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.
The commercial capital with a population of 25 million announced Sunday evening that half of the city would be locked down from Monday morning for five days, the other half enters its five-day lockdown from April 1.
The aim is to limit movement and test the city’s population twice over the next week-and-a-half as Shanghai battles its worst outbreak of Covid-19 infections since the beginning of the pandemic. On Sunday the city recorded 3,500 new infections, though only 50 cases of symptomatic illness.
Shanghai’s city districts are built around the Huangpu River, which dissects the east and west of the city. Districts to the east of the river, including Pudong New Area and its Lujiazui Business District, are currently closed off, with public transportation and roads connecting the city’s east and west also shut down.
Pudong is home to major malls including Shanghai IFC, usually one of the city’s busiest luxury malls, home to brands including Louis Vuitton, Cartier and Prada. Swire Properties Taikoo Li Qiantan also opened its Pudong location in September last year, quickly attracting huge crowds to stores including Balenciaga, Dior and Moncler’s biggest House of Genius store on the Chinese mainland.
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China’s Covid Outbreak Prompts Fears of More Supply Chain Disruptions
The country is reporting its highest caseloads since the start of the pandemic, and whole regions are locked down, sending shudders through a still fragile global supply chain.
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.