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.
"China's Grey Luxury Market Threatened by New Tax Regime" (Reuters)
"China is raising fees on packages ordered from abroad and cracking down on smugglers who carry in suitcases full of luxury goods, in a concerted effort to encourage shopping at home and squeeze a grey market that shoppers use to avoid tax."
"Versace to Bottega Court Local Shoppers as Jet-Set Demand Cools" (Bloomberg)
"The European and U.S. economies remain subdued and Chinese consumers are still spending overseas on 'anything that isn't jewelry or watches.'"
"This Singapore Start-Up Is Betting on More Luxury Consumption" (CNBC)
"Daniel Lim, one of the co-founders of Reebonz, said the 'aspirational middle class' — particularly in Asia — will underpin demand for personal luxury products."
"Eyes of the Beholder: Beauty Varies for China Models" (Yahoo Style)
"'There are big differences between eastern and western aesthetics.'"
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.