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.
Spring Festival Gala, the annual TV programme celebrating the countdown to Chinese New Year on the CCTV network, continues to be an important marketing moment for luxury fashion brands.
This year, international brands such as Balmain, Chanel, Saint Laurent and Lanvin enjoyed prominent placement in the show by dressing top celebrities like Li Yuchun (also known as Chris Lee), Song Qian (as known as Victoria Song), Yi Yangqianxi (also known as Jackson Yee) and Zhang Xiaofei.
According to the programme’s official data, 4.93 billion views were counted through digital channels. On Weibo, hashtags of the event garnered more than 3 billion views.
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China’s Spring Festival Gala Showcases the Likes of Chanel, Stella McCartney and Sankuanz
As a TV programme with an audience of over 1.2 billion, China’s Spring Festival Gala is an important stage for international luxury brands fighting for exposure. This year, many homegrown designers also tapped into the broadcast.
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.