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.
Multibrand streetwear retailer, Knowin, which stocks brands such as Off-White and We11done Be@rbrick at its two stores in Shanghai and Chengdu, has raised nearly 200 million yuan ($31.07 million) in series A financing led by Matrix Partners, Sky 9 Capital and Zhen Fund, according to Chinese business media outlet, Brandstar.
Knowin, which refers to its stores as “street style labs”, targets young Chinese consumers and sells products from sneakers to clothing, accessories and toys. Each of its stores boasts sales revenue of more than 10 million yuan ($1.55 million) per month.
Bilibili, a Chinese video platform beloved by young users, has previously invested in the retailer, and Bilibili-affiliated merchandise is also stocked in Knowin stores. The two say they will deepen their offline cooperation in the future.
International buyers and talent scouts must cast their nets wider than the usual fashion week incubators, prizes and schools to find the country’s next crop of emerging brands.
Chinese celebrities made a comeback at the European shows this season, but the brands hosting them see the country’s A-listers as more high-risk, high-reward than ever amid fresh scandals and tightening government regulation.
Owners of international brands like Lanvin and Carven faced challenges in their home market under ‘zero-Covid’ rules but China’s economic recovery is now on the horizon.
Critics say they are dystopian, but ‘flawless’ virtual influencers may be worth considering in a market where celebrity brand ambassadors have become an increasingly risky investment.