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.
HONG KONG, China — Gucci and its parent company have apologised after drawing heavy criticism for warning some Hong Kong shops not to sell paper offerings for the deceased that resembled the fashion brand's luxury products.
The brand and its Paris-based owner, Kering, also said in a statement Friday that they regretted any misunderstanding from the letters, which were sent to six shops last month.
It added that "Kering and Gucci would like to reiterate their utmost respect with regards to the funeral context."
In Hong Kong and some other parts of Asia, people burn paper offerings at funerals and during grave-sweeping festivals for deceased relatives to "use" in the afterlife.
Specialty shops offer a diverse array of paper offerings, including "hell money," mansions, iPhones, cars, cigarettes and designer handbags.
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.