The China Edit | Asian Catwalk Queens, Furla Accelerates Store Openings, Cute Gives Way to Cool, Animal Testing Complicates L’Oréal Expansion
The China Edit is a weekly curation of the most important fashion business news and analysis from and about the world’s largest luxury market.
“Liu Wen and the Rise of the Asian Catwalk Queens” (The Telegraph) “It is the first time an Asian model has appeared in the annual Forbes list — but then Liu Wen is used to firsts. The 25-year-old was the first Asian model hired as a face of Estée Lauder, and the first hired as a Victoria's Secret Angel. Her career is also notable because it highlights how much the fashion industry is responding to the spending power of China's luxury consumers.” “Furla Accelerates Opening of China Stores” (Financial Times) “Italian handbag retailer Furla is ramping up its opening of 100 boutiques in Greater China as it expects the country to be its largest market within the next five years. The strategy seeks to counter the global slowdown in sales of higher priced luxury goods by tapping a growing demand for accessible fashion brands in China. Furla’s push into China comes as female shoppers in established markets in the US and Europe are showing signs of becoming more cautious about spending €2,000 for a luxury handbag." “Amongst Chinese Girls, Cute Gives Way to Cool” (The Business of Fashion) “Young women born after 1990 are breaking with the “cute” style that pleased previous generations. While the women born in the 1980s lived in an environment of fast economic growth, combined with rigorous education standards, post-90s women are no longer guinea pigs in a new socioeconomic experiment. They still suffer from the pressures of schoolwork and market competition, but they have adopted more liberal and individualistic values, which can translate into more selective and anti-mainstream shopping habits.” “China Animal Testing Complicates L’Oréal’s Expansion” (Businessweek) “The Paris-based maker of shampoos and lipsticks this month agreed to pay $843 million for Chinese cosmetics face-mask maker Magic Holdings International Ltd. (1633), accelerating expansion into the world’s second-biggest economy, where it got about 6 percent of sales in 2012. While L’Oreal is barred by European Union rules from testing on animals within the EU, China’s government requires such trials for every new beauty product."