Category: 3. Business

When Tomokuni Tsuji became president and CEO of Sanrio in 2020, he made headlines as Japan’s youngest-ever chief executive of a listed company. The grandson of founder Shintaro Tsuji was just 31 when he took the helm and has since overseen a new chapter for the company behind Hello Kitty, one of Japan’s most beloved cultural exports.

Under Tsuji’s leadership, Sanrio has entered a new era. The company achieved record growth, becoming a trillion-yen enterprise in 2024 as Hello Kitty celebrated her 50th anniversary.

With theme parks, a robust licensing business and nearly 150 stores in Japan (not to mention a cast of more than 450 characters), Sanrio continues to expand its global footprint and deepen its connection with fans around the world.

Monocle spoke to the young CEO during his recent visit to London, where Sanrio is serving as a major sponsor of the Grand Sumo Tournament at the Royal Albert Hall.

Hello Kitty recently appeared in support of the Grand Sumo Tournament. Why was this collaboration an important moment for Sanrio?
Sanrio’s aim has always been to bring smiles to as many people as possible and this crossover of sport and Hello Kitty was sure to do so. Hello Kitty hails from London and King Charles wished her a happy birthday last year, which was a huge honour for us. We hoped that our involvement in the sumo tournament would excite people in the UK too. 

Under your leadership, Sanrio has seen strong growth. What have been the key adjustments and strategies driving that success?
Well, our success isn’t just down to me. It was achieved with the help of everyone around me. We’ve had a series of structural reforms within the company, which has helped to strengthen the organisation and refine our character strategy. We are starting to focus more on some of our other characters besides Hello Kitty, which, alongside a smart social-media strategy, is helping the brand to stay strong.

When you mention shifting focus to characters beyond Hello Kitty, which ones do you see resonating most strongly with global audiences?
While Hello Kitty will still be at the heart of what we do, our audience will be seeing more of our other characters such as My Melody, Kuromi and Cinnamoroll.

Hello Kitty currently makes up about 35 per cent of the company’s sales and we don’t want that to go down as the other designs become more popular. We want to increase the sales of all characters simultaneously.

Sanrio currently operates 150 stores in Japan. Where do you see the greatest opportunities for international retail growth and could that work beyond traditional shops?
The number of our shops in Asia is growing steadily, especially in China, and we would like to branch out into North American and European markets too. But we are also looking to create customer touch-points beyond traditional shops. Of course, bricks-and-mortar retail will always be part of our plan but we will also be focusing on location-based entertainment that will create real opportunities for customers to come into contact with the brand.

By James Glynn

  SYDNEY--Inflation pressures in New Zealand rose to their highest level since mid-2024 in the third quarter, curbing the central bank's ability to cut interest rates much further even as economic activity remains flat. 

  The consumer price index increased by 3.0% from year earlier, with the CPI up 1.0% over the quarter, Stats NZ said Monday. The annual increase followed a 2.7% annual rise in the prior quarter. 

  With inflation now back at the top of the Reserve Bank of New Zealand's 1% to 3% target band, the outlook for interest rates is more clouded. 

  The RBNZ delivered an emergency 50-basis-point cut in interest rates at the start of the month, reacting to a torrent of weak economic data that included a sharp contraction in economic growth in the second quarter. 

  Still, with inflation heating up, more cautious cuts are likely from here, according to economists. 

  The RBNZ has slashed interest rates hard over the last year, but the economy remains weak and unemployment is elevated. 

  The central bank has indicated that more cuts are coming. 

  Economic growth stalled in the second quarter, with national output contracting by 0.9% from the first quarter. Growth was flat in annual terms. 

  The largest contributors to the annual inflation rate in the third quarter were all in the housing and household utilities group, with electricity prices soaring by 11.3% and rents up 2.6%, the data showed. Local authority rates and payments were up 8.8%. 

  The annual increase in electricity prices was the largest since the first quarter of 1989 when they rose 12.8%. Still, the increase in rents was the smallest annual increase in over four years. 

  -Write to James Glynn at james.glynn@wsj.com 

  (END) Dow Jones Newswires

  October 19, 2025 18:32 ET (22:32 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

In total, the study included 267 patients who were randomly assigned to receive 3 vs 6 cycles of platinum-based chemotherapy followed by maintenance avelumab. Overall, 78% and 40% of patients completed all 3 and 6 cycles, respectively, of allocated treatment.

The average change in quality of life from baseline to cycle 6 was 0 (95% CI, -5.9 to 5.2) in the 3-cycle arm vs -8.5 (95% CI, -14.1 to -2.9) in the 6-cycle arm. The difference between groups was clinically significant, favoring the 3-cycle arm (95% CI, 0.7 to 16.3; P = .016).

Regarding efficacy, there was no significant difference between the 2 groups in terms of overall response rate (ORR). Specifically, the ORR was 24% in the 3-cycle arm vs 27% in the 6-cycle arm. Further, the median progression-free survival was 8.0 months (95% CI, 6.7 to 11.9) in the 3-cycle arm vs 9.0 months (95% CI, 6.9 to 12.7) in the 6-cycle arm. The median overall survival was 18.9 months in both arms (HR, 1.15; 95% CI, 0.72 to 1.86; P = .56).

Grade 3 to 4 treatment-related adverse events were reported in 11.9% of patients in the 3-cycle arm and 15.7% of patients in the 6-cycle arm.

REFERENCE

1. Grande E, Hussain SA, Duran MAC, et al. LBA109 – DISCUS: A phase II study comparing 3 vs 6 cycles of platinum-based chemotherapy prior to maintenance avelumab in advanced urothelial cancer. Presented at: 2025 European Society for Medical Oncology Congress. October 17-21, 2025. Berlin, Germany. LBA109

Paris and Clichy, France. October 19, 2025 – Kering and L’Oréal announced today that they are entering a long-term strategic partnership in luxury beauty and wellness. This binding agreement encompasses the acquisition of the House of Creed by L’Oréal, the beauty and fragrance licenses of iconic Houses of Kering and an exclusive venture to explore business opportunities in the field of wellness and longevity.  

 

Building on the success of Yves Saint Laurent Beauté, this alliance further consolidates the long history of collaboration of two global leaders with complementary strengths — iconic luxury brands of Kering and the world-class expertise of L’Oréal in beauty — to accelerate growth and unlock considerable value across high-potential categories.

 

Under the terms of this agreement, Kering has the right to sell Kering Beauté including the House of Creed to L’Oréal. A true heritage name in haute parfumerie, Creed stands among the leading high-end luxury fragrance Houses, celebrated for its craftsmanship and mastery of rare natural ingredients. As part of L’Oréal Luxe, Creed will be best positioned to accelerate even further its global development across both men’s and women’s markets.

 

The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current license with Coty, and respecting the Kering group’s obligations as per the existing license agreement. 

Kering will also grant L’Oréal 50-year exclusive licenses for the creation, development, and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction.

 

A strategic committee will be established to ensure coordination between Kering brands and L’Oréal and monitor the progress of our partnership.

 

The agreement, including the sale of Creed and the establishment of these 50-year licenses on these iconic Houses of Kering, is valued at €4 billion, payable in cash at closing, expected in the first half of 2026. L’Oréal will also pay royalties to Kering for the use of its licensed brands.

 

Beyond beauty, Kering and L’Oréal are joining forces to explore business opportunities at the intersection of luxury, wellness, and longevity. This exclusive partnership, in the form of a planned 50/50 joint venture, will craft cutting-edge experiences and services combining L’Oréal’s innovation capabilities with Kering’s deep understanding of luxury clients.

 

“This strategic alliance marks a decisive step for Kering,” declared Luca de Meo, CEO of Kering. “Joining forces with the global leader in beauty, we will accelerate the development of fragrance and cosmetics for our major Houses, allowing them to achieve scale in this category and unlock their immense long-term potential, as did Yves Saint Laurent Beauté under L’Oréal’s stewardship. Together, we will also venture into new frontiers of wellness, combining the unrivalled expertise of L’Oréal with our unique luxury reach. This partnership allows us to focus on what defines us best: the creative power and desirability of our Houses.”

 

“I am delighted to forge this long-term strategic alliance with one of the world’s most prestigious, creative and visionary luxury groups. This partnership will further solidify our position as the world’s #1 luxury beauty company and allow us to explore new avenues in wellness together.” said Nicolas Hieronimus, CEO L’Oréal Groupe. “The addition of these extraordinary brands perfectly complements our existing portfolio and significantly expands our reach into new, dynamic segments of luxury beauty. Through Creed, we will establish ourselves as one of the leading players in the fast-growing niche fragrance market. Gucci, Bottega Veneta and Balenciaga are all exceptional couture brands with enormous potential for growth.”

 

The agreement contains customary terms and conditions, including regulatory approvals. The agreement is also subject to Kering’s obligations under French employment law, with the right for Kering to sell Kering Beauté to L’Oréal and an exclusivity granted to L’Oréal.

 

About Kering

 

Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative Houses across couture and ready-to-wear, leather goods, jewelry, eyewear and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. Inspired by their creative heritage, Kering’s Houses design and craft exceptional products and experiences that reflect the Group’s commitment to excellence, sustainability and culture. This vision is expressed in our signature: Creativity is our Legacy. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion.

 

About L’Oréal Groupe

 

For 115 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.

With more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 Digital talents, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. 

 

 

Contacts Kering

Press

Emilie Gargatte       +33 (0)1 45 64 61 20       emilie.gargatte@kering.com 
Caroline Bruel       +33 (0)1 45 64 62 53       caroline.bruel-ext@kering.com  
    
Analysts/investors

Claire Roblet       +33 (0)1 45 64 61 49       claire.roblet@kering.com  
Aurélie Husson-Dumoutier        +33 (0)1 45 64 60 45       aurelie.husson-dumoutier@kering.com

 

 

Contacts L’Oréal

Individual shareholders

Pascale Guérin      +33 (0)1 49 64 18 89       pascale.guerin@loreal.com 
 

Financial analysts and institutional investors

Eva Quiroga       +33 (0)7 88 14 22 65       eva.quiroga@loreal.com 
 

Media

Brune Diricq       +33 (0)6 63 85 29 87       brune.diricq@loreal.com  
Arnaud Fraboul       +33 (0)6 40 13 62 14       arnaud.fraboul@loreal.com  

 

 

Patients treated with izalontamab brengitecan (iza-bren; BL-B01D1) had superior overall response rate (ORR) compared with chemotherapy in patients with recurrent or metastatic nasopharyngeal carcinoma (NPC), according to results from the BL-B01D1-301 study (NCT06118333) presented at the 2025 European Society for Medical Oncology (ESMO) Congress and published in The Lancet.^1,2

The ORR by blinded independent central review was 54.6% (95% CI, 45.2%–63.8%) with iza-bren vs 27.0% (95% CI, 19.1%–36.0%) with chemotherapy, with an odds ratio of 3.3 (95% CI, 1.9–5.8; P < .0001) showing it was significantly higher in this primary end point.¹

“This was the first randomized phase 3 study evaluating iza-bren in recurrent or metastatic NPC. Our study has met its primary end point for ORR, and we can see a clinically meaningful improvement in progression-free survival [PFS] and it has a management safety profile,” said Huaqiang Zhou, MD, of Sun Yat-sen University Cancer Center in Guangzhou, China, in his presentation.¹

Approximately 20% to 30% of patients with NPC have recurrent or distant metastases, and current treatment options have low response rates. Iza-bren is a potentially first-in-class topoisomerase 1 inhibitor-based EGFR and HER3 bispecific antibody-drug conjugate (ADC).

The multicenter, randomized, open-label, phase 3 BL-B01D1-301 trial was designed to investigate this agent in patients who had previously received at least 2 lines of systemic chemotherapy including at least 1 platinum-containing regimen and a PD-1 or PD-L1 inhibitor. The primary end points were ORR and overall survival (OS), with secondary end points including progression-free survival, duration of response (DOR), and safety.

Patients were enrolled in 55 hospitals in China. They were stratified by number of prior lines of platinum-based treatment, ECOG performance status of 0 vs 1, and presence/absence of liver metastases.

Of 522 patients who were screened, 386 were randomly assigned on a 1:1 basis with 191 receiving 2.5 mg/kg iza-bren on days 1 and 8 of a 3-week cycle with 195 receiving physician’s choice of chemotherapy.¹

The median age of patients was 50.0 in the treatment arm and 49.0 in the chemotherapy arm, with the majority being male in each arm (85.3% and 81.0%, respectively). The majority had ECOG performance status of 1 (75.9% in both arms). Over half of patients in both arms had received 2 prior lines of therapy with the rest having received at least 3 lines. The majority had received 2 prior lines of chemotherapy, with 48.2% of each arm having received 2 prior lines of platinum-based chemotherapy. Prior radiotherapy had been used in 89.5% of the experimental arm and 88.2% of the control arm.

Metastases were present at baseline in the liver, bones, and lungs in 47.6%, 49.2%, and 46.6% of the experimental arm and 48.7%, 46.7%, and 37.4% of the control arm.

Results were reported at median follow-up of 7.66 months for iza-bren and 7.10 months for chemotherapy. There was 1 complete response in the iza-bren arm and none in the control arm. The disease control rate was 82.4% with iza-bren vs 69.6% with chemotherapy. All subgroups favored iza-bren in this analysis.

The median DOR was 8.5 months for iza-bren vs 4.8 months for physician’s choice of chemotherapy (HR, 0.43; 95% CI, 0.22–0.83). The median PFS was 8.38 months with iza-bren vs 4.34 months for chemotherapy (HR, 0.44; 95% CI, 0.32–0.62), and this trend was consistent across subgroups. At this time, OS was not mature.

Treatment-related adverse events (TRAEs) of grade 3 or higher were reported in 79.9% of patients receiving iza-bren vs 61.6% of those receiving chemotherapy. Serious TRAEs occurred in 43.4% of patients in the iza-bren arm vs 27.0% in the chemotherapy arm, and 4 (2%) treatment-related deaths occurred in the iza-bren group. Dose reductions due to TRAEs were needed in 41.8% with iza-bren vs 24.3% with chemotherapy, and TRAEs leading to dose interruption occurred in 61.4% vs 18.4%, respectively. TRAEs led to treatment discontinuation in 2.6% vs 3.2%, respectively.

Hematological AEs were reported more frequently with iza-bren vs chemotherapy including anemia in 50% vs 10% and decreased platelet count in 43% vs 7%. Decreased white blood cell count occurred in 43% vs 44% and decreased neutrophil count occurred in 38% vs 41%, respectively. According to Zhou, these were well managed by standard supportive care. The majority of nonhematologic TRAEs were grade 1 or 2, and no new safety signals were identified.

Two cases of grade 2 interstitial lung disease (ILD) occurred in the experimental arm and 2 cases of grade 3 ILD occurred in the chemotherapy arm.

“Based on this trial, iza-bren represents a potential new standard of care for heavily pretreated patients with recurrent or metastatic NPC,” concluded Zhou.

REFERENCES:

1. Yang Y, Zhou H, Tang L, et al. Iza-bren (BL-B01D1), an EGFR×HER3 bispecific antibody-drug conjugate, versus physician’s choice of chemotherapy in heavily pretreated recurrent/metastatic nasopharyngeal carcinoma: a randomized, open-label, multicenter, phase III, pivotal study (BL-B01D1-303). Presented at: 2025 European Society for Medical Oncology Congress; October 17-21, 2025; Berlin, Germany. Abstract LBA35.

2. Yang Y, Zhou H, Tang L, et al. Izalontamab brengitecan, an EGFR and HER3 bispecific antibody–drug conjugate, versus chemotherapy in heavily pretreated recurrent or metastatic nasopharyngeal carcinoma: a multicentre, randomised, open-label, phase 3 study in China. Lancet. Published online October 19, 2025. doi:10.1016/S0140-6736(25)01954-3

In an interview with Citadel Securities on Tuesday, he warned that what harms China can often harm the U.S., and sometimes even in worse ways.

“Before we leap towards policies that are hurtful to other people, take a step back and maybe reflect on what are the policies that are helpful to America,” Huang said.

His words of caution come as Nvidia processors have become hot commodities in the AI race as well as political bargaining chips in the U.S.-China trade war.

Huang said he’d like the world to run on U.S. know-how, but noted about half the world’s AI researchers are in China.

“I think it’s a mistake to not have those researchers build AI on American technology,” he added.

Trying to strike a balance between his goal of maintaining U.S. tech supremacy along with access to China will require nuance rather than an all-or-nothing approach, Huang said. But that’s not the case now, as Nvidia is “100% out of China.”

“We went from 95% market share to 0%, and so I can’t imagine any policymaker thinking that that’s a good idea, that whatever policy we implemented caused America to lose one of the largest markets in the world,” he said.

He didn’t name names, or administrations. But the Biden administration imposed rules in 2022 to restrict the export of Nvidia’s most advanced AI chips to China, leading the company to design a processor that met the new limits.

In April, Nvidia said the Trump administration blocked the sale of some of its AI chips to China without licenses and would require them for future sales. Then in August, the administration granted export licenses for certain Nvidia and AMD chips to China in exchange for 15% of the revenues.

But Chinese regulators have reportedly told domestic tech companies not to buy Nvidia chips that were designed to meet U.S. export requirements.

Meanwhile, Beijing placed strict limits on exports of rare earths, a critical input for a wide range of advanced technologies, mimicking U.S. export rules on AI chips.

That prompted President Donald Trump to fire back with an additional 100% tariff on Chinese goods. Officials from both sides are due to resume talks this week, ahead of a planned meeting with Trump and his Chinese counterpart later this month.

For now, Huang told Citadel that all of Nvidia’s financial forecasts assume China will remain out of the picture.

“If anything happens in China, which I hope it will, it’ll be a bonus,” he said. “But it’s a large market. China is the second largest computer market in the world. It is a vibrant ecosystem. I think it’s a mistake for the United States to not participate. So hopefully we’ll continue to explain and inform and hold out hope for a change in policy.”

For September, retail sales, a key gauge of consumption, likely grew 3.0% on year, down from August’s 3.4% increase, the poll shows. Industrial production is estimated to have grown 5.3%, marginally above August’s 5.2%. Fixed-asset investment likely stayed flat in the first three quarters of the year, compared with a 0.5% rise through August. Property data due the same day are expected to show another weak month for the housing sector.

The People’s Bank of China will also announce the country’s benchmark lending rates on Monday, which are widely expected to remain unchanged.

Separately, China’s ruling communist elites are set to convene a meeting from Monday to Thursday to review the country’s 15th Five-Year Plan, mapping out key policy initiatives for the world’s second-largest economy for the rest of the decade. While detailed targets will be unveiled next March, economists at Morgan Stanley expect the focus to remain on “technological self-sufficiency, innovation and national security,” with limited market-moving surprises.

  Australia / New Zealand 

  In Australia, attention will be focused on further communication from the Reserve Bank of Australia. While senior officials have recently signaled more interest-rate cuts, they may start rowing back those comments after data showed unemployment jumped to its highest level since late 2021. 

  Even with inflation risks lingering, the rise in unemployment to 4.5% in September adds pressure on the RBA to keep lowering the official cash rate. The increase may reflect weaker government hiring and continued softness in the private sector, compounded by global trade uncertainty and China's tariff headwinds. 

  A speech by RBA Gov. Michele Bullock on Friday will be a key focus in an otherwise light data week. 

  In New Zealand, third-quarter inflation data on Monday will draw close attention. Policymakers appear increasingly attuned to signs of weakness, making further rate cuts all but certain. 

  Indonesia 

  Bank Indonesia is set to announce its policy decision on Wednesday and is widely expected to continue cutting interest rates to support growth. 

  UOB economist Enrico Tanuwidjaja thinks the easing cycle is not complete, but the end is near. He expects a 25-basis-point cut to 4.50% in October, followed by another reduction in the first quarter of 2026, with rates likely to remain steady through the year after that. 

  Malaysia 

  Malaysia's September inflation data is likely to show a small uptick in price pressures but not enough to move the needle for the central bank. 

  ANZ expects CPI to have edged up to 1.5% from 1.3% in August, driven by slightly higher utilities and transport costs. However, with the government reduction of fuel prices, transport inflation could ease in the coming months, ANZ said. 

  Overall, inflation is expected to stay subdued, supported by weak global commodity prices and moderating domestic demand. ANZ doesn't anticipate Bank Negara Malaysia to cut rates again soon unless growth weakens significantly. 

  South Korea 

  The Bank of Korea is expected to hold rates when the monetary policy board meets on Thursday, keeping policy settings unchanged for a third consecutive session. 

  Analysts have recently pushed back forecasts for the central bank to deliver a rate cut from October to November or later, citing continued financial stability risks tied to household debt and Seoul's overheated property market. Lower borrowing costs could further stoke mortgage lending, complicating the BOK's decision. 

  Goldman Sachs economists said the government's latest housing stabilization measures-tightening mortgage and property transaction rules-support the case for the BOK to hold rates in October while signaling a dovish bias for November. 

  The central bank may wait for home prices to stabilize before delivering another cut, Citigroup economist Jin-Wook Kim said. 

  Singapore 

  Singapore will release its September inflation data on Thursday. The central bank recently said core inflation, a measure excluding private road transport and accommodation, could bottom out soon and rise gradually in 2026. 

  Core inflation cooled to 0.3% on year in August from 0.5% in July. ANZ Research expects September to mark the low point of weak inflation, forecasting a 0.2% on-year rise in core prices and a 0.6% gain in headline inflation. 

  Any references to days are in local times. 

  Write to Jessica Fleetham at jessica.fleetham@wsj.com and Jihye Lee at jihye.lee@wsj.com 

  (END) Dow Jones Newswires

  October 19, 2025 17:14 ET (21:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.