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.
"Despite Slowdown, the Cult of Luxury Grows in China" (Time)
"Hermès Says Not Affected by China's Corruption Crackdown" (Reuters)
"Jean-Marc Loubier of First Heritage Brands on Bridging East and West" (The Business of Fashion)
“In 2011, William and Victor Fung of Fung Group (owner of global sourcing giant Li & Fung) formed First Heritage Brands, a subsidiary of Fung Investments and Singapore-based investment firm Temasek, with the aim of investing in European luxury brands to develop their international potential, especially in China. Spearheaded by LVMH veteran Jean-Marc Loubier, First Heritage Brands acquired French shoemaker Robert Clergerie, as well as Delvaux, the oldest luxury leather goods manufacturer in the world, both in 2011.”
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"Alibaba to Launch U.S. E-Commerce Website" (Reuters)
"Anna Sui: Asia Through Western Eyes" (The New York Times)
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.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.