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.
Ralph Lauren and Coach are among the brands that are doubling down on the luxury shopping destination of Hainan, China. The tropical island is expected to benefit from domestic travel at a time when most Chinese consumers are unable to shop abroad due to the pandemic.
Ralph Lauren Chief Executive Patrice Louvet described Hainan Island as a “strategic priority” and said the brand is planning to open a store in 2021 alongside the three stores it already operates, according to South China Morning Post. Coach, which currently has two stores in Hainan, is also planning to expand its presence with two more duty-free shops.
European players also continue to invest in the island. Swiss duty-free giant Dufry inked a strategic partnership with state-owned Hainan Development Holdings, for a store in the Hainanese capital Haikou’s Mova Mall. LVMH-owned DFS Group and partner Shenzhen Duty Free Group recently unveiled the first phase of their new downtown duty free shopping complex in Haikou Mission Hills, one of the island’s many resorts.
Luxury’s increased interest in Hainan comes as Chinese authorities boosted the region’s duty-free profile and increased the daily allowance of tax-free purchases to $15,500 per person last July.
Reliance plans to open top-end luxury mall in Mumbai with LVMH and Kering brands set to open stores, marking retail expansion for brands in India.
This week’s round-up of global markets fashion business news also features South African clothing retailer Woolworths, Bahraini asset manager Investcorp and Indonesia’s threats to curb TikTok Shop.
Reliance Industries and Tata Group have launched multi-brand beauty retailers Tira and Tata Cliq Palette respectively in a challenge to incumbents like Nykaa, Purplle and Sephora.
This week’s round-up of global markets fashion business news also reveals the succession plan for an Indian retail billionaire, Kenya’s strategy to revitalise its textile industry and forced labour in Turkmenistan’s cotton harvest.