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 tax authorities have punished two top livestreamers, Zhu Chenhui, who uses the screen name Xueli Cherie and Lin Shanshan, who also goes by Lin Shanshan Sunny, for tax evasion and fined them 66 million yuan ($10.34 million) and 28 million yuan ($4.38 million) respectively.
Their influencer incubation company, Chenfan Group, in which Zhu Chenhui is chairwoman and Lin Shanshan is chief marketing officer, has more than 350 influencers and livestreamers on its books, and operates more than 30 direct-to-consumer brands. During last year’s Single Day shopping event, its total GMV was more than 3.1 billion yuan ($485.9 million) This year, the company also received tens of millions of dollars in Series B and B + rounds of financing.
With the rapid growth of social commerce in China, industry insiders believe that regulation of the livestreaming industry is also on the agenda.
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L’Oréal Offers Vouchers to End Spat With China’s “Lipstick Brother”
French cosmetics giant L’Oréal is offering shopping vouchers to some Chinese customers to settle a dispute over discounts that drew the ire of the country’s top two livestreaming sales stars, the pair said.
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.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.