The Met Ball, or the Capitol celebrating itself? (Katniss looks a little odd in that dress though…)
Key sentence: “[M]ost of these expensive influencers won’t move the needle in China, simply because they don’t have any real influence.” I think we should start actively researching the influence of bloggers. (Term project anyone? Grad student research?)
In WWD, there was an alluring article about how the Neiman Marcus Group is cutting back on its’ physical operations in China because of a broader slowdown in the country for luxury goods. Since the Chinese website has not been substantial with profit from these luxury goods, the Chinese warehouse is being closed down, and the U.S. is picking up sales through the website. I was surprised to see that the Chinese warehouse closed down because of the Neiman business model rather than the Chinese economy. Neiman is trying to demonstrate international growth as its’ owners prepare to take the department store chain public or sell it. Even a store with a wealthy consumer base all over, reaches its’ downfalls before its’ peaks.
“As a testament to the growing sophistication as well as purchasing power of male consumers in China, Dior Homme showcased its collection to more than 700 guests on Friday“
Dior has launched, for the second time, its Homme (men’s) line in Asia. Creative director, Kris Can Assche, said “Shanghai makes me very happy and satisfied”, which means there is a strong market in this location. The runway show in Long Museum, had both Chinese models and models who were flown from abroad to showcase the collection. At the end of the show, guests received small bouquets of lily of the valley, which was Christian Dior’s favorite flower. Guests included regional celebrities from China, and even from Korea and Taiwan.
This article had me thinking about our discussion of Shanghai Tang, an upcoming luxury brand, coming into the US. Dior’s emergence into Asia, is strong due to label recognition. Since our debate with the other class, one thing Dr. Lu said really stuck in my mind. We were so focused on what would happen if we, as an American, wore traditional Chinese clothing in China: Would we be looked at as making fun, or accepted and almost honored. Dr. Lu brought up a point how he wears America’s traditional work clothes, suit and tie, to class and we, as students, never thought twice about him making fun. It was almost accepted as normalcy. Asian markets are very big and appear to look to America and other countries for fashion, specifically the luxury brands. Dior seemed to succeed in incorporating the traditional American and European suit and tie, with Asian flair.
According to the panel here, there is no reason to believe the doomsayers when it comes to the Chinese economy. China may well have a “bubble” going, but there won’t be a crash they say. Look for continued luxury spending and conspicuous consumption.
A very good analysis of the dilemma that is Shanghai Tang…
Very informative interview with the CEO of Shanghai Tang. He gives very optimistic answers to questions that are very similar to the ones we have been asking.
I thought this article was relevant to the presentations we just listened to in class. While stores like H&M continue to open retail locations all over the world to keep up with the demand of their products, Chanel has a limited number of stores not only because the higher price points don’t meet the demands of most consumers, but also because the brand is more exclusive. We see H&M and competing with stores like Zara and Forever 21 so by opening more retail locations, H&M is keeping up with the competition and opening itself up to more sales opportunities. Chanel and other luxury brands like it cannot simply open many retail locations in remote parts of the world because this retail format doesn’t match up with its consumer demand and may lose the luxurious, special appeal.
I found this article on China to be very interesting. The China Edit is a weekly curation of the more important and recent business fashion news and analysis about the world’s largest luxury market. In the article, it explains that China’s fashion is changing as well as adapting quickly to familiar designers such as Armani, Gucci and Prada, which are displayed in many of China’s fashion magazines. Also in the article, another interesting fact stated that The Body Shop has removed all its products from duty-free shelves in China. This is due to the fact that if the product is on Chinese shelves, the Chinese authorities can test the products on animals, in which The Body Shop is a cruelty-free company. Lastly, in the article, it explains that some parts of China are moving away from the whole idea of carrying around a plastic credit card, and issuing “virtual” credit cards. The virtual credit card can be used for online transactions and some online retailers that will accept the QR code. I’m not too sure if I would like the idea of a virtual credit card due to theft. It is so easy to lose you cell phone or have your phone stolen, which in this case is just like getting your phone and credit card stolen. It will be interesting to me to see if the idea of the virtual credit card will be used by any other countries, and if it will continue to work.