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.
Vogue China’s founding editor, Angelica Cheung, has announced on social media that her next move will see her join Sequoia Capital China as a venture partner.
In an Instagram post announcing her new position, Cheung wrote: “I will still be in the fashion/lifestyle/entertainment area, supporting the new generation of Chinese innovation and international brands expanding into China, but with a much wider scope.”
After almost 16 years at the helm of China’s most influential fashion publication, Cheung announced she was stepping down last November. Her replacement has yet to be announced.
The addition of Cheung to Sequoia Capital China’s ranks comes as the venture capital firm appears to be eyeing more fashion investments. Just last month, the firm took a majority stake in French fashion label, Ami, with the intention, according to Sequoia Capital China’s founder and managing partner, Shen Nanpeng, of accelerating Ami’s expansion in the local market.
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.