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.
"Why Louis Vuitton, Gucci and Prada Are in Trouble" (The Washington Post)
"Newly affluent Chinese customers are no longer clamoring for flashy Louis Vuitton luggage or Gucci sunglasses. It was a remarkably fast change in tastes."
"Li & Fung Targets 300 New Shops in China Retail Venture" (Bloomberg)
"Li & Fung Ltd. plans to open as many as 300 stores in a venture with China mall operators to sell new home-grown brands, as the global supplier of clothes and toys seeks to tap the rising Chinese appetite for fashion."
"US Fashion Companies Are Starting to Look Beyond China for Sourcing Apparel" (Quartz)
"As Chinese production costs begin to creep up, American brands are scouting out other options, primarily in Vietnam, India, Indonesia, and even the US itself."
"Alibaba Sells US E-Commerce Website 11Main to Rival OpenSky" (Bloomberg)
"Alibaba Group Holding Ltd. will sell its U.S. website 11 Main to rival online marketplace OpenSky as it adjusts its strategy in niche e-commerce."
"China to Promote Cross-Border E-Commerce as Incomes Rise" (Reuters)
"China will increase support for cross-border e-commerce as the world's second-largest economy shifts from manufacturing to higher-value services."
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.