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 blockbuster Chinese shopping festival is gaining international traction, with a growing number of brands offering deals to online shoppers in Europe and the US this year. Luxury and fast fashion brands are looking to boost sales ahead of a difficult holiday season, with companies including Harvey Nichols, LuisaviaRoma, 24Sèvres, StockX, Boohoo and Foreo are all taking part.
Still, sales are unlikely to rival figures just published in China (its top two retail giants, Alibaba and JD, generated about $116 billion in merchandise volume).
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.