Adrian Cheng appointed co-chairman of Modern Media Group
By Tong Van
Hong Kong billionaire Adrian Cheng, the CEO and executive vice-chairman of New World Development (NWD), has been named as co-chairman of China’s largest fashion and luxury media corporation Modern Media Group.
Cheng will work with Modern Media to extend the development of Chinese contemporary art and identify new growth opportunities for the business in China and globally.
Founded in 1993, Modern Media acquired London-based ArtReview and ArtPower100 List in 2019. The company also owns the creative and cultural platform Nowness, and the exclusive Chinese intellectual property of media brands, such as Art News, InStyle and Ideat. Modern Media’s portfolio also includes Modern Weekly, the Bloomberg Chinese app and Metaverse assets including the virtual platform Meta City in partnership with Baidu.
“Modern Media’s progressive thinking, compelling content and creative people have made the company a trailblazer in China’s print, digital and now metaverse space,” Cheng said. “We share the same vision.
“We must constantly seek the ideal relationship between culture, art and business. This will be vital for our future to ensure we authentically communicate, resonate and engage with all our audiences.”
The high-profile grandson of Hong Kong business legend Cheng Yu-tung – the founder of NWD and jeweller Chow Tai Fook – created the world’s first ‘cultural-retail’ concept K11 in 2008, with the first mall opening in Kowloon the following year.
Last year, K11 Group unveiled a harbourfront cultural retail destination in Shenzhen dubbed K11 Ecoast, a flagship for its Mainland China expansion plan. The US$1.4 billion project, located in Prince Bay, is scheduled to open at the end of next year.
“Adrian is a retail visionary and business leader who constantly reimagines how commerce, community, art and innovation can intersect and positively impact societies,” said Thomas Shao, founder, chairman and CEO of Modern Media Group.
“He is redefining what Chinese culture means both domestically and internationally.”
Cheng was named chairman of the Mega Arts and Cultural Events Committee by the Hong Kong Government earlier this year to strengthen the city’s role as a cultural exchange hub.
Last year, Cheng made the top 10 Asia’s most influential list at Inside Retail Asia, a collection of the region’s changemakers, rulebreakers and innovators.
Farfetch CFO to step down by end 2023
By Anil Prabha
Luxury online retailer Farfetch has announced that Elliot Jordan will step down by the end of 2023, after serving for more than eight years as its CFO.
The company will initiate a search to identify his successor, and Jordan will serve as the company’s CFO for the remainder of the year.
“I have thoroughly enjoyed the last eight years as chief financial officer of Farfetch and couldn’t be more proud of all we’ve achieved in that time,” Jordan said in a statement.
He added that he is grateful for the experience of working with Jose Neves, Farfetch’s founder, CEO and chairman, and all the talented individuals in the company.
“Farfetch is at an exciting moment in its history with the business poised to achieve significant milestones in the next few years and I look forward to handing over a company with such a strong balance sheet and robust cash generation potential,” he concluded.
Leah Weckert named new CEO of Coles; Steven Cain to retire
By Rakshnna Pattabiraman
Leah Weckert has been appointed as Coles’ new MD and CEO, effective May 1.
Outgoing CEO Steven Cain has announced his retirement and will remain with the company for an interim period to facilitate an easy transition of executive responsibilities.
“I would like to thank the Coles board, team and our many partners for their support, insights and resilience – particularly during Covid, bushfires and floods. I would like to congratulate Leah on becoming my successor and I wish Coles continued success, and know that the best is yet to come,” said Cain.
Coles chairman James Graham thanked Cain for his service and said he played a vital role in leading the company through a challenging Covid period.
“Steven successfully steered the group through the demerger, developed and pursued a strategy which has seen it become one of the most trusted brands in Australia,” Graham said.
He added that Weckert’s appointment ensures the group is “well-positioned” to continue its long-term competitive and sustainable performance.
“Leah has an outstanding track record of leadership and driving change inside Coles across key operating areas of the business. I am confident that Leah will maintain the focus of Coles in driving our strategy, building trust with all stakeholders and growing long-term shareholder value.”
Weckert has been a senior member of the executive leadership team since the demerger of Coles from Wesfarmers in 2018.
She has also held several leading positions within the group including chief executive of commercial and express, CFO, people and culture director and state GM of Victorian supermarkets.
“I am very honoured to be appointed as the next CEO of Coles, which has been such an important part of Australian retailing for more than 100 years, and play a part in its ongoing contribution to the Australian community.”
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