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.
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“We’ve been expecting you …”
In Paris, everything is prepared for the return of big-spending tourists. Stores are open, mirrors shined, brand leaders bullish that the global capital city of luxury remains irresistible.
But when BoF founder and chief executive, Imran Amed connects to Angelica Cheung in Beijing, she sounds a caution.
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For 16 years, Angelica was Vogue China’s editor-in-chief. Today, she’s a venture partner at investment leader, Sequoia Capital China. She tells Imran that Chinese customers used to travel to Paris for choice — which they can now find at home; for price — yet prices are now balanced around the world; for “Made in France” — yet they’re increasingly proud of “Made in China”.
Her insights on what it’s going to take to lure the Chinese back to the City of Light are featured in the second episode of The BoF Show, now streaming on Bloomberg QuickTake.
Here, we share the full interview with Cheung exclusively on The BoF Podcast.
Watch the second episode of The BoF Show, “Re-Invention: How Fashion’s Megabrands Will Adapt to Post-Pandemic Customer Behaviour”
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.