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.
"Lane Crawford and Other High-End Stores Are Getting Personal in Their Battle Against Online Shopping Sites" (South China Morning Post)
"Luxury companies respond to the growing influence of e-commerce with specialised services and distinctive concepts designed to draw customers through the doors."
"Children of the Yuan Percent: Everyone Hates China's Rich Kids" (Bloomberg)
"The fuerdai, China's second-generation rich kids, are the most loathed group in the country. They're also its future."
"China Slowdown Weighs on Hong Kong Luxury Rents" (The Financial Times)
"Rents in what were the world's most expensive shopping streets have dropped by as much as 40 per cent as the impact of China's slowing economy on Hong Kong's once-booming luxury goods industry deepens."
"Bank of China Ordered to Release Counterfeiters' Records" (Associated Press)
"A New York judge has ordered the Bank of China to hand over detailed information about Chinese bank accounts used by a counterfeiting ring that allegedly sold millions of dollars of fake Gucci handbags and wallets in the US."
"Alibaba to Open Offices in Europe as US Expansion Continues" (Bloomberg)
"Alibaba Group Holding Ltd. will open offices in three European countries and expand further in the US, as it seeks to revive growth and reassure jittery investors."
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.