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.
In June, the market’s retail sales totalled $2.43 billion in a year-on-year boost of 25.8 percent, Retail in Asia reports.
Singapore’s Department of Statistics attributed the surge to a low base; it was only until June 18 2020 that stores began reopening. E-commerce made up 15.4 percent of overall retail sales in June, a larger portion than in May due to major sales events like the Great Singapore Sale, which this year joined forces with Alibaba-owned Lazada.
Fashion and luxury were the bestsellers behind hard luxury. Watches and jewellery sales rose 78.4 percent year-on-year, department store sales increased 61.8 percent and apparel and footwear sales were up 60 percent from 2020.
Just last week, Singaporean authorities announced plans to ease Covid-19 restrictions and slowly lift border controls, marking a shift from its earlier ‘Covid Zero’ policy. Instead, ‘living with the virus’ through a mass vaccination programme could help stabilise its retail and economic recovery. Currently, 67 percent of its population has been fully vaccinated.
Learn more:
Singapore Retailers Hit Hard by Increased Covid Restrictions
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.