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.
Luxury jewellery house De Beers has officially announced 22-year-old singer and actor Cai Xukun as its new brand ambassador, accompanying the announcement with the release of a commercial shot by Cai.
Cai has more than 34 million followers on Weibo, making him one of the most followed young stars in the country. The announcement of his ambassadorship on De Beers’ official Weibo account had more than two million likes and comments, making it the most engaged-with post De Beers has ever had on the platform.
Largely credited with helping push Prada’s success with younger audiences in the China market in recent years, Cai is a known quantity as a luxury brand partner. The alliance also continues the trend of jewellery brands appointing young, male, xiaoxianrou (little fresh meat) ambassadors in the China market - joining a club that, at one point or another, has included Kris Wu at Bulgari, Jackson Yee at Tiffany and Co. and Lu Han at Cartier.
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.