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 terminal has been closed at the Ningbo-Zhoushan port in eastern China, the world’s third busiest, halting all inbound and outbound containers due to what it described as a “system disruption” in a statement, but is likely due to an employee at the terminal testing positive for Covid-19, according to a Bloomberg report.
The terminal accounts for about 25 percent of container cargo through the port and is the second recent shutdown at a Chinese port due to Covid-19 infections, after the closure of Yantian port in Shenzhen from late May for about a month.
That closure lifted soaring freight rates, which are at record levels and a source of inflation. It’s feared this latest disruption will further strain supply chains and cause prices to rise even further.
An extended halt at the Ningbo-Zhoushan port could have particularly serious consequences, impacting supply for Black Friday and holiday season shopping in the West.
Learn more:
How Fashion Can Tackle Its Supply Chain Crisis
Between factory lockdowns and a shipping crunch, the pandemic is making it difficult for brands to take advantage of surging demand. BoF spoke with experts about how to make the best of a bad situation.
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.
While travel to Europe remains muted, Chinese shoppers are flocking to Singapore, Thailand and other Southeast Asian destinations where fashion retailers are hoping Lunar New Year marketing investments will pay off.
Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.