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 Yu Prize, which recognises up-and-coming Chinese design talent, was awarded to Chen Peng at a Shanghai Fashion Week event yesterday.
The prize, which was presented by the award’s founder, Wendy Yu, includes 1 million yuan ($153,000) cash and a 12 month mentorship from the OTB Group. In addition, his collection will be presented at Paris Fashion Week’s Sphere showroom, on the runway at Shanghai Fashion Week, and sold at Harrods.
The London College of Fashion graduate founded his Chenpeng brand in 2015. It’s best known for its oversized down jackets and currently has more than 100 stockists globally. Famous fans include Rihanna, Lady Gaga and Bella Hadid.
Other award winners on the night included Susan Fang, Donsee10 and At-One-Ment by Wanbing Huang.
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.