As, criminal defense, real estate, commercial dispute resolution, non-performing asset disposal, international finance and trade, digital economy, compliance, new energy, and biopharmaceuticals.

Read the full article about Zhuojian’s Tokyo office.

Read the full article about DOCVIT’s Hong Kong office.

Read the full article about China Commercial’s Chongqing office.

Healthcare & Life Sciences News

1. Deals

i. Rapport Plans for $122m IPO to Fund Epilepsy Trial

Rapport Therapeutics, established in March 2023 by Third Rock and Johnson & Johnson Innovation (JJDC), initially secured $100 million in funding and assets from J&J’s clinical-stage epilepsy project. Five months later, it raised an additional $150 million from new and existing investors, including Third Rock Ventures, ARCH Venture Partners, and JJDC. The company focuses on advancing research by molecular neuroscientist David Bredt, who previously led neuroscience research at Eli Lilly and J&J. Now, Rapport plans a $122 million IPO on Nasdaq, offering 8 million shares priced between $16 and $18 each.

At a mid-range price of $17, the net proceeds could reach $136 million, with underwriters having the option to purchase an additional 1.2 million shares. The estimated net proceeds are $122 million, potentially rising to $141.1 million if underwriters opt in. The stock will trade under the symbol RAPP. Additionally, the company expects to raise $16.7 million through a private placement with existing stockholders. Despite the mixed results of biotech IPOs earlier this year, Rapport is moving forward, becoming the first company in a minor resurgence of summer IPOs. Following Rapport, Actuate Therapeutics announced its plans for a summer IPO as well.

Read the full article about Rapport Therapeutics’s $122m IPO.

Read the Chinese article about Rapport Therapeutics’ planned IPO.

ii. Top VCs and NVIDIA Invest in Vilya, a Biotech Spinout from Seattle’s IPD

Vilya, Inc., a biotechnology firm focused on creating a new class of medicines that precisely target disease biology, announced an expanded $71 million Series A financing. This funding round was led by ARCH Venture Partners and included significant contributions from prominent biotech venture capital firms like NVIDIA’s NVentures, Menlo Ventures, Madrona, Lifeforce Capital, and Altitude Life Science Ventures. Unlike the investment frenzy of 2023, Nvidia has slowed its investments in AI pharmaceutical companies this year, with Vilya being the second such investment after Relation Therapeutics. The investment will enhance Vilya’s generative AI platform to design, synthesise, and develop diverse macrocycles and broaden the targets they can address.

Read the full article about Vilya’s expanded Series A funding.

Read the full Chinese article about Vilya’s expanded Series A funding.

iii. BD to Buy Edwards Lifesciences’ Critical Care Group for $4.2b

Becton, Dickinson and Company (BD) has agreed to purchase the Critical Care product group from Edwards Lifesciences for $4.2 billion in cash. The Critical Care unit will remain based in Irvine, California, and will be led by Katie Szyman, current corporate vice president of Critical Care at Edwards. The transaction is expected to close by the end of the year, pending customary regulatory approvals. Edwards Lifesciences plans to use the after-tax proceeds from the sale for strategic investments in areas like technologies for treating aortic, mitral, tricuspid, and pulmonic conditions, and new therapeutic areas for interventional heart failure. This sale marks a shift from Edwards’ earlier plan to spin off the business, aligning with their focus on structural heart disease.

Read the full article about BD’s acquisition of Edwards’ Critical Care group.

Read the full Chinese article about BD’s acquisition of Edwards’ Critical Care group.

2. Stem Cell Industry Club Launched in Hainan, Led by Pioneer of China’s First Stem Cell Drug

The Stem Cell Industry Club (translated) was established in Hainan, with Academician Zhao Chunhua as its first president. Zhao is a prominent scientist in the Chinese stem cell research and industry, having led the development of China’s first stem cell drug and successfully transferred its technology towards NDA approval. Despite regulatory challenges, he advanced stem cell therapies and contributed to new regulatory frameworks and clinical standards. The establishment of the Stem Cell Industry Club and Zhao’s technological advancements indicate a promising future for stem cell therapy and biopharmaceutical innovation in China.

Read the full Chinese article about the Stem Cell Industry Society.

3. Akeso and Summit’s Keytruda Victory Sparks Major Interest at ASCO

A bispecific antibody from China, ivonescimab, has reportedly outperformed Merck’s PD-1 inhibitor Keytruda in a phase 3 trial for non-small cell lung cancer (NSCLC). Developed by Chinese biotech Akeso and licensed to Summit Therapeutics in the U.S., ivonescimab showed superior progression-free survival (PFS) in the China-only HARMONi-2 trial. This marks the first time a drug has surpassed Keytruda in a direct phase 3 NSCLC trial. Summit CEO Bob Duggan heralded this as a potential paradigm shift in cancer treatment. The outcome has sparked interest and discussions within the oncology community following its announcement in the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting.

Read the full article about Akeso’s Ivonescimab.

Luxury & Retail News

1. Deals

i. Authentic Brands Group to Buy Champion for US$1.2b

HanesBrands is selling its Champion brand to Authentic Brands Group for US$1.2 billion, with the deal potentially reaching US$1.5 billion if performance targets are met. The acquisition aims to bolster Authentic’s position in sports, lifestyle, and entertainment, increasing its annual retail sales to over $32 billion globally. Authentic plans to manage Champion similarly to Reebok, leveraging its platform to convert Champion into a licensed model while maintaining its global presence. HanesBrands is selling Champion to focus on its innerwear business, which includes brands like Hanes, Bonds, Maidenform, and Bali. The deal is expected to close in the second half of 2024, subject to regulatory approval.

Read the full article about Authentic Brands Group’s acquisition of Champion.

ii. Estée Lauder Completes Buyout of DECIEM, Famed for The Ordinary

The Estée Lauder Companies (ELC) finalised its acquisition of DECIEM Beauty Group, a Canadian multi-brand company, for an investment of approximately $1.7 billion. DECIEM, known for its flagship brand, The Ordinary, has a solid following among millennials and Gen Z. The brand ranks highly in prestige skincare markets in Canada, the US, France, Germany, and the UK. The Ordinary, now one of ELC’s scaling brands, has achieved significant global expansion with the support of ELC’s international expertise, entering markets like India, the Middle East, and South Africa. The company continues to be led by Kilner and Jesper Rasmussen, global senior vice president and general manager.

Read the full article about Estée Lauder’s acquisition of DECIEM.

iii. Kering Beauty Becomes Fragrance Brand Matière Première’s Minority Shareholder

French fragrance brand Matière Première welcomed Kering Beauty as a minority shareholder. The move marks Kering Beauty’s first venture since its establishment in early 2023. Kering Beauty manages fragrances for brands such as Bottega Veneta, Balenciaga, and Creed. The new investment is aimed at helping Matière Première accelerate its international expansion in retail and e-commerce. The brand plans to open standalone boutiques in major markets, including France, Germany, the UK, the US, the Middle East, and China.

Read the full article about Kering’s investment in Matiere Premiere.

2. Business Moves

i. Mugler Launches its First Mono-Brand Store in China

Mugler launched its first store in China at Shanghai’s Réel shopping mall on Nanjing West Road. This store, designed by architect Sophie Hicks and Mugler’s Creative Director Casey Cadwallader, is the brand’s only mono-brand store worldwide. It features both ready-to-wear and fragrance collections, including the Spring/Summer 2024 line and signature perfumes like Angel and Alien.

Read the full article about Mugler’s first store in China.

ii. Massimo Dutti Launches Flagship Store on JD.com

JD.com, China’s largest retailer, formed a strategic partnership with Spanish fashion retail group Inditex, which includes brands like Zara and Massimo Dutti. This partnership introduces a new flagship store for Massimo Dutti on JD.com’s marketplace, offering nearly 1,000 products, including exclusive items for JD customers. The launch aligns with Inditex’s strategy to engage China’s digital consumer base and will feature prominently in JD’s 618 grand promotion, China’s largest mid-year shopping festival.

Read the full article about Massimo Dutti’s store on JD.com.

iii. Zara to Take Successful Live Shopping Format in China to Western Markets

Zara plans to expand its successful live shopping broadcasts from China to Britain, Europe, and the US in 2024. The fashion brand will introduce five-hour-long live shopping shows, a popular format in China, to engage Western shoppers. These shows will be broadcast on Zara’s app and website rather than on social media platforms. Zara’s Chinese broadcasts on Douyin have significantly boosted sales, with the brand selling out of most sizes in 50% more products than last year. This move is part of Zara’s strategy to sustain sales growth post-pandemic and to connect with customers despite reducing its physical presence in China. Other brands, like Asos, Puma and L’Oreal, are also experimenting with live shopping on platforms like TikTok Shop in the UK. Meanwhile, AliExpress also debuted a UK live-stream show named It Girls in March, featuring influencers such as Olivia Attwood.

Read the full article about Zara’s live shopping plans for Europe and the US.

3. People Moves: Amore Pacific, Anta Sports, Chanel, PVH, Anine Bing and Hästens

Amore Pacific: Amorepacific initiated a major leadership restructuring by appointing new CEOs for its regional subsidiaries in China, North America, and Japan. The leadership changes include:

China: Park Tae-ho, the head of the business planning division, is now leading the China business. Park, who joined Amorepacific in 2000, is known for his expertise in the cosmetics industry and organisational management.
North America: Giovanni Valentini has been appointed CEO of the North American subsidiary. Valentini previously served at Unilever and L’Oreal and has a track record of successfully managing brands in Europe and the U.S.
Japan: Na Jeong-gyun, the former CEO of North America RHQ and a long-time Amorepacific employee since 1998, is now in charge of the Japan operations.

The restructuring aims to address issues in the Chinese market and drive growth in North America and Japan. The new leadership is expected to bring innovative strategies and enhance the company’s international presence, ultimately improving profitability and market position.

Anta Sports: Anta Sports named its current Vice President of Retail Operations, Zhao Guangxun, as President of Maia Active, a yoga apparel brand. Anta acquired a 75.13% stake in Maia last October. Maia Active, founded in 2016 in Shanghai, designs sportswear for Asian women and has received investments from Sequoia Capital, China Media Capital, China Growth Capital, and Belle International.

Chanel: Virginie Viard, who succeeded Karl Lagerfeld as Chanel’s artistic director, is leaving the fashion house. Chanel has yet to announce her replacement. Viard, who worked with Lagerfeld for over two decades, took over after his death in 2019. Chanel praised her for renewing the brand’s codes while honouring its heritage. During her five-year tenure, Chanel’s sales rose significantly by 14.6%.

PVH: PVH, owner of Tommy Hilfiger and Calvin Klein, announced the departure of Martijn Hagman, CEO of Tommy Hilfiger Global and PVH Europe. Tommy Hilfiger president Lea Rytz Goldman will take on the global role of Tommy Hilfiger. Meanwhile, chief supply chain officer David Savman will become interim CEO of PVH Europe. Concurrently, Calvin Klein appointed indie designer Veronica Leoni as its new Creative Director of Collection, marking a significant return to the runway for the iconic brand. Leoni, a 2023 LVMH Prize finalist and founder of the label Quira, brings experience from prestigious brands like Jil Sander, Céline, Moncler, and The Row. Calvin Klein has not had a live runway show since parting ways with Raf Simons in 2018. Leoni’s appointment is seen as a strategic move to revitalise the brand. Her debut collection will launch in Fall 2025, potentially featuring a runway show in February 2025 in New York.

Anine Bing: Julie Bourgeois has been appointed as the global president of Anine Bing. Bourgeois will lead the company’s growth, focusing on its international position and key revenue channels, including wholesale, retail, and e-commerce. She will also work on innovative brand marketing and omnichannel strategies. Based in Paris, she will help build the Anine Bing team in Europe, with a new Paris office opening this month, following a new NYC office opened in May 2024. Bourgeois brings extensive experience from high-profile roles at LVMH, Richemont, Four Seasons, Nespressor, Khaite and Jacadi.

Hästens: David Lee Hatchard, a former Apple executive, has been appointed the chief design officer at luxury mattress and bedding manufacturer Hästens, starting June 1. Hatchard brings over two decades of experience in international real estate development and brand management and previously oversaw the design and construction of Apple’s flagship stores in APAC and EMEIA. In his new role, he will lead Hästens’ global retail design and contribute to initiatives like Sleep Spa experiences and enhanced customer journeys.

Read the full article about Maia Active’s new president.

Read the full article about the departure of Karl Lagerfield’s successor.

Read the full article about PVH’s executive reshuffles.

Read the full article about Calvin Klein’s new creative director.

Read the full article about Anine Bing’s first global brand president.

Read the full article about Hästens’s chief design officer from Apple.

Tech & Semiconductor Industry News

1. Market: Nvidia Surpasses Apple as 2nd Most Valuable Company, Short Bets at $34b

Nvidia’s valuation soared to a record high, surpassing the US$3 trillion mark and overtaking Apple to become the world’s second most valuable company. This surge is driven by Nvidia’s dominance in AI chip production, as companies like Microsoft, Meta, and Alphabet rush to enhance their AI capabilities. The company’s stock has surged 147% in 2024, driven by strong demand for its processors and a positive revenue forecast. This growth has outpaced even its impressive stock gains, with Nvidia now trading at 39 times expected earnings, compared to over 70 times a year ago. Short bets against Nvidia total about $34 billion, nearly double the combined short bets against Apple and Tesla. This figure represents just 1% of Nvidia’s market value, despite its stock soaring 143% in 2024 due to high demand for its AI processors.

Read the full article about Nvidia’s spike in valuation.

Read the full article about the short bets against Nvidia.

2. Business Moves

i. NXP and TSMC-Backed Vanguard to Build $10.5b Singapore Chip Plant

NXP Semiconductors and TSMC-backed Vanguard International Semiconductor Corp are jointly investing US$7.8 billion to build a wafer chip plant in Singapore. Vanguard will own 60% of the venture, with NXP holding the remaining 40%. Construction starts in the second half of 2024, aiming for production in 2027. This move aligns with global tech firms diversifying manufacturing locations to mitigate geopolitical risks. The new facility will produce 12-inch silicon wafers for 130-nanometre to 40-nanometre chips used in automotive, industrial, consumer, and mobile products. The plant will create 1,500 jobs, enhancing Singapore’s tech sector amidst regional competition from countries like Vietnam, Thailand, and Malaysia. Other chipmakers like United Microelectronics, GlobalFoundries, Micron Technology, and Infineon Technologies also have a presence in Singapore, with Vanguard and NXP joining them in expanding operations in the city-state.

Read the full article about Vanguard’s Singapore chip plant.

ii. AI Startup Cohere Attracts Nvidia and Top VCs, Raising $450m

Canadian AI startup Cohere has raised $450 million from returning investors like Nvidia and Salesforce Ventures, along with new investors like Cisco and PSP Investments. This is the first part of Cohere’s ongoing fundraising, with the company aiming to secure more funds at a $5 billion valuation. The company’s valuation has jumped from $2.2 billion in its last funding round. The company competes with OpenAI, Anthropic, and Mistral in the AI sector. One of the most high-profile startups, Cohere benefits from Canada’s plan to invest C$2.4 billion in AI research and has avoided exclusive cloud provider deals. Despite a slowdown in early-stage AI funding, Cohere continues to show revenue growth, essential for attracting more capital.

Read the full article about Cohere’s fundraising.

3. People Moves: AEM and Alphabet

AEM: AEM Holdings CEO Chandran Nair is set to resign on June 30, 2024, to pursue personal interests. Amy Leong, who previously served as the senior vice president and chief commercial officer at FormFactor, has been appointed as deputy CEO and will take over as CEO on July 1, 2024.

Alphabet: Alphabet hired Eli Lilly’s CFO, Anat Ashkenazi, as its new CFO. She will succeed Ruth Porat, who will transition to the role of investment chief. This change occurred as Alphabet invested heavily in AI to compete with Microsoft and capitalise on AI as the tech industry’s next growth driver. Ashkenazi previously played a significant role at Lilly, where she oversaw the launch of successful treatments like Mounjaro and Zepbound, enabling the company to become the world’s most valuable healthcare firm.

Read the full article about AEM’s leadership transition.

Read the full article about Alphabet’s CFO from Lilly.

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