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.
SKP Beijing racked up over 17 billion yuan (around $2.7 billion) in sales last year, according to Beijing Daily, outpacing renowned British department store Harrods’ pre-pandemic performance.
SKP Beijing welcomed 15 million visitors in 2020, while the company’s outpost in Xi’an saw year-on-year growth of 36 percent, according to local media outlet 36Kr. In 2019, SKP Beijing was named the world’s second-most productive department store after Harrods in a report by GlobalData and Sybarite.
SKP’s China locations were boosted by a rebound in domestic demand last year. Meanwhile, global travel restrictions have hurt Western players like Harrods, which could count on a regular footfall of high-spending tourists to bouy sales before the pandemic. For its financial year ending February 1, 2020, just over a month before the country’s first lockdown, Harrods reported turnover of £870.8 million ($1.1 billion). However, by July, Harrods said it was anticipating a 45 percent drop in annual sales on the back of a 95 percent drop in visitors to its Knightsbridge flagship.
Harrods declined BoF’s request to comment.
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.
Fashion’s presence at Milan Design Week grew even bigger this year. Savvy activations by brands including Hermès, Gucci, Bottega Veneta, Loewe and Prada showed how Salone has become a ‘critical petri dish for dalliances between design and fashion,’ Dan Thawley reports.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
Revenues fell on a reported basis, confirming sector-wide fears that luxury demand would continue to slow.