Business Strategy - Estée Lauder is launching a digital push to reverse a yearslong sales slump [1] - The company was late to embrace online retail [1] Leadership - The digital push is happening under the new CEO [1]

Group 1 - ENBO has officially launched its flagship store on JD.com, offering a wide range of products including popular models like Cliff Garden Shoes, Exploration Clogs, and Birkenstock Shoes, along with over 20 exclusive models for JD, providing consumers with rich choices and promotional offers [1][3] - The new summer collection features comfortable and stylish footwear, including the ENBO Birkenstock half-toe cork sandals designed for casual retro style, lightweight non-slip clogs with enhanced sports performance, and women's thick-soled clogs that are approximately 4.5 cm thick, ideal for summer outfits [3] - JD.com has seen significant growth in the fashion sector, with the number of leading footwear brands increasing by over 60% year-on-year and the number of third-party merchants growing by more than 200% since 2024, indicating a strong trend towards enhanced consumer shopping experiences and high-quality brand growth [5]

Investment Rating - The report indicates a positive investment outlook for the UK logistics market, with a total investment of £1.6 billion in Q1 2025, representing a 10% increase compared to the previous year [39]. Core Insights - Annual UK industrial capital growth accelerated to 5.23% in March 2025, up from 4.73% in February, while total returns rose to 10.40%, marking the first time above 10% since September 2022 [36]. - The UK vacancy rate stood at 7.3% at the end of Q1 2025, remaining stable quarter-on-quarter, with a notable demand for large warehouses contributing to this stability [39]. - Rental growth for UK industrial properties continued, with an annual growth rate of 5.4% in March 2025, slightly down from 5.5% in February [39]. Investment Market Summary - The total investment in the industrial and logistics sector reached £1.6 billion in Q1 2025, showing a 10% uplift from the previous year [39]. - US capital accounted for 33% of total investment in the sector last year, but has decreased to 27% in the current quarter due to market volatility [39]. - The report highlights a significant forward sale of a 390,000 sq ft warehouse in Avonmouth, Bristol, representing the largest forward funding deal of the year [39]. Occupier Market Summary - Take-up in Q1 2025 totaled 8.3 million sq ft for units over 50,000 sq ft, indicating a robust demand despite rising operating costs [39]. - The report notes that rental growth forecasts project an annual increase of 4.0% for 2025, with expectations of continued growth through 2026 and 2027 [39]. Development Summary - Approximately 20 million sq ft of new stock was completed in 2024, with 7.3 million sq ft expected to reach practical completion in 2025 [37]. - The report emphasizes the ongoing structural growth of the online retail market, which is driving demand for logistics space [39]. Market Commentary - The Global Supply Chain Pressure Index indicates that global supply chain pressures are in line with historic averages, despite rising shipping rates from the Far East to North Europe and the Mediterranean [39]. - Online retail penetration rates reached 26.0% in March, reflecting a significant increase and aligning with long-term pre-pandemic trends [39].