Market Updates
China’s robust economic recovery stimulated by fiscal policy and consumption rebound
On November 15, the National Bureau of Statistics released economic data for October. Total retail sales of consumer goods amounted to 4.33 trillion yuan ($600 billion), an increase of 7.6 percent year-on-year, accelerated by 2.1 percentage points from the previous month. The newly released data shows that China’s major economic indicators continue to improve, and the national economy continues to recover.
CIIE symbolizes high-standard opening-up and shows world’s confidence in Chinese economy
The popularity of the China International Import Expo showcases the global business community’s confidence in the Chinese economy. According to a report released recently by the China Council for the Promotion of International Trade, more than 80% of the foreign enterprises it surveyed are satisfied with China’s business environment.
Digital
China’s e-commerce industry embraces AI this “Double 11”
China leading e-commerce platform Tmall integrated cutting-edge retail tools on the world’s largest annual shopping event “Double 11” this year, debuted 10 free AI-powered features for merchants as well as a generative AI chatbot named Wenwen to answer users’ queries.
Gucci Cosmos Land brings physical heritage to the metaverse
Gucci’s blockbuster Gucci Cosmos exhibition is launching in the decentralized gaming world, The Sandbox. The digital experience allows visitors to explore decades of Gucci history and iconic designs through an interactive journey.
Fashion
Louis Vuitton collaborates with SF Express to cut carbon emissions
Louis Vuitton has signed a memorandum of understanding with logistics giant SF Express to kick start their collaborative efforts in climate adaptation. In recent years, Louis Vuitton has been implementing a green supply chain, and this partnership is aligned with its long-term vision to enhance the climate adaptation capabilities of its sustainable supply chain.
Balenciaga appoints Michelle Yeoh as a brand ambassador
On November 9, Balenciaga announced the renowned actress Michelle Yeoh (杨紫琼) as its brand ambassador. Yeoh made history as the first Asian woman to win an Oscar for lead actress this year.
Versace announces Zhao Lusi as a global brand spokesperson
On November 9, Versace announced Zhao Lusi (赵露思) , a young and popular actress with 27 million followers on Weibo, as its global brand spokesperson.
Roots x CLOT launch co-branded collection
Canadian lifestyle brand Roots launches its 20th design collaboration in partnership with streetwear brand CLOT. The collaboration serves as a continuation of Roots milestone 50th anniversary as well as CLOT’s 20th anniversary.
Lanvin announces Cheng Yi as global spokesperson
On October 26, Lanvin announced Cheng Yi (成毅) as its global spokesperson. Cheng is a popular actor with 25 million followers on Weibo.
Bottega Veneta appoints Shu Qi as global brand ambassador
On October 26, Bottega Veneta appointed Shu qi (舒淇) as its global brand ambassador. Shu is a high-profile actress with 40 million followers on Weibo.
Beauty
L’Oréal Travel Retail Asia Pacific and Alipay+ expand strategic partnership
L’Oréal Travel Retail Asia Pacific and Alipay+ have expanded their strategic partnership to deepen their understanding of Chinese travellers’ purchasing behaviour around the world. Through the partnership, both L’Oréal Travel Retail and Alipay+ aim to meet the evolving consumer demands of travellers who seek out seamless shopping, personalised beauty and mobile integration.
Watches & Jewellery
Boucheron announced Xiao Zhan as global brand spokesperson
On November 7, Boucheron announced Xiao Zhan(肖战) as its global brand spokesperson. Xiao is a well-known actor with 32 million followers on Weibo.
Tiffany & Co. becomes the official trophy partner of the Shanghai Marathon
Tiffany & Co. joins hands with Shanghai Marathon to create exquisite new trophies and medals for the top three male and female athletes this year, witnessing extraordinary moments together. For over 160 years, Tiffany & Co. has been dedicated to the design and creation of prestigious trophies for renowned global sporting events.
Travel
Cruises sail high seas with rising demand in China
China is currently the second-largest cruise market, trailing only the United States. With increasing demand for outbound travel, Viking Cruises will launch a new route from Shenzhen, Guangdong province, to Vietnam and Hong Kong in December.
Travel products shine in “Double 11”
At 8:00 PM on October 24, the official launch of Fliggy‘s Double 11 sales began. Within 13 minutes of the launch, the total transaction volume of products on the Fliggy platform surpassed 1 billion yuan, significantly surpassing the full-day sales of the first day in 2022.
New Openings and Launches
Loro Piana 2023AW Resort Collection pop-up store opens at Nanjing Deji Plaza
Ami Paris opens a new boutique in Suzhou
Mugler to open its first store in China in Shanghai
CLOT x Staffonly launches a co-branded collection
Vivienne Westwood to open its first store in Hangzhou
Prada hosts the “Paraventi” exhibition at Rong Zhai, Shanghai
Boger Kids Collection makes its debut in China
Hermes opens a new store at Chengdu SKP
Louis Vuitton opens a new store at Sanya International Duty Free City
Dior Shanghai Plaza 66 store reopens
Boss opens a new concept store at Guangzhou Tee Mall
