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.
Actor Deng Lun, 31, was fined 106 million yuan ($16.6 million) for tax evasion following the discovery of irregularities in his reported income in 2019 and 2020.
Before this scandal broke, Deng was a favourite spokesperson for brands including Bally, Bulgari, Roger Vivier and L’Oréal.
The news was released on China’s Weibo platform on March 15 by a division of the Shanghai Taxation Bureau and quickly became a trending topic.
Deng is said by authorities to have evaded personal income tax of 47.6 million yuan, as well as underpaying further taxable amounts to the tune of 13.9 million yuan.
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The star’s social media presence on Weibo and Douyin, the Chinese version of TikTok, is no longer accessible. Brands that once worked with the star have also taken down content that features Deng.
Learn more:
China’s Top Livestreamer Viya Fined $210 Million for Tax Evasion
China’s top livestream host, Huang Wei, better known as Viya, has been fined 1.34 billion yuan ($210 million) for tax evasion, according to tax authorities.
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.