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.
Chinese flash sales platform, Vipshop, saw net revenue rise 9.5 percent year-on-year in 2020, to 101.9 billion yuan ($15.6 billion), its revenues gained towards the end of the year, in particular, with a 22 percent jump in the fourth quarter ended December 31.
The etailer, which hosts online flash sales for Zara, Puma, Sandro and Lacoste boasted 83.9 million active customers last year, and its full year gross profit increased 2.9 percent to 21.3 billion yuan ($3.3 billion) .
Chairman and CEO, Eric Shen, said the company will continue to focus on its merchandising strategy, while also enhancing its big data and technological capabilities to cater to the diversified needs of its broadening customer base.
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.