In “Chinese Whispers,” we share the biggest news stories about the luxury industry in China that haven’t yet made it into the English language.
In this week’s edition, we discuss:
- Chanel‘s upcoming WeChat-powered exhibition in Shanghai,
- Fosun‘s potential buyout of a German apparel brand, and
- Alibaba’s luxury business expansion in 2018.
French luxury powerhouse Chanel is about to showcase its renowned art exhibition “Mademoiselle Privé” at West Bund Artistic Center in Shanghai on April 20.
The show, which was previously on display in London, Seoul and Hong Kong, will present Chanel’s signature designs from the famed founding designer Gabrielle Chanel to the current creative director Karl Lagerfeld. This includes Lagerfeld’s haute couture collection, N°5 fragrance from 1921, and the one and only jewelry design by Gabrielle Chanel “Bijoux de Diamants.”
Bruno Pavlovsky, president of fashion at Chanel, told the press that the brand will accommodate to the digital habits of Chinese consumers by using WeChat to provide a consistent “online-to-offline” viewing experience.
2. Chinese conglomerate Fosun is close to a buyout of German fashion brand Tom Tailor – QDaily
This week, the European Commission greenlighted Chinese company Fosun’s request to raise its stake to 100 percent in Tom Tailor, a German fashion and lifestyle brand. In 2014, Fosun acquired a 23.16 percent stake in Tom Tailor through its subsidiary Fidelidade-Companhia de Seguros, the largest Portuguese insurance firm. After that, it planned to support the brand’s expansion into the Chinese market.
Founded in 1962, Tom Tailor Group currently owns two fast fashion labels Tom Tailor and Bonita. On January 30, Tom Tailor issued a statement saying they would consider a complete buyout possibility by Fosun. Details of the potential deal have not been disclosed.
3. Alibaba courted 35 luxury brands to open flagship stores on its platform in 2018 – Ebrun
Alibaba recently revealed that they succeeded in recruiting 35 luxury brands to do business on their platforms in 2018, marking huge progress in the company’s expansion into the luxury retail arena. In the third quarter of 2019 (quarter ending December 31, 2018) alone, high-end luxury brands like Valentino, Ermenegildo Zegna, Bottega Veneta, and Sergio Rossi launched stores on Alibaba’s B2C Tmall platform.