The trend indicates a significant change in China’s $74 billion luxury goods sector, where the second-hand luxury sub-segment has been slow to take off versus other markets such as Japan and the United States due to a preference for newness and fears of unsuspectingly buying a fake.
British online fashion retailer Boohoo on Wednesday warned on full year sales and profit, blaming the worsening macro-economic and consumer backdrop as it reported a 58 percent fall in first-half core earnings.
Overseas demand for goods from China is weakening as the global economy slows, warned a senior Chinese commerce ministry official, though the country still expects foreign trade to grow in the second half of this year.
Starting Monday, the retailer will unveil two immersive experiences on Roblox Corp.’s virtual platform. Walmart Land will feature fashion, beauty and entertainment items, while Walmart’s Universe of Play will showcase toys, the company announced.