Xi Jinping has secured a precedent-breaking third term as president and elevated party loyalists to key positions, indicating the country’s government will stick to its zero-Covid policies and prioritise security concerns over economic growth.

BoF’s annual round-up of the forces that reshaped the world’s biggest fashion market over the last 12 months.

As repatriation of luxury spend continues in 2022, domestic sales in China are expected to surpass 2019 levels by 90 to 110 percent, but that doesn’t mean brands can rest on their laurels amid government crackdowns and economic headwinds.

Xi Jinping’s speech on ‘common prosperity’ was not a declaration of war on wealth but an acknowledgement that wealth is concentrated in too few hands. A larger middle class could actually create revenue opportunities at entry level prices for luxury brands.

Beijing has not yet confirmed specific components of the deal that were released by U.S. officials.

BoF reflects on the past decade, examining the trends that shaped China’s fashion, beauty, luxury and retail landscape, from the fall of foreign fast fashion brands, to Hong Kong’s pro-democracy protests.

Washington and Beijing have been in a trade war for almost two years, involving almost $500 billion in products shipped between the two nations hit by tit-for-tat tariffs.

BoF looks back at the trends that have shaped China’s fashion, beauty, luxury and retail landscape over the past ten years, from the rise of WeChat to a series of cultural missteps by Western labels.