Disney’s Mulan postponed, Prada joins Tmall and ‘lipstick king’ Li Jiaqi faces controversy – but will China’s luxury sector ever recover from the coronavirus?
As the coronavirus global pandemic, the virus known as SARS-coV-2, starts to slowly subside in China, people are starting to resume business as usual. The luxury sector, however, is still hurting from the tremendous drop in sales. STYLE examines which companies are on the rise and which are trending for the wrong reasons.
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Prada joins Tmall
Italian fashion brand Prada is the latest international luxury label to join Tmall. The brand, which previously launched e-commerce in collaboration with JD.com and Secoo, announced the news on its Weibo account. Two limited-edition bags were offered in celebration of the Tmall store opening on March 13. Tmall is dubbed a gateway to Chinese e-commerce for luxury brands and featured the likes of Burberry, Givenchy, Valentino and more. As bricks-and-mortar stores face unprecedented challenges amid the coronavirus crisis, many brands are exploring alternative retail channels.
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The global pandemic has hurt sales in China and luxury brands are suffering, but now that China is slowing starting to recover, will these companies rebound as well?