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 country’s Securities Regulatory Commission has announced its approval of Aimer’s request to go public.
The 40-year-old Beijing-based lingerie maker caters to China’s high-end market, which has become competitive in recent years as digitally-savvy local brands challenge global labels like Victoria’s Secret and La Perla on their home turf. Three homegrown underwear brands have already listed: Huijie Group, Embry Group and Cosmo Lady. According to local media outlets, Aimer is looking to raise 761 million yuan (around $117 million) to strengthen its marketing and data capabilities as well as invest in production in Vietnam.
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.