Will China’s attempts to rein in celebrity culture affect global luxury?
Since the luxury industry has become over reliant on brand ambassadors and idols in China, it is safe to say that this crackdown will have a powerful impact.
Since the luxury industry has become over reliant on brand ambassadors and idols in China, it is safe to say that this crackdown will have a powerful impact.
Global fashion media group L’Officiel, and parent company for high-fashion magazine L’Officiel, has been acquired by Hong Kong-based conglomerate AMTD International.
Italy’s Armani Beauty is welcoming American actor and producer Tessa Thompson to its diverse lineup of ambassadors.
High-profile celebrities have historically been front row at runway shows, seated among fashion’s most elite figures, but now they are beginning to appear more frequently on the catwalk.
Many brands have been incorporating Guochao elements to boost sales in recent years, with one estimate putting the market for Guochao fashion alone at around RMB 35 billion ($5.4 billion).
Although analysts forecast that the economy will swell at a modest rate of above 5 percent this year — a drop from the estimated rate of 8 percent in 2021 — Beijing is bullish on change.
More brands and retailers are prioritizing social commerce in 2022, but it poses a challenge for marketers relying on first-party data.
Luxury brands are looking ahead to the Year of the Tiger with special campaigns and collections with universal appeal.
By 2025, Generations Y and Z in China will account for more than two-thirds of the luxury market.
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