The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
"Chow Tai Fook Jewellery Says to Buy US Diamond Jeweller for $150M" (Reuters)
"Hong Kong's Chow Tai Fook Jewellery Group Ltd said on Wednesday it has agreed to buy U.S.-based diamond jeweller Hearts on Fire Co for $150 million in a move to extend its high-end product range. Chow Tai Fook, the world's largest jewellery retailer by market value, said in a statement it will buy 100 percent of the supplier of bridal and fashion jewellery from co-founder Glenn Rothman and other investors."
"Ferragamo CEO Sees Improved Growth Outlook, Upbeat On China" (Reuters)
"Italian luxury leather goods maker Salvatore Ferragamo expects group results to improve in the second half of 2014 from the first six months on the back of strong demand in China and in global travel retail, its chief executive said on Sunday."
"Tough Times for Luxury Retail in China" (CNBC)
"Earlier this year, a study by real-estate firm Knight Frank showed that a number of luxury brands missed their targets for store openings in China last year because of the anti-corruption fight and slowing growth. China's economy grew 7.4 percent on year in the first quarter of 2014, slowing from 7.7 percent in the last three months of 2013."
"UK Moves to Streamline Tourist Visas for Chinese" (The Financial Times)
"Under pressure from Beijing to simplify its visa system, Britain has announced that Chinese tourists will be able to use the same website to apply for a British and a Schengen visa, which allows travel to almost all other EU countries."
"Scotch & Soda Expanding in Asia" (Women's Wear Daily)
"Scotch & Soda is embarking on an Asian expansion drive with distribution partner ImagineX Group. The Amsterdam-based brand is preparing to open two stores in Hong Kong. This month the label will open a store in Harbor City, Kowloon."
Chinese e-commerce giants Alibaba and JD.com have faced increasing competition in recent years from low-cost platforms, such as PDD Holding’s Pinduoduo and ByteDance-owned Douyin.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.