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.
As a TV programme with an audience of over 1.2 billion, China’s Spring Festival Gala is an important stage for international luxury brands fighting for exposure. This year, many homegrown designers also tapped into the broadcast.
Chanel, Miu Miu, Ermenegildo Zegna, Valentino, Stella McCartney, Cartier, Boucheron, and Chaumet were among the luxury houses that dressed young stars like Wang Yibo, Karry Wang and Zhou Dongyu. A white Gucci coat worn by Gucci’s China ambassador Ni Ni quickly became a trending topic on Weibo.
With the rise of domestic designers, a number A-list celebrities chose local brands this year instead. Guo Pei, Sankuanz, Calvin Luo, Laurence Xu and Le Fame were chosen by Yang Mi, Jackson Yee, Angela Chang, Chen Linong, Dilraba Dilmurat respectively.
Meanwhile, the gala also featured a Chinese costume show that incorporated high-tech VR. Supermodels Sui He, Ming Xi and Zilin Zhang, as well as singer Li Yuchun (Chris Lee), wore outfits featuring traditional Chinese elements by the students of the Beijing Institute of Fashion Technologies and local couture brand Heaven Gaia.
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.