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.
US lingerie giant, Victoria’s Secret, has attracted the attention of Chinese netizens with its appointment of three new so-called “brand friends”: celebrity agent, Yang Tianzhen; fashion photographer, Chen Man, and Zhao Xiaotang from girl group, The 9.
Much of the buzz surrounds the appointment of Yang, who is not a celebrity in the traditional sense, but is an important figure in China’s entertainment industry as the one-time agent of superstars such as Fan Bingbing and Zhang Yuqi.
Yang has become a regular on variety shows in recent years and has garnered a reputation for her strong and confident “girl boss” persona. The curvy agent, who revealed that she underwent gastric bypass surgery in 2020 for health reasons, has become an undisputed influencer thanks to her statements about body confidence and feminism, which is likely the reason Victoria’s Secret chose Yang to present its plus-size range of lingerie.
Chinese netizens responded favourably to the announcement of the new link-up on social media this week.
In recent years, Victoria’s Secret has been trying to recast its image worldwide, and in China, where the brand is a relatively new market entrant, having opened its first store in 2017, it’s still finding its way in a highly-fragmented and increasingly competitive $61 billion underwear 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.