https://www.scmp.com/rss/322997/feed Take an in-depth look at the Chinese luxury market en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Xiaofei Xu Xiaofei Xu Luxury is back. Following a relatively stagnant 2025, the industry is forecast to accelerate in 2026, with China’s long-awaited recovery emerging as a pivotal factor, even as the war in Iran casts a shadow over global markets, according to analysts. Estimates vary, but HSBC, Deutsche Bank and BNP Paribas all forecast global sales growth ranging from 5.5 to 6 per cent this year. “We believe it is time to look at the sector, as we think the organic sales growth rate should further accelerate in... https://www.scmp.com/economy/global-economy/article/3348902/chinas-luxury-spending-seen-boosting-global-sales-2026-despite-headwinds?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3348902/chinas-luxury-spending-seen-boosting-global-sales-2026-despite-headwinds?utm_source=rss_feed Sun, 05 Apr 2026 10:00:11 +0000 Zhu Wenqian Zhu Wenqian Chow Tai Fook Jewellery Group’s recent launch of a series of high-priced gold-inlaid accessories on the mainland has sparked online debate amid China’s slowing consumer market. Last week, the Hong Kong-listed jeweller showcased several items on its official Weibo account, including a diamond-studded gold AirPods case priced at 788,800 yuan (US$115,000) and gold-inlaid hair clips costing 2,080 yuan each, containing 0.42 grams of gold. The earphone case, made with about 350 grams of gold, was... https://www.scmp.com/business/china-business/article/3346436/all-glitters-goes-viral-chow-tai-fook-unveils-us115000-gold-airpods-case?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3346436/all-glitters-goes-viral-chow-tai-fook-unveils-us115000-gold-airpods-case?utm_source=rss_feed Fri, 13 Mar 2026 05:00:09 +0000 Gloria Tso Gloria Tso From Brussels to Beijing to Hong Kong and beyond, few European luxury brands have built as strong a presence in Asia as Delvaux, the world’s oldest luxury leather goods maison. Spearheading much of that formidable growth in the region is CEO Jean-Marc Loubier, who isn’t interested in using stiff economic terms to talk about the business. The long-standing luxury visionary instead refers to consumers as “clients” and reimagines Delvaux’s accessories as architectural icons of the brand’s nearly... https://www.scmp.com/magazines/style/people/luxury-ceos/article/3343670/style-edit-delvaux-ceo-jean-marc-loubier-brands-living-legacy-and-new-hong-kong-flagship?utm_source=rss_feed https://www.scmp.com/magazines/style/people/luxury-ceos/article/3343670/style-edit-delvaux-ceo-jean-marc-loubier-brands-living-legacy-and-new-hong-kong-flagship?utm_source=rss_feed Wed, 25 Feb 2026 02:08:17 +0000 Gloria Tso Gloria Tso The remarkable evolution of the Chinese retail market over the past two decades has given rise to a new class of creatives who have put the country on the global luxury map. Since starting his communications and creative agency Boh Project, Shenzhen-born, Shanghai-based Bohan Qiu has become one of the world’s most in-demand publicists, while renowned fashion executive Ian Hylton built a storied career across different continents before making mainland China home. Since 2014, he’s served as... https://www.scmp.com/magazines/style/people/icons-influencers/article/3342984/conversation-bohan-qiu-and-ian-hylton-evolution-chinese-luxury-fashion?utm_source=rss_feed https://www.scmp.com/magazines/style/people/icons-influencers/article/3342984/conversation-bohan-qiu-and-ian-hylton-evolution-chinese-luxury-fashion?utm_source=rss_feed Tue, 10 Feb 2026 20:00:09 +0000 Vincenzo La Torre Vincenzo La Torre When Remo Ruffini acquired Moncler in 2003, down jackets were utilitarian basics relegated to the back of the closet. Ruffini – back then an under-the-radar entrepreneur from a family in Como’s textile and clothing trade – has been single-handedly responsible for transforming a functional wardrobe staple into a de facto status symbol that is the clothing equivalent of a high-end handbag. The current chairman and outgoing CEO of Moncler, Ruffini didn’t set out to build an empire when he took over... https://www.scmp.com/magazines/style/people/luxury-ceos/article/3342585/how-remo-ruffini-made-moncler-luxury-powerhouse-grenoble-winter-olympics?utm_source=rss_feed https://www.scmp.com/magazines/style/people/luxury-ceos/article/3342585/how-remo-ruffini-made-moncler-luxury-powerhouse-grenoble-winter-olympics?utm_source=rss_feed Fri, 06 Feb 2026 22:00:16 +0000 Xiaofei Xu Xiaofei Xu French luxury giant LVMH recorded an uptick in sales in China during the last three months of 2025, in a further sign that the vast Chinese luxury market is starting to stabilise after a sharp slowdown the previous year. The group reported on Tuesday that its total annual sales last year reached €80.8 billion (US$97 billion), down 5 per cent year on year on a reported basis. But performance improved in the second half of the year as sales returned to organic growth, rising 1 per cent. This was... https://www.scmp.com/business/companies/article/3341521/chinas-luxury-market-shows-signs-life-lvmh-records-uptick-sales?utm_source=rss_feed https://www.scmp.com/business/companies/article/3341521/chinas-luxury-market-shows-signs-life-lvmh-records-uptick-sales?utm_source=rss_feed Wed, 28 Jan 2026 07:15:28 +0000 Xinyi Wu Xinyi Wu As China struggles to boost consumer spending, a professor at one of the country’s top universities has argued that authorities first need to overcome a psychological barrier: a deep-seated “luxury-phobia” that has taken hold among the Chinese public. The suggestion by Su Jian, a professor at Peking University, comes amid a debate in Chinese policy circles about how to revive the country’s sluggish demand, with retail sales slowing despite government efforts to rebalance the economy towards a... https://www.scmp.com/economy/china-economy/article/3340525/chinas-consumers-refuse-open-their-wallets-luxury-phobia-problem?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3340525/chinas-consumers-refuse-open-their-wallets-luxury-phobia-problem?utm_source=rss_feed Tue, 20 Jan 2026 07:00:33 +0000 Chen Hong Chen Hong In a premium supermarket in Shanghai one recent weekend, 33-year-old information technology specialist Zhao Wenyu paused in front of the health food aisle, comparing protein content and ingredient lists on imported granola and organic milk – rather than checking discounts. Zhao now spends around 3,000 yuan (US$420) a month on organic food, nutritional supplements and functional beverages, up from about 1,200 yuan three years ago. “I don’t mind paying more if I am satisfied with the product’s... https://www.scmp.com/business/article/3339394/changing-tastes-chinas-new-affluent-consumers-seek-quality-not-extravagance?utm_source=rss_feed https://www.scmp.com/business/article/3339394/changing-tastes-chinas-new-affluent-consumers-seek-quality-not-extravagance?utm_source=rss_feed Sun, 11 Jan 2026 03:30:13 +0000 James David Spellman James David Spellman China’s consumers are increasingly favouring domestic brands over Western imports, reshaping a global luxury market that was valued at US$327.5 billion in 2024. Their preference for domestic labels is upsetting the old hierarchy of Europe’s luxury houses, historically regarded as the pinnacle of taste, craftsmanship and prestige. This shift is taking place amid a decline in the Chinese luxury market, which was down more than 18 per cent in 2024 to around 350 billion yuan (US$50 billion). The... https://www.scmp.com/opinion/china-opinion/article/3338150/how-chinas-home-grown-luxury-labels-took-western-brands?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3338150/how-chinas-home-grown-luxury-labels-took-western-brands?utm_source=rss_feed Wed, 31 Dec 2025 08:32:43 +0000 Ralph Jennings Ralph Jennings China’s ultra-wealthy are quietly parking their private jets offshore to sidestep tougher compliance rules at home, while corporate executives are downgrading to commercial flights, analysts say, as economic headwinds hit the country’s business aircraft fleet. Aircraft owned by affluent Chinese nationals are said to be increasingly resurfacing in hubs such as Singapore and Japan, while more billionaires and corporate executives are turning to first-class commercial cabins or timeshare jet... https://www.scmp.com/economy/china-economy/article/3337814/why-are-rich-chinese-quietly-moving-private-jets-offshore-slumming-it-budget-seats?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3337814/why-are-rich-chinese-quietly-moving-private-jets-offshore-slumming-it-budget-seats?utm_source=rss_feed Sun, 28 Dec 2025 07:00:08 +0000 Enid Tsui Enid Tsui Global collectors have given auction houses a Christmas present: a projected uptick in full-year revenue that marks a reversal from recent years of decline. The “Big Three” – Sotheby’s, Christie’s and Phillips – have reported a combined projected total revenue of US$14.1 billion for 2025, up roughly 10 per cent from 2024. “The first half was solid and stable. I feel even better at the end of the year, as a great second half gave us an even stronger finish,” Christie’s CEO Bonnie Brennan told the... https://www.scmp.com/lifestyle/arts/article/3337313/big-3-auction-houses-report-uptick-2025-revenue-asia-still-lagging?utm_source=rss_feed https://www.scmp.com/lifestyle/arts/article/3337313/big-3-auction-houses-report-uptick-2025-revenue-asia-still-lagging?utm_source=rss_feed Mon, 22 Dec 2025 09:24:17 +0000 Zhu Wenqian Zhu Wenqian Stand-alone flagship stores with distinctive architectural facades, long prevalent in global metropolises like Tokyo, Seoul and New York, are gradually gaining traction in China, as the country’s retail landscape undergoes a broader shift from enclosed malls towards open-air and street-facing formats. More luxury brands are setting up such flagships in places like Beijing’s Taikoo Li Sanlitun North, a trendy open-air commercial block developed and operated by Hong Kong’s Swire... https://www.scmp.com/business/china-business/article/3337052/dior-louis-vuitton-ditch-chinas-malls-shopping-streets-replicate-ginzas-charm?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337052/dior-louis-vuitton-ditch-chinas-malls-shopping-streets-replicate-ginzas-charm?utm_source=rss_feed Sun, 21 Dec 2025 02:00:08 +0000 Alice Li Alice Li At a shopping centre in Shenzhen’s coastal business district, a store’s entrance feels more like a security checkpoint than a retail gateway. Customers check their bags, don white silk gloves, and pass through a gate. Beyond the checkpoint, which also seems incongruent with the outer facade resembling a typical multi-brand fashion shop, lies a 2,000-square-metre (21,527-sq-ft) showroom. Inside, luxury handbags are not displayed under artful lighting. Instead, they are tightly arranged in... https://www.scmp.com/economy/china-economy/article/3337003/china-shoppers-swap-boutiques-bargains-fuelling-us30-billion-luxury-resale-boom?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3337003/china-shoppers-swap-boutiques-bargains-fuelling-us30-billion-luxury-resale-boom?utm_source=rss_feed Fri, 19 Dec 2025 22:00:08 +0000 Cao Li Cao Li At the newly opened Laopu Gold store in Hong Kong’s IFC Mall, it was quiet on a weekday afternoon. The barriers at the entrance, the spacious lounge and private rooms inside all exude the luxury image the brand aspires to project. A few days ago, long queues were seen before the shop’s opening, with some arriving hours earlier to secure a chance to buy gold jewellery at a discount as part of its inaugural promotion. The Beijing-based jeweller has defied China’s sluggish consumption trend, in... https://www.scmp.com/business/companies/article/3330274/how-chinese-jeweller-laopu-gold-has-become-luxury-phenomenon?utm_source=rss_feed https://www.scmp.com/business/companies/article/3330274/how-chinese-jeweller-laopu-gold-has-become-luxury-phenomenon?utm_source=rss_feed Sun, 26 Oct 2025 01:30:21 +0000 Luna Sun Luna Sun Creating a new diamond used to be a process spanning millions or even billions of years. Now, it takes about a week. Inside specialised factories, hulking 50-tonne machines simulate the crushing pressure and extreme temperatures inside the Earth’s crust, transforming seed crystals into flawless, glittering stones in just a few days. Zhongjing Diamond, a company based in China’s central province of Hubei, has nearly 300 of the machines humming around the clock, which together mint some 600,000... https://www.scmp.com/economy/china-economy/article/3330244/china-churns-out-artificial-gems-diamond-still-forever?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3330244/china-churns-out-artificial-gems-diamond-still-forever?utm_source=rss_feed Sat, 25 Oct 2025 22:00:14 +0000 Yuke Xie Yuke Xie International fashion and luxury groups are opening coffee shops in major Chinese cities, entering an intensely competitive space in a bid to draw in customers amid a slowdown in luxury spending. In Shanghai, French luxury conglomerate LVMH added a cafe and dining space to The Louis, a massive three-storey, boat-shaped concept store that opened in the bustling HKRI Taikoo Hui shopping centre in late June. That followed French fashion house Celine’s debut of a garden-themed coffee shop nearby in... https://www.scmp.com/business/china-business/article/3319233/would-you-handbag-latte-luxury-brands-china-think-so?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3319233/would-you-handbag-latte-luxury-brands-china-think-so?utm_source=rss_feed Wed, 23 Jul 2025 05:01:13 +0000 Vincenzo La Torre Vincenzo La Torre After making headlines last month with the opening of a ship-shaped store in Shanghai that’s still the talk of the town in China and beyond, it looks as though Louis Vuitton has big plans for Hong Kong too. The Parisian label has just erected a large expanse of scaffolding at the K11 Musea mall, located in the shopping and tourist district of Tsim Sha Tsui. The space overlooks the landmark Avenue of Stars, which boasts sweeping views of the iconic Victoria Harbour and Hong Kong skyline. Louis... https://www.scmp.com/magazines/style/fashion/fashion-news/article/3318371/louis-vuittons-new-space-k11-musea-hong-kong-after-unveiling-giant-ship-louis-shanghai-label?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion/fashion-news/article/3318371/louis-vuittons-new-space-k11-musea-hong-kong-after-unveiling-giant-ship-louis-shanghai-label?utm_source=rss_feed Wed, 16 Jul 2025 03:23:03 +0000 June Xia June Xia Catering at luxury hotels typically involves high-end banquets and formal entertainment, with exquisite decor and masterfully crafted dishes often seen as worth the high price tag. But for many consumers in China, that is changing. In July, the five-star Zhongwu Hotel in Changzhou, Jiangsu province – ranked second among 10 luxury hotels in the city on Trip.com – surprised observers when it launched a street vendor service offering budget meal boxes prepared by its catering team. “You must first... https://www.scmp.com/economy/china-economy/article/3317876/chinas-luxury-hotels-sell-street-food-survive-tough-business-climate?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3317876/chinas-luxury-hotels-sell-street-food-survive-tough-business-climate?utm_source=rss_feed Sun, 13 Jul 2025 08:00:11 +0000 Bloomberg Bloomberg Some luxury labels are pulling back from steep markdowns in China, seeking to rebuild an image of exclusivity to lure back wealthy shoppers whose spending is more immune to economic slowdown. None of the products sold by Kering’s Balenciaga on Tmall, China’s dominant e-commerce platform, were discounted in the first quarter of this year – or even during China’s biggest annual online shopping festival in November – according to data consultancy Re-Hub. That is a marked contrast to the brand’s... https://www.scmp.com/business/china-business/article/3309724/luxury-labels-ditch-steep-china-discounts-rebuild-value?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3309724/luxury-labels-ditch-steep-china-discounts-rebuild-value?utm_source=rss_feed Fri, 09 May 2025 08:27:42 +0000 Yuke Xie Yuke Xie The world’s biggest luxury groups will continue to face challenges in China as the trade war with the US weighs on economic growth and dampens already sluggish demand, according to analysts. An ongoing slump in China’s property market was not helping consumer sentiment either, they added. China’s new-home prices fell 0.1 per cent in March, a 22nd straight month of decline, according to official data. LVMH, owner of Louis Vuitton and Christian Dior, posted a 3 per cent decline in first-quarter... https://www.scmp.com/business/banking-finance/article/3306961/louis-vuitton-gucci-owners-face-tough-times-china-amid-trade-war-property-slump?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3306961/louis-vuitton-gucci-owners-face-tough-times-china-amid-trade-war-property-slump?utm_source=rss_feed Sat, 19 Apr 2025 01:30:14 +0000 Yuke Xie Yuke Xie Global luxury retailers are hastening their retreat from China by shutting stores in high-end shopping malls across major mainland cities, as consumers cut back on spending and analysts warn anaemic sales are likely to persist this year. French luxury group Kering closed two Gucci stores in Shanghai last month – in Réel Department Store near the landmark Jing’an Temple and New World Daimaru on the city’s busiest shopping strip along Nanjing Road – after more than a decade at those locations.... https://www.scmp.com/business/companies/article/3301499/gucci-prada-close-more-china-outlets-consumers-cut-luxury-spending?utm_source=rss_feed https://www.scmp.com/business/companies/article/3301499/gucci-prada-close-more-china-outlets-consumers-cut-luxury-spending?utm_source=rss_feed Sun, 09 Mar 2025 02:00:13 +0000 Yuke Xie Yuke Xie Laopu Gold, a Beijing-based jeweller known for its handmade accessories, has emerged as a favourite among affluent consumers, as global luxury brands like Louis Vuitton and Gucci grapple with tepid consumer spending in China and sluggish sales across the region. With just 36 stores in Greater China, the Hong Kong-listed company sold 3.5 billion yuan (US$482.7 million) worth of pure gold and gem-set jewellery in the first half of 2024, up 148 per cent from a year earlier, according to its interim... https://www.scmp.com/business/companies/article/3297963/laopu-golds-jewellery-selling-hot-cakes-despite-tepid-consumer-spending-china?utm_source=rss_feed https://www.scmp.com/business/companies/article/3297963/laopu-golds-jewellery-selling-hot-cakes-despite-tepid-consumer-spending-china?utm_source=rss_feed Mon, 10 Feb 2025 02:30:07 +0000 Mia Castagnone Mia Castagnone Italian luxury fashion house Bulgari plans to add to its network of stores in mainland China as it bets on “significant” sales via its online channels to fuel growth. “We have already a very strong position in China, but we believe that we have an opportunity to take the brand to a much bigger level,” CEO Jean-Christophe Babin said at the China International Import Expo (CIIE) in Shanghai. While the maker of watches, fragrances, jewellery and leather goods has seen a slowdown this year, Babin... https://www.scmp.com/business/china-business/article/3285564/bulgari-ceo-sees-chinese-consumers-fuelling-luxury-growth-economy-improves?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3285564/bulgari-ceo-sees-chinese-consumers-fuelling-luxury-growth-economy-improves?utm_source=rss_feed Thu, 07 Nov 2024 06:19:13 +0000 Yuke Xie Yuke Xie Liu Fang used to splurge up to 300,000 yuan (US$42,144) each year on luxury bags and accessories before the Covid-19 pandemic. She has since cut her spending by half, unconvinced that Beijing’s recent wave of stimulus measures will alter China’s immediate economic outlook. “I didn’t spend much, aside from buying a few Chanel bags,” the 57-year-old professional in Beijing said in an interview. “The overall economic environment isn’t great. There are also fewer occasions where I need to impress... https://www.scmp.com/business/companies/article/3282673/lvmh-burberry-kering-feel-pinch-chinese-consumers-tighten-purse-strings?utm_source=rss_feed https://www.scmp.com/business/companies/article/3282673/lvmh-burberry-kering-feel-pinch-chinese-consumers-tighten-purse-strings?utm_source=rss_feed Thu, 17 Oct 2024 03:05:13 +0000 Bloomberg Bloomberg Breitling AG’s CEO Georges Kern is “quite confident” the luxury industry has hit bottom, amid a China-led economic slowdown that has taken a toll on high-end retailers around the world. “The problem of the Swiss watch industry, of many brands, is that some of them are dependent on the Chinese market,” he said in an interview with Bloomberg Television on Wednesday. “You need to have a plane with four, five engines. If one engine doesn’t work, just hope that the other four engines are... https://www.scmp.com/business/china-business/article/3279848/breitling-ceo-quite-confident-luxury-sectors-china-led-slowdown-has-hit-bottom?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279848/breitling-ceo-quite-confident-luxury-sectors-china-led-slowdown-has-hit-bottom?utm_source=rss_feed Wed, 25 Sep 2024 03:38:25 +0000 Yuke Xie Yuke Xie Slowing consumption in China and fierce competition from domestic rivals have weighed on the performance of many international consumer brands. And yet a select few, including Lululemon, Adidas, and Ralph Lauren, have managed to outperform their peers and post strong revenue growth in recent months. A key factor driving their success may be a growing polarisation of consumer preferences. Budget-conscious shoppers are seeking greater value for their money, while higher-income consumers continue... https://www.scmp.com/business/companies/article/3279323/how-5-international-brands-are-charting-growth-china-despite-miserly-consumers?utm_source=rss_feed https://www.scmp.com/business/companies/article/3279323/how-5-international-brands-are-charting-growth-china-despite-miserly-consumers?utm_source=rss_feed Sun, 22 Sep 2024 03:30:13 +0000 International luxury brands are feeling the pain and lamenting cutbacks in Chinese consumer spending. Big-picture explanations for why Chinese shoppers have cooled towards brand-name goods include China’s wobbly economic recovery, the troubled housing market and even a crackdown on social media braggarts who showed off their stuff. That could all be true. But might there be a small possibility that some Chinese people are also simply growing out of their obsession with Western luxury brands,... https://www.scmp.com/opinion/china-opinion/article/3278107/if-chinas-love-western-luxury-fading-i-think-i-know-why?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3278107/if-chinas-love-western-luxury-fading-i-think-i-know-why?utm_source=rss_feed Sat, 21 Sep 2024 01:30:07 +0000 Yulu Ao Yulu Ao Linda Wang, a 30-year-old Shanghai native, bought a 186-square metre new home in the city’s downtown Xuhui district at 26.4 million yuan (US$3.7 million) on August 29, after she and her family sold two other flats a year ago. Wang, whose latest purchase is her third home in the city, represents a new trend among ultra-rich homebuyers who are snapping up luxury flats despite a national property downturn, in the hope that the scarcity of properties in prime neighbourhoods of first-tier cities can... https://www.scmp.com/business/china-business/article/3277646/chinas-ultra-rich-are-snatching-luxury-homes-bet-first-tier-cities?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3277646/chinas-ultra-rich-are-snatching-luxury-homes-bet-first-tier-cities?utm_source=rss_feed Mon, 09 Sep 2024 00:30:12 +0000 There was a time when independent, multi-brand retailers were the go-to place for shoppers looking for the next big designer or trend. That all changed during the pandemic, when online giants such as Matches, Net-a-Porter and Farfetch grew exponentially to become global players with robust sales and impressive valuations to match. In the case of Farfetch, that market value reached a staggering US$24 billion in 2021. Many industry insiders were lamenting the death of bricks-and-mortar fashion... https://www.scmp.com/magazines/style/fashion/trends/article/3270623/lets-take-offline-why-indie-fashion-boutiques-are-back-fashion?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion/trends/article/3270623/lets-take-offline-why-indie-fashion-boutiques-are-back-fashion?utm_source=rss_feed Wed, 17 Jul 2024 04:00:17 +0000 Like many of her mainland Chinese Gen Z peers, Judy Xu spends an average of seven hours on social media every day and knows the latest fashion trends. But the 24-year-old marketing professional from Shanghai is not keen to follow what is currently popular. “I am more willing to pay higher prices for the design of a product, if it’s special enough, that I won’t find anywhere else,” Xu said. “I also care if the item fits my personality, which reflects my aesthetics.” With so many options on the... https://www.scmp.com/business/china-business/article/3263191/chinas-gen-zers-sway-marketing-retail-trends-they-become-major-force-driving-domestic-consumption?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3263191/chinas-gen-zers-sway-marketing-retail-trends-they-become-major-force-driving-domestic-consumption?utm_source=rss_feed Sun, 19 May 2024 02:00:16 +0000 LVMH sales growth slowed at the start of the year as wealthy consumers reined in spending on pricey Louis Vuitton handbags and Hennessy Cognac. Organic revenue at the luxury group’s fashion and leather goods unit – its biggest division – rose 2 per cent in the first quarter, Paris-based LVMH said Tuesday. That compares with 18 per cent growth a year earlier at the unit, which houses brands such as Louis Vuitton, Christian Dior, Celine and Loewe. The pace of growth was the slowest for a first... https://www.scmp.com/business/companies/article/3259267/french-luxury-brand-lvmhs-first-quarter-sales-growth-slows-along-demand-handbags?utm_source=rss_feed https://www.scmp.com/business/companies/article/3259267/french-luxury-brand-lvmhs-first-quarter-sales-growth-slows-along-demand-handbags?utm_source=rss_feed Wed, 17 Apr 2024 03:32:38 +0000 Global fashion retailer Ralph Lauren will continue building its China bricks-and-mortar presence as it leverages its growing brand value in what is forecast to become the world’s largest market for luxury goods by the end of the decade. The company plans to open around 20 to 30 new stores per year in China, where it has already deployed extensive digital marketing strategies in the world’s biggest e-commerce market, and a similar number across the region. “We’re seeing brand perception continue... https://www.scmp.com/business/companies/article/3259196/ralph-laurens-cluster-approach-growing-its-business-china-worlds-biggest-luxury-market-2030?utm_source=rss_feed https://www.scmp.com/business/companies/article/3259196/ralph-laurens-cluster-approach-growing-its-business-china-worlds-biggest-luxury-market-2030?utm_source=rss_feed Wed, 17 Apr 2024 00:30:14 +0000 I am in the midst of a rainbow downpour. All around me, diners are gleefully flinging finely chopped salad and strips of salmon with their chopsticks. “Huat ah! Huat ah!” we shout, as a shard of crispy spring roll wrapper hits me in the face. We drop our food from ever higher heights, sesame seeds scattering everywhere. We are partaking in the interactive Lunar New Year tradition of yusheng – also known as yee sang, lo hei or prosperity toss salad – a dish that originated in Malaysia and... https://www.scmp.com/magazines/post-magazine/food-drink/article/3255480/quiet-luxury-trend-chinese-dining-how-showy-ingredients-birds-nest-are-out-young-epicures-who-eat?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/food-drink/article/3255480/quiet-luxury-trend-chinese-dining-how-showy-ingredients-birds-nest-are-out-young-epicures-who-eat?utm_source=rss_feed Sun, 17 Mar 2024 05:15:10 +0000 Swiss luxury watchmaker Omega is ramping up its presence in Hong Kong, opening two specialty shops in the city as it bets on long-term success despite slower than expected economic growth and a gloomy retail outlook. The brand, famously known for its Speedmaster and Seamaster watches as well as being the timepiece preferred by fictional British spy James Bond, opened two boutiques in December: a 5,102 sq ft, four-storey shop in Central and a 5,565 sq ft, two-storey space in K11 Musea in... https://www.scmp.com/business/article/3253972/gloomy-hong-kong-retail-sector-gets-swiss-watchmaker-omegas-vote-confidence-it-opens-glitzy-shops?utm_source=rss_feed https://www.scmp.com/business/article/3253972/gloomy-hong-kong-retail-sector-gets-swiss-watchmaker-omegas-vote-confidence-it-opens-glitzy-shops?utm_source=rss_feed Mon, 04 Mar 2024 00:30:17 +0000 Switzerland’s Omega, the only watchmaker certified by Nasa for all manned space missions, has raised more than US$600,000 through an online auction for the charity Orbis International as part of its corporate social responsibility (CSR) initiative. The luxury brand, part of the Swatch Group, auctioned 11 suitcases, each containing 11 MoonSwatch Moonshine Gold Hong Kong edition watches via Sotheby’s, raising 534,670 Swiss francs (US$604,225) for Orbis. Swatch has been supporting Orbis, which... https://www.scmp.com/business/article/3253976/omega-raises-us600000-eye-charity-orbis-through-auction-hong-kong-special-edition-watches?utm_source=rss_feed https://www.scmp.com/business/article/3253976/omega-raises-us600000-eye-charity-orbis-through-auction-hong-kong-special-edition-watches?utm_source=rss_feed Sun, 03 Mar 2024 06:14:29 +0000 China’s luxury goods market enjoyed a “robust rebound” last year, but a challenging economic climate and increased overseas shopping limited its recovery, according to a new report from a global consulting firm. The sector recorded 12 per cent year-on-year growth in 2023, Bain & Company said on Wednesday, following a 10 per cent decline a year earlier. The recovery in the gauge that measures the purchasing power of expensive goods was helped by a low base in the second quarter of 2022. But the... https://www.scmp.com/economy/economic-indicators/article/3249766/chinas-luxury-goods-market-posts-robust-rebound-post-covid-uncertainties-remain?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3249766/chinas-luxury-goods-market-posts-robust-rebound-post-covid-uncertainties-remain?utm_source=rss_feed Thu, 25 Jan 2024 11:00:18 +0000 As the world continues to recover from the Covid-19 pandemic, a rebound of the global luxury scene has been long awaited, especially in Hong Kong. An August 2023 report titled “World Market for Luxury Goods” by Euromonitor, a London-based market researcher, reveals that Hong Kong has regained its spot as the market with the highest per capita expenditure on luxury goods, after losing it to Switzerland and the UAE, with luxury jewellery as the front-running market in terms of post-pandemic growth... https://www.scmp.com/magazines/style/luxury/luxury-news/article/3240058/hong-kong-just-reclaimed-global-luxury-crown-city-once-again-luxury-market-highest-capita?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/luxury-news/article/3240058/hong-kong-just-reclaimed-global-luxury-crown-city-once-again-luxury-market-highest-capita?utm_source=rss_feed Thu, 02 Nov 2023 06:45:55 +0000 A high-profile Chinese billionaire couple suffered a setback on Thursday as they began trimming their hoard of art to raise funds amid a downturn in the market, as many of the pieces failed to meet presale estimates or went unsold at an auction in Hong Kong. “The Long Journey” sale, named after Liu Yiqian and Wang Wei’s chain of three Long Museums in Shanghai and Chongqing, sold only 28 of the 39 paintings on offer for a total haul of HK$455 million (US$58.1 million) during Sotheby’s annual... https://www.scmp.com/business/money/article/3236954/chinese-billionaires-bid-trim-art-collection-ends-disappointment-sothebys-hong-kong-auction?utm_source=rss_feed https://www.scmp.com/business/money/article/3236954/chinese-billionaires-bid-trim-art-collection-ends-disappointment-sothebys-hong-kong-auction?utm_source=rss_feed Thu, 05 Oct 2023 14:30:22 +0000 There’s a new type of knock-off that’s making it even harder to ensure your Gucci handbag or Yeezy trainers are authentic. Designer brands have been combating knock-offs for decades, but a rising category of “superfakes” can trick the most experienced experts. Fabricators have become increasingly savvy at making a product look eerily similar to the real thing. Here’s how superfakes became so difficult to tell apart from the real thing. What is a superfake? While knock-offs of designer clothing... https://www.scmp.com/magazines/style/fashion/trends/article/3233114/inside-rise-superfake-handbag-gucci-knock-offs-and-dior-dupes-hermes-birkins-look-just-real-thing?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion/trends/article/3233114/inside-rise-superfake-handbag-gucci-knock-offs-and-dior-dupes-hermes-birkins-look-just-real-thing?utm_source=rss_feed Sun, 03 Sep 2023 08:00:12 +0000 First, people respect the silken clothes. Then, they respect the man. For generations, that’s been a popular saying in China: 先敬罗衣后敬人. It translates to a simple lesson for everyone who wants to be wealthy – or at least look the part. What looking rich means to the Chinese has evolved over the years, but one thing is consistent: they spare no expense. Chinese shoppers will make up 40 per cent of all luxury consumers by 2030, despite recent turbulence, per Bain & Co’s research. Fashion houses from... https://www.scmp.com/magazines/style/fashion/trends/article/3232688/why-quiet-luxury-rise-china-barbie-might-have-sparked-loud-luxury-fashion-trend-nations-richest-are?utm_source=rss_feed https://www.scmp.com/magazines/style/fashion/trends/article/3232688/why-quiet-luxury-rise-china-barbie-might-have-sparked-loud-luxury-fashion-trend-nations-richest-are?utm_source=rss_feed Tue, 29 Aug 2023 09:57:50 +0000 If you spot four Ferraris on a street in China, chances are a woman is behind the wheel of at least one. That’s because China has become the first country where supercar-maker Ferrari NV sells more than a quarter of its new and pre-owned vehicles to women, according to people familiar with the matter. Female buyers on average accounted for 26 per cent of the company’s sales in China over the last five years, the sources said, a figure that does not include Taiwan and Hong Kong. That far exceeds... https://www.scmp.com/magazines/style/luxury/article/3230795/how-rich-chinese-women-became-key-market-ferrari-female-buyers-account-over-quarter-supercar-makers?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3230795/how-rich-chinese-women-became-key-market-ferrari-female-buyers-account-over-quarter-supercar-makers?utm_source=rss_feed Sun, 13 Aug 2023 08:00:14 +0000 LVMH needs sales from “aspirational” customers, but offering major discounts to keep them would spell trouble for the company. Most retailers will do almost anything to encourage customers to come back and buy more products, especially when those shoppers begin to tighten their purse strings. Typical strategies include bigger ads, deeper discounts, cheaper merchandise and more, chasing after a shrinking pool of consumer spending. But that’s not how French luxury conglomerate LVMH does... https://www.scmp.com/magazines/style/luxury/article/3230355/how-lvmh-plans-reattract-aspirational-luxury-shoppers-us-consumer-thinking-twice-about-spending-amid?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3230355/how-lvmh-plans-reattract-aspirational-luxury-shoppers-us-consumer-thinking-twice-about-spending-amid?utm_source=rss_feed Tue, 08 Aug 2023 06:31:07 +0000 Hermès’ sales and profit jumped as the maker of Birkin bags stood out from its luxury industry rivals with unabated demand for its high-end purses, notably in the US and China. First-half earnings and sales growth beat analysts’ estimates. Revenue in the Americas gained 21 per cent in the second quarter at constant exchange rates, almost double what analysts expected. The stock rose as much as 4.3 per cent in Paris. Hermès is outperforming rivals LVMH Moët Hennessy Louis Vuitton SE and Cartier... https://www.scmp.com/magazines/style/luxury/article/3229841/birkin-bag-demand-sees-hermes-profits-soar-new-heights-luxury-brand-surpassed-rivals-lvmh-and?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3229841/birkin-bag-demand-sees-hermes-profits-soar-new-heights-luxury-brand-surpassed-rivals-lvmh-and?utm_source=rss_feed Thu, 03 Aug 2023 07:14:47 +0000 This July was overloaded with global fashion news, including a myriad of Asian actors, music artists and K-pop celebrities being named brand ambassadors for some of the world’s most luxurious fashion houses. Keep scrolling for this month’s most significant Asian brand ambassador announcements. 1. Esther Yu x Moschino Italian luxury house Moschino announced Chinese musician and actress Esther Yu, 27, its newest global ambassador. Yu, known for her work in the show A Romance of the Little Forest,... https://www.scmp.com/magazines/style/celebrity/article/3229249/5-hot-new-asian-celebrity-brand-ambassadors-named-july-stray-kids-hyunjin-versace-and-cartier-x-bts?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3229249/5-hot-new-asian-celebrity-brand-ambassadors-named-july-stray-kids-hyunjin-versace-and-cartier-x-bts?utm_source=rss_feed Sun, 30 Jul 2023 01:00:15 +0000 Jackson Yee may be only 22, but he’s already established himself as a notable actor with a colossal influence. Since the Chinese star was discovered by an entertainment company on Hunan reality TV show Up Young nearly a decade ago, Yee has enjoyed a string of successes. He became the youngest member of boy band TFBoys in 2013, then started pursuing acting and a solo singing career in the years that followed. The Better Days actor’s hard work and emergence into the limelight was quickly picked... https://www.scmp.com/magazines/style/celebrity/article/3229247/6-jackson-yees-biggest-fashion-and-beauty-endorsements-chinese-actor-and-tfboys-member-has-scored?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3229247/6-jackson-yees-biggest-fashion-and-beauty-endorsements-chinese-actor-and-tfboys-member-has-scored?utm_source=rss_feed Fri, 28 Jul 2023 07:31:57 +0000 Iconic London department store Harrods will open a new private members club in Shanghai, the first of its kind outside the UK, in a bid to tap resilient demand from ultra-wealthy Chinese amid a slowing recovery in consumption. The new club, called The Residence, will open at the end of this year on the second floor of Cha House, a central Shanghai heritage building where a Harrods tea room and bar, which are open to public, are already located. What it really takes to join the world’s most... https://www.scmp.com/magazines/style/news-trends/article/3228215/inside-harrods-new-shanghai-private-members-club-residence-offers-chinas-ultra-wealthy-seclusion?utm_source=rss_feed https://www.scmp.com/magazines/style/news-trends/article/3228215/inside-harrods-new-shanghai-private-members-club-residence-offers-chinas-ultra-wealthy-seclusion?utm_source=rss_feed Wed, 19 Jul 2023 08:29:57 +0000 Chinese consumers – a massive population with an even bigger appetite for luxury goods, have historically contributed significantly to the growth of the global luxury market, both domestically and internationally. With rising purchasing power, they will only continue to do so, according to a new report by Business of Fashion (BoF) Insights, which projects how mainland shoppers are set to spend a record US$131 billion on luxury by 2027, surpassing pre-pandemic records. The report titled “Dynamic... https://www.scmp.com/magazines/style/luxury/article/3227986/inside-chinese-shoppers-massive-appetite-luxury-goods-spending-us131-billion-2027-and-consuming?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3227986/inside-chinese-shoppers-massive-appetite-luxury-goods-spending-us131-billion-2027-and-consuming?utm_source=rss_feed Tue, 18 Jul 2023 00:00:25 +0000 Chinese horology is back in the spotlight for 2023. However, the country’s finest watchmakers have been redefining 21st-century wristwear on a global scale for years. In a sea of sameness, Chinese watchmakers are pushing the envelope of timekeeping by designing unique creations that defy the conventional. They’re returning to their heritage, cultural art forms and ancient crafts in order to produce works of wonder that flaunt both character and exceptional technical savoir faire. We spotlight... https://www.scmp.com/magazines/style/luxury/article/3227178/4-chinese-luxury-watchmakers-celebrating-local-craftsmanship-atelier-wen-and-qin-gan-celadon-hh-and?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3227178/4-chinese-luxury-watchmakers-celebrating-local-craftsmanship-atelier-wen-and-qin-gan-celadon-hh-and?utm_source=rss_feed Tue, 11 Jul 2023 00:00:20 +0000 “Pretty boy fever” isn’t over in China. In fact, it is becoming more widespread. International beauty industry giants are increasingly choosing fresh-faced male stars for their marketing campaigns. These male idols come with a sizeable young female fan base who are especially attuned to spending money on the brands and products they promote. Fans see themselves as responsible for their idols’ commercial values, as a result, these brand appointments usually bring about immediate business... https://www.scmp.com/magazines/style/celebrity/article/3227112/8-chinese-male-idols-who-became-face-beauty-brands-xiao-zhan-and-hong-kongs-jackson-wang-tfboys-roy?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3227112/8-chinese-male-idols-who-became-face-beauty-brands-xiao-zhan-and-hong-kongs-jackson-wang-tfboys-roy?utm_source=rss_feed Mon, 10 Jul 2023 03:00:31 +0000 Xiao Zhan rose to fame in 2019 after starring in popular Chinese TV series The Untamed – and he remains a national icon. The former X Nine boy band singer went on to land multiple acting gigs, as well as lucrative deals from both local and international brands. So many so that the 31-year-old singer and actor recently topped a celebrity ranking of endorsements – with some 31 brands backing him (coincidence?) according to China’s iNews. This is doubtless down to his huge influence, with a fan... https://www.scmp.com/magazines/style/celebrity/article/3226532/how-xiao-zhan-became-chinas-king-luxury-untamed-actor-and-mandopop-star-now-counts-31-epic?utm_source=rss_feed https://www.scmp.com/magazines/style/celebrity/article/3226532/how-xiao-zhan-became-chinas-king-luxury-untamed-actor-and-mandopop-star-now-counts-31-epic?utm_source=rss_feed Wed, 05 Jul 2023 03:00:23 +0000