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.
Beijing’s Covid-19 policy shift will give the sector a boost in 2023 but a surge in infections and sluggish economic growth could dampen the recovery after an uplift from Chinese New Year.
This week, China rolled back some strict zero-Covid measures, opening a road to recovery for luxury and retail. But the journey is likely to be long and bumpy, experts warn.
Despite disappointing Singles Day sales results, harsh Zero Covid restrictions and supply chain woes, international beauty conglomerates continue to see China as a growth engine.
Disappointing sales were only part of the story, as brands increasingly used the world’s biggest online shopping festival as a marketing moment.