What Happened: The Shanghai-based brand CHENPENG has won the inaugural Yu Prize announced during Shanghai Fashion Week. The substantial prize includes a cash reward (over $150,000.00), mentoring from fashion group, Only The Brave, showroom exposure at Paris Fashion Week and a retail opportunity at Harrods. The winner was chosen from a jury composed of local and global fashion industry pioneers like Pascal Morand and Edison Chen. Additional awards were also given to Susan Fang, DONSEE10 and AT-ONE-MENT.
The Jing Take: From “Made in China” to “Created in China,” the mainland’s domestic fashion landscape has undergone a dramatic transformation. So much so that Shanghai, a mecca for emerging talent, is on track to give fashion capitals like London a run for their money. The growing pool of names lining up to show at Shanghai Fashion Week and its incubator platform Labelhood reflect the need for more dynamic support platforms on the mainland, making the Yu Prize a crucial pillar for the nascent industry.
Given the brand’s eye-catching and quirky-yet-undeniably commercial appeal, CHENPENG was a worthy winner with its colorful, oversized puffers. Now it joins the list of breakout stars, including Feng Chen Wang, Angel Chen, and Shushu/Tong, who are collectively reshaping Chinese fashion. The brand has already been recognized locally and internationally: CHENPENG was tapped by Alibaba for its China Day event at New York Fashion Week and shortlisted for the Woolmark Prize.
The designer, who plans to channel the funding into bolstering up e-commerce, told Jing Daily: “As part of a young generation Chinese designers, I want to do my part in ensuring the global success of the ‘Created in China’ label.” Hopefully, this prize will ensure that he is nurtured at home as well as abroad.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.