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.
"The World's Biggest Luxury Company Isn't Worried about China" (Quartz)
"With an economic slowdown hitting China, whose citizens account for more than 30% of luxury spending globally, LVMH might be expected to worry. But according to CEO Bernard Arnault, it's still optimistic."
"Chinese New Year Tourists Are Staying Home and Spending Less" (Fortune)
"China's weak economy is making Lunar New Year travellers much more budget-conscious."
"If You Import from China, You Know It's Chinese New Year — Because Business Grinds to a Halt" (Los Angeles Times)
"Factories in the world's biggest exporting nation close their doors and workers pile onto buses and trains to head home in the largest annual human migration on Earth. Business and trade grind to a halt."
"Is Hong Kong Still a 'Cool' Place for Luxury Shopping?" (CNBC)
"Retailers in Hong Kong preparing to welcome Chinese mainland tourists over the Lunar New Year festive period face a real crisis: Canny shoppers don't think the special administrative region is cool enough."
"Chinese Shoppers in South Korea Shun Luxury for Local Brands" (Reuters)
"Chinese visitors to South Korea are buying less from global luxury mainstays like Louis Vuitton and Chanel in favour of cheaper homegrown brands, as young, independent travellers make up a bigger share of tourists."
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.