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.
In the period from January to March, China’s online retail sales went up 29.9 percent year-on-year to 2.81 trillion yuan ($434.5 billion), according to data released by the country’s Ministry of Commerce.
Average first-quarter growth of online retail sales for the past two years stood at 13.5 percent, the data showed.
Last month, China’s National Bureau of Statistics released data showing China’s economy surged 18.3 percent in the first quarter of 2021, versus a year ago. Retail sales grew by 34.2 percent in March, year-on-year, representing a slight improvement from the 33.8 percent increase for January and February.
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.