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Luxury in China

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Luxury in China
Take an in-depth look at the Chinese luxury market
last updated:
9 September, 2024
Bulgari goods on display at the China International Import Expo in Shanghai. Photo: LVMH
Retailing

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

The Italian fashion brand in the LVMH stable bets on a recovery in the next two years with a plan to open more mainland stores.

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Consumers

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

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China economy

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

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.

A woman walks past a store of sporting goods retailer Adidas at a shopping mall in Beijing on March 25, 2021. Photo: Reuters
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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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.

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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

Online stores have suffered post-pandemic allowing traditional stores to regain their place say experts, citing examples like Oakland’s McMullen (shown here), Shanghai’s Labelhood 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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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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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.

Pedestrians walk past a Ralph Lauren Corp. store in the Central district of Hong Kong, China. Photo: Bloomberg
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.

Yusheng is a newly popular Chinese dish for prosperity that doesn’t break the bank. It is part of a growing trend of “quiet luxury” in Chinese food that eschews ostentatious ingredients such as abalone and sea cucumber. Photo: Shutterstock
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.

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.

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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China’s luxury goods market recorded 12 per cent year-on-year growth in 2023, according to Bain & Company. Photo: AP
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

Pedestrians walk past a Burberry store on popular luxury shopping street Canton Road in Tsim Sha Tsui, Hong Kong, in July 2019. Photo: Bloomberg
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.

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

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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

Quiet luxury is on the rise for many reasons in China right now. Photo: Getty Images
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

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

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

Demand for the famous Hermès Birkin bag continues to rise in 2023. Photo: Handout
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

This month has seen another slew of new Asian celebrity brand ambassadors, including Esther Yu for Moschino, Stray Kids’ Hyunjin for Versace, and TFBoys’ Roy Wang for Bally. Photos: @moschino, @realstraykids/Instagram; Bally
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?

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

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

Shoppers sit in front of luxury store Miu Miu in an upscale shopping district in Beijing, China. Photo: Getty Images
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

Chinese haute horology is back in trend for 2023, with leading watchmakers like LYH Watch, Atelier Wen, Qin Gan and Celadon Haute Horlogerie paving the way. Photos: Handout
Beauty

8 Chinese male idols who became the face of beauty brands, from Mac to Nars

An increasing number of Chinese male idols are becoming the face of cosmetic companies – here are 8 pretty-faced stars who now rep beauty brands from Nars and Mac to Guerlain

K-pop, Mandopop, other Asian pop

How Xiao Zhan became China’s ‘King of Luxury’ – with 31 endorsements, and counting

The Untamed actor and Mandopop star is officially the most-endorsed star in the country, so which Western brands have courted him so far? From Gucci to Tod’s, we walk you through …

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