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.
China’s reputation as a land of superlatives precedes it. At this stage in its development, few would argue that what is now the world’s largest luxury market is anything but the world’s most important luxury market. According to McKinsey & Company, a third of global luxury spend in 2018 came from Chinese consumers, with more than half of that contributed by the Post-80s generation, which roughly corresponds with the western concept of Millennials. Hot on their heels is the Post-90s generation, contemporaries of Gen Z, who have yet to reach financial maturity in terms of earning power but are already big spenders on luxury.
Both cohorts are the among the most important for international luxury houses today, but their media habits, shaped by the powerful internet services that have sprung up behind the "Great Firewall of China," pose a challenge for these brands: the digital marketing strategies that work in the West don’t often translate well – or at all – in China.
As the luxury industry agonises over the best ways to engage with young, digitally native Chinese consumers, The Business of Fashion examines how Christian Dior, one of the sector’s biggest brands, plugged itself into China’s separate, opaque and rapidly evolving digital ecosystem.
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Fashion brands are edging in on the world’s largest gathering of design professionals and their wealthy clients, but design companies still dominate the sector, which is ripe for further consolidation, reports Imran Amed.
Blocking the deal would set a new precedent for fashion M&A in the US and leave Capri Holdings in a precarious position as it attempts to turn around its Michael Kors brand.
After preserving his fashion empire’s independence for decades, the 89 year-old designer is taking a more open stance to M&A.
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.