Western brands under pressure as 'pre-owned' luxury booms in China
- SHANGHAI: With China's economy still struggling to recover from the pandemic, even global fashion icons are beginning to feel the pinch as consumers turn instead to the secondhand market or buy upstart new homegrown brands.
- Chinese were once massive buyers of luxury Western brands, accounting for around a third of worldwide spending and earning firms such as LVMH and Hermes billions of dollars.
- But consumers' belt-tightening has forced them to rethink their strategies, with Louis Vuitton closing five stores in mainland China in the past two years - including a chocolate boutique in Shanghai - wh
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- SHANGHAI: With China's economy still struggling to recover from the pandemic, even global fashion icons are beginning to feel the pinch as consumers turn instead to the secondhand market or buy upstart new homegrown brands.
- Chinese were once massive buyers of luxury Western brands, accounting for around a third of worldwide spending and earning firms such as LVMH and Hermes billions of dollars.
- But consumers' belt-tightening has forced them to rethink their strategies, with Louis Vuitton closing five stores in mainland China in the past two years - including a chocolate boutique in Shanghai - wh
Sources: CNA