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Luxury in China

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Luxury in China
Take an in-depth look at the Chinese luxury market
People walk past a closed Gucci store on Nanjing Road Pedestrian Street in Shanghai on February 17, 2025. Photo: Getty Images
Banking & finance

Gucci, Prada close more China outlets as luxury spending shrinks

Store closures are also hurting mall owners and undermining projections for an end to the multi-year property market slump.

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Banking & finance

Laopu Gold jewellery sells like hot cakes despite tepid China consumer spending

Retailing

Bulgari banks on Chinese consumers to fuel luxury growth as economy improves

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Consumers

Why China consumers are not splurging on LVMH, Burberry, Kering luxury goods

Waning confidence among China’s middle class consumers could further undermine sales of global luxury brands, analysts say.

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Consumers seen outside a Christian Dior store in Beijing in October 2024. Photo: Bloomberg
China economy

Breitling CEO ‘quite confident’ luxury’s China-led slowdown has hit bottom

The Swiss watchmaker sees India as a bright spot thanks to improving distribution infrastructure and new shopping centres.

Banking & finance

Explainer | How 5 international brands are growing in China despite spending downturn

Arc’teryx, Adidas, Ralph Lauren, Sam’s Club and Yum China are all growing their China sales, but for different reasons.

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China society

Being Chinese | What’s come between China and It bags? Maybe it’s not just the economy

Chinese may be growing out of their obsession with high-end Western brands, like how I outgrew my fascination with ‘decadent Western’ jeans.

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People walk past a Gucci store in the Wangfujing shopping area in Beijing on September 13. China’s slowing growth has begun to weigh on luxury brands. Photo: Bloomberg
China property

China’s ultra-rich are snatching up luxury homes for a rainy day

Wealthy homebuyers see opportunity for flats that cost more than US$14,000 per square metre in prime downtown areas after recent market correction.

Retailing

Let’s take this offline: why indie fashion boutiques are back in fashion

Move over, Net-a-Porter – Independent IRL shops are bouncing back, say experts, citing Shanghai’s Labelhood, Oakland’s McMullen and Andreas Murkudis’ stores in Berlin

Gen Z

China’s Gen Zers to sway marketing, retail trends as they drive consumption

The influence and spending potential of China’s Gen Z population make them a major target group for many brands, both large and small.

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The influence and spending potential of China’s Gen Z population make them a major target group for many brands, both large and small. Photo: Shutterstock
Luxury brands

LVMH’s first-quarter sales growth slows along with demand for handbags

Organic revenue at LVMH’s fashion and leather goods unit, its biggest division, rose 2 per cent in the first quarter, down from 18 per cent growth a year ago and falling short of analysts’ estimates of 3.2 per cent.

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Louis Vuitton is one of the dozens of luxury brands in LVMH’s stable. Photo: Reuters
Banking & finance

Exclusive | America’s favourite fashion brand bets on China for growth. Here’s how

Global fashion retailer Ralph Lauren will explore the ‘still significant’ growth opportunities in China’s key cities as it expands in a ‘disciplined and sequenced’ manner.

Food and Drinks

Bye bye, bird’s nest: young Chinese diners pivot to ‘quiet’ luxury food

Chinese epicures are moving away from ‘loud luxury’ ingredients such as abalone, shark fin and bird’s nest, and choosing sophistication over ostentation, while still dining auspiciously.

Hong Kong property

Watchmaker Omega confident in Hong Kong shoppers as it opens two glitzy shops

Watchmaker opens new multistorey shops in Central, Tsim Sha Tsui even as government predicts drop in tourism spending in 2024.

Omega’s recently opened Central boutique is located on Queen’s Road Central. Photo: Handout
ESG investing

Omega raises US$600,000 for eye charity Orbis through watch auction

The Swiss luxury brand recently auctioned 11 suitcases, each containing 11 MoonSwatch Moonshine Gold Hong Kong edition watches via Sotheby’s as part of its CSR efforts to support Orbis.

Orbis president and CEO Derek Hodkey (left) with Omega CEO and president Raynald Aeschlimann. Omega supports the flying eye hospital through its CSR initiative. Photo: Handout
China's economic recovery

‘Robust rebound’ for China’s luxury goods market, but post-Covid doubts remain

China’s luxury goods market recorded 12 per cent year-on-year growth in 2023, according to Bain & Company, but challenges remain even as it is still seen as a leading market.

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Hong Kong

Hong Kong reclaims status as luxury market with highest per capita spending

The recent National Day ‘golden week’ holiday saw mainland Chinese visitors flock to the city, with luxury jewellery the fastest sector to bounce back post-pandemic in the APAC region

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Millionaires and billionaires

Chinese collectors’ art sale flops at Sotheby’s auction in Hong Kong

Liu Yiqian and Wang Wei managed to only sell 28 of the 39 paintings on offer for a total of HK$455 million (US$58.1 million) 24 per cent less than the bottom estimate.

Paulette Jourdain (1919) by Amedeo Modigliani. Chinese billionaire collectors Liu Yiqian and his wife Wang Wei bought this painting in 2015 for US$42.8 million. Photo: Sotheby’s
Fashion

Inside the rise of the superfake handbag – and why Gen Z are here for it

Chinese manufacturers have become so good at replicating designer goods that even the most experienced authenticators can struggle to decipher a superfake – and social media is making things worse

Fashion

Why China’s richest people are all about quiet luxury and old-money fashion

Hit HBO TV show Succession and celebrities like Gwyneth Paltrow put stealth wealth in the spotlight in the West, and then came the inevitable loud luxury response – but not in China

Automotive industry

How rich women in China became a key market for Ferrari

China has just become the first country where supercar-maker Ferrari sells over a quarter of its vehicles to women – here’s what you need to know

Wealthy women in China are emerging as a key leading consumer market for Ferraris. Photo: AFP
Fashion

Clout not discounts: how LVMH will reattract ‘aspirational’ luxury shoppers

LVMH is seeing ‘aspirational’ luxury customers flag amid high inflation and growing economic uncertainty – but the fashion conglomerate is not likely to drop prices any time soon

American designer Pharrell Williams made a huge impact on the luxury fashion industry, and for LVMH, when he made his debut with Louis Vuitton during Paris Fashion Week. Photo: EPA-EFE
Fashion

Birkin bag demand sees Hermès profits soar to new heights

Hermès saw its sales and profit jump for the first half of the year, surpassing rivals LVMH and Cartier owner Richemont – and its executive chairman is confident the brand will stay strong

Celebrity style

5 new Asian celebrity brand ambassadors named this July, from V to Esther Yu

This July, a number of Asian celebrities have joined luxury brands as new ambassadors – from BTS’ V for Cartier and Hyunjin for Versace, to Esther Yu for Moschino

Celebrity style

Jackson Yee’s 6 biggest brand deals, from BMW to Adidas – and he’s only 22

From carmakers like BMW and fashion brands like Adidas and Bottega Veneta, to Tiffany & Co. jewellery and Jaeger LeCoultre watches – is there any industry Jackson Yee hasn’t been tapped by?

Jackson Yee has scored multiple endorsements over the years, including this one with Swiss watchmaker Jaeger LeCoultre. Photo: Jaeger-LeCoultre
Ultra Luxury

Inside Harrods’ new private members’ club in Shanghai – in pictures

The Residence marks the iconic London department store’s first membership-only venture outside the UK in a bid to captivate China’s insatiable 1 per cent

Welcome to The Residence, Harrods’ first private members’ club, opening later this year in Shanghai, and offering China’s ultra-elite an exclusive dose of distinctly British hospitality. Photo: Harrods
Consumers

Inside Chinese shoppers’ multibillion-dollar appetite for luxury goods

Two new reports from Business of Fashion (BoF) Insights and Alliance Bernstein (AB) show how Chinese shoppers are breaking records in luxury goods consumption post-pandemic

Timepieces

Cometh the hour: 4 Chinese luxury watchmakers celebrating local craftsmanship

With Chinese horology back in the spotlight this year, we introduce some of the country’s finest watchmakers who are redefining 21st-century wristwear with regional influences

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