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.
Li Yuchun, also known by the English name Chris Lee, has been unveiled on social media as YSL Beauty’s new ambassador, the first spokesperson for the brand to come from China.
The androgynous songstress is no stranger to fashion and luxury brands. Not only has she been an ambassador to Gucci in Asia, but also a spokesperson for Diesel, and was named an “unofficial muse” of Givenchy.
Li’s continued star power was in evidence as the announcement of her affiliation with YSL Beauty hit Weibo, with 1.1 million views for the campaign hashtag within four hours.
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.