Big luxury brand names like Prada and Louis Vuitton are banking on Chinese customers to shore up their business, as the rest of the world's luxury spending suffers
“I’m mentally working on a shopping list,” says Zeng Rong, 34, a Beijing-based auditor who is looking forward to her upcoming Hainan trip. “I’d like to buy a Bottega Veneta bag as well as a coat and a down jacket from Moncler before the weather gets cold.”
Lavish events are also back. Louis Vuitton menswear designer Virgil Abloh held a Spring/Summer fashion show before a live audience in Shanghai last month. Prada hosted private viewings of its new collection last week - also in Shanghai, the country’s fashion capital which has begun to replace Hong Kong as the favoured shopping haven for domestic tourists.
“Mainland China has become the place where all the purchase power is trapped,” said Mauro Maggioni, Asia Pacific CEO at Italian luxury sneaker and apparel brand Golden Goose which has 21 stores in mainland China. It also opened stores on China’s top e-commerce sites last month and plans a new shop in Hainan soon.
Helping stoke domestic demand, the Chinese government has long sought to bring some of the money splashed abroad by its citizens overseas back home.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Warren Buffett-backed Chinese car maker announces strong demand for its new luxury electric sedanThe luxury electric sedan market in China is seeing more demand — and getting more crowded.
Weiterlesen »
China fires back at US over environment, South China SeaU.S.-China friction has flared again, with Beijing firing back at accusations by Washington that it is a leading cause of global environmental damage and has reneged on its promise not to militarize the South China Sea.
Weiterlesen »
Moore From L.A.: Von Dutch Is Eyeing a Comeback— As a Luxury BrandThat Von Dutch is reentering the fashion conversation now, against the backdrop of the global fight for racial equality, is curious, considering its complicated history.
Weiterlesen »
Luxury electric cars take the spotlight in China's condensed auto showThe Beijing auto show kicked off this past weekend after a delay of five months due to the coronavirus pandemic, with a couple hundred fewer vehicles than past shows.
Weiterlesen »
China reports 19 new COVID-19 cases vs. 12 a day earlierMainland China reported 19 new COVID-19 cases on Sept. 29, up from 12 a day earlier, the country's national health authority said on Wednesday.
Weiterlesen »
'China ate your lunch, Joe': Trump, Biden end insult-filled debate filled with interruptionDuring the first presidential debate, Trump continued his apparent efforts to rattle Biden and get him to lose his temper by bringing up Biden’s son, Hunter.
Weiterlesen »