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.
"With Chinese Discounts, Gucci Turns the Page on Frida Giannini" (Bloomberg)
"Gucci is offering discounts of as much as 50 percent in China as the Italian fashion house seeks to clear out merchandise designed by its former creative director, prompting lines of Chinese shoppers to form since sunrise."
"Op-Ed | Could Global Pricing Alignment Backfire?" (The Business of Fashion)
"Luxury brands like Chanel and Prada have been adjusting prices in response to the Chinese market, but currency volatility and political dynamics present a real risk, argues Philip Guarino."
"Hermès Birkin Handbag Sells for Record $223,000 in Hong Kong" (Bloomberg)
"A Hermès Birkin crocodile bag in fuchsia sold for HK$1.72 million ($223,000) at Christie's International Plc in Hong Kong, smashing the previous auction record for a handbag."
"New Look to Ramp Up China Expansion Amid 'Appetite for British Fashion'" (The Guardian)
"New Look is to step up the pace of store openings in China under its new owner Brait, the investment company controlled by South African tycoon Christo Wiese."
"Wealthy Chinese Heading Abroad to Buy Diamonds Without Scrutiny" (Bloomberg)
"Chinese shoppers are increasingly traveling abroad to buy diamonds, at a time when ostentatious purchases are frowned upon at home."
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.