Révive has a new owner.

The ultra-luxury skincare line founded by Dr. Gregory Brown in 1997 has been acquired for an undisclosed amount by Chinese conglomerate S’Young Group, Révive’s chief executive Elana Drell-Szyfer confirmed in a social media post Thursday.

Révive sells skincare products like its $194 Moisturizing Night Renewal Cream and $775 Peau Magnifique Serum in retailers such as Space NK and Neiman Marcus. It also has a presence on Amazon’s dedicated luxury storefront.

The deal comes amid a flurry of activity in the beauty sector. Private equity firm TSG took a majority stake in influencer-founded in August; L Catterton acquired Latvian body care brand Stenders in September; while premium line Dr. Dennis Gross was acquired by Shiseido at the end of 2023.

Révive’s sale is the second disposal this year from private equity group Tengram Capital Partners’ beauty portfolio, after it sold HRB Brands, (a group that owned brands like the affordable hair care line Alberto VO5) to Italian personal care firm Sodalis Group.

Révive’s new owner, Jiangsu-based S’Young Group has been working to expand beyond its business as a local distribution and e-commerce partner for international brands through acquisitions.

In 2022, it purchased the premium French skincare line Evidens de Beauté, and made a minority investment in Pier Augé, another luxury French skincare line.

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US retail sales increased slightly more than expected in September, supporting views that the economy maintained a strong pace of growth in the third quarter.

Retail sales rose 0.4 percent last month after an unrevised 0.1 percent gain in August, the Commerce Department’s Census Bureau said on Thursday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise 0.3 percent.

Estimates ranged from no change to an increase of 0.8 percent.

Signs of the economy’s resilience likely will not discourage the Federal Reserve from cutting interest rates again next month, but will cement expectations for a smaller 25-basis-point reduction in borrowing costs.

The US central bank embarked last month on its easing cycle with an unusually large half-percentage-point cut in its policy rate, lowering it to the 4.75 percent -5.00 percent range, amid growing concerns about the labour market. The Fed hiked rates by 525 basis points in 2022 and 2023 to curb inflation.

Spending and the overall economy are being underpinned by solid income growth, ample savings as well as strong household balance sheets. Though labour market momentum has slowed, layoffs remain historically low, supporting wage gains.

“As we have long argued, consumer spending, net hiring, and payroll income have been locked in a resilient and self-reinforcing virtuous cycle throughout this expansion, supercharged by gains in household wealth and labour supply,” said Jonathan Millar, senior US economist at Barclays.

“Durable deterioration in consumer spending would require something to meaningfully undermine this cycle, such as increased precaution by consumers that lifts the saving rate or reluctance to hire by businesses, despite solid demand.”

Retail sales excluding automobiles, gasoline, building materials and food services increased 0.7 percent last month after an unrevised 0.3 percent rise in August. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

Growth estimates for the third quarter are around a 3.2 percent annualised rate. The economy grew at a 3.0 percent pace in the second quarter.

By Lucia Mutikani; Editing by Paul Simao and Chizu Nomiyama

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Swiss watch exports fell sharply in September as shipments to China dropped by half, putting more pressure on the European country’s struggling luxury sector.

Exports of Swiss timepieces and watch movements declined by 12.4 percent overall to about 1.9 billion Swiss francs ($2.2 billion) in value, with China’s imports down 50 percent, the Federation of the Swiss Watch Industry said in a statement Thursday.

The figures lay bare the challenging environment for Swiss watchmakers as consumers around the world cut back on pricey timepieces after a post-pandemic boom.

The downturn is being driven by weak sales to Asia with mainland China and Hong Kong accounting for two-thirds of the monthly decline in exports, the Federation said. Overall exports have fallen by 2.7 percent in the first nine months of 2024 compared with the same period the previous year.

Even expensive watches with wholesale prices above 3,000 francs showed marked declines during the month, with exports dropping 7.3 percent by value. Pricey watches had showed some resilience earlier this year while exports of more affordable models fell.

Large brands Rolex and Patek Philippe are still growing sales, said Jean-Philippe Bertschy, head of Swiss equity research at Vontobel. “If we exclude those brands, the decline in Swiss watch exports would be significantly more pronounced.”

The Federation and a group representing horology workers warned last month of a significant drop in demand that’s hurting Swiss watch brands and putting jobs at risk. They called on the Swiss National Bank to take steps to weaken the strong franc.

Some major brands are already using the government supported “short-time” work programme to furlough employees as orders drop. Sowind Group brands Girard-Perregaux and Ulysse Nardin have put about 15 percent of workers on furlough, the company’s chief executive officer told Bloomberg News.

Suppliers of components — such as watch cases, dials and bracelets — are struggling in particular, with companies taking extended summer holidays and putting staff on reduced work furloughs.

By Andy Hoffman

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Britain’s media regulator Ofcom said on Thursday it would detail what action it expected social media companies to take over illegal content on their platforms in December, saying it expected swift action or they would face consequences.

Ofcom, which is responsible for implementing the government’s Online Safety Bill, said the platforms would have three months to complete their own illegal harms risk assessments after the publication of its demands.

“The time for talk is over,” Ofcom’s chief executive Melanie Dawes said on Thursday. “From December, tech firms will be legally required to start taking action, meaning 2025 will be a pivotal year in creating a safer life online.”

She said the regulator had already seen positive changes, but expectations were going to be high.

“We’ll be coming down hard on those who fall short,” she said.

Ofcom said better protections had already been introduced by Meta, the owner of Instagram and Facebook, and Snapchat which have brought in changes to help prevent children being contacted by strangers.

Britain’s new online safety regime, which became law last year, requires social media companies to tackle the causes of harm, particularly for children, by making their services safer.

If companies do not comply with the new law, they could face significant fines and, in the most serious cases, their services could be blocked in Britain.

By Muvija M and Paul Sandle; Editing by Michael Holden

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