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.
"No Price Like Home: Big Spenders Reappear in China" (Reuters)
"China's wealthiest shoppers are spending at home again, roused from a three-year slumber by a weaker yuan, lower prices and a crackdown on overseas sales agents — a welcome boost for the world's luxury brands."
"Though Awash in Fakes, China Rethinks Counterfeit Hunters" (The New York Times)
"Some government officials say [counterfeit hunters] abuse a law that was meant merely to empower consumers to report fakes. If proposed new government rules get accepted, people will no longer be able to go pro.
"China Slaps Extra Tax on Super-Luxury Cars" (The Financial Times)
"China has slapped extra tax on super-luxury cars at the same time as the Communist party imposes new rules against conspicuous consumption by officials, part of a four-year-old campaign to fight corruption and improve the government's image."
"Silicon Valley's Culture, Not Its Companies, Dominates in China" (The New York Times)
"[There is a] steady flow of Chinese tourists to Silicon Valley that represents — despite pervasive censorship and outright hostility from the Chinese government — the tremendous influence Silicon Valley wields in China."
"Vegetable 'Ivory' Offers Accessory Alternative for China's Green Fashion Advocates" (Jing Daily)
"There's another kind of "ivory" that may soon see a growing market in China: vegetable ivory from the tagua nut. While not necessarily an elephant ivory replacement, tagua producers are hoping to make gains in China's local luxury fashion industry."
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.