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.
A rush on domestic Chinese sneakers has caused popular styles from brands such as Li Ning, Anta and Peak to sell out from official channels, causing sharp price rises on the country’s major sneaker resale app, Dewu (also known as Poizon in English).
Pairs of Li Ning’s Way of Wade sneakers, a collaboration between the local sportswear giant and NBA star Dwyane Wade, have sold for as much as 48,889 yuan ($7,464), a 31-fold increase from the original price of 1,499 yuan ($229).
The rush on domestic sneakers is seen as part of the fallout from calls for boycotts of international brands that have spoken out about sourcing cotton from China’s Xinjiang region.
But official state media has reacted with alarm to the price rises running reports saying this speculation could be damaging to the brands, and also contribute to the debt crisis among young people who are offered credit on some resale sites in order to make purchases.
Dewu has responded by removing dozens of sneakers that have seen large price fluctuations and has also banned three resellers suspected of malicious speculation.
In the key China market, sports stars are an increasingly popular choice for luxury brands aiming to broaden their appeal while limiting their exposure to scandal-prone entertainers.
Alibaba’s shopping holiday has lost some of its oomph, but remains a potent force for many brands. That, plus what else to watch for in the coming week.
At the latest edition of China’s top fashion week, brands adapted their designs for a more value-minded shopper as retail buyers prepared for a softer local market.
As the country’s economy moves into deflationary territory, manufacturing output declines and a real estate crisis worsens, some consumers are becoming increasingly cautious.