This year’s biggest winners may have been China’s uber-wealthy business leaders, who amassed an astonishing amount of wealth despite the global pandemic. Many of them have fashion to thank for part of their fortunes.
Billionaire Jack Ma's Alibaba Group paid about $800 million for a controlling stake in ChinaVision Media in 2014. The company later became known as Alibaba Pictures.
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.
China’s richest man said more Chinese companies are likely to join his Dalian Wanda Group Co. in becoming top FIFA sponsors and help the country’s chances to host the World Cup for the first time.
Spanish beauty and fragrance group Puig Brands SA shares rose after the company and its founding family raised €2.6 billion ($2.8 billion) in an initial public offering, in Europe’s biggest listing so far this year.
The former Public School and DKNY designer will launch the cap brand’s first apparel line.
Nordstrom shares rose 6 percent on the news, giving the company a market value of about $3.3 billion.
A double-digit decline was attributed to the brand’s distribution changes.
Spatch will debut on May 4 with a nine-piece collection of skin-perfecting products designed for professional and consumer use.
The Danish company, which makes more pieces of jewellery than any other in the world, said organic sales are projected to rise 8-10 percent this year.
Despite a brief uptick in sales, up 24 percent between 2021 and 2022, the brand’s growth has stalled.
The move comes as System owner Mike Obenson aims to turn what began as a bi-annual print title into a global media brand with a stronger digital offering.
