In “Headlines from China,” we share the biggest news stories about the luxury industry in China that have yet to make it into the English language. In this week’s edition, we discuss:
- Chinese sneaker trading app Poizon takes down all Kobe products
- Chinese department store owners lower rent amid coronavirus outbreak
- Valentino to join luxury e-commerce retail site Secoo in March
Chinese Sneaker Trading App Poizon Takes Down All Kobe Products — thepaper.cn
While China mourns over Kobe Bryant’s unexpected death in a helicopter crash, a few sneaker resellers saw a business opportunity and raised the prices of Kobe sneakers tens of thousands of yuan on sneaker trading apps like Poizon.
Poizon, however, reacted fast by taking down all Kobe-related products including sneakers and jerseys; it also temporarily locked the accounts of 37 resellers who violated the rules. “We have always been against malicious exploitations, and we don’t want to provide any convenience for third parties who want to do so,” the app stated in an announcement on Monday. Meanwhile, as of Thursday, customers can still purchase Kobe sneakers on Poizon’s US counterpart, StockX.
Chinese Department Store Owners Lower Rent Amid Coronavirus Outbreak — Beijing Daily
A slew of property owners in China have shown sympathy to their tenants by lowering or forgiving rent given that the coronavirus outbreak has significantly affected the public’s mobility. Wanda, China’s largest real estate development company founded by Wang Jianlin, announced Wednesday that all tenants at its 323 Wanda Plazas were exempt from rent during the Lunar New Year. It’s estimated that the gesture will cost the group at least 3 billion yuan (about $430 million).
Property owners such as Grandjoy Holdings Group and China Resources Land have also lowered their rent during the Lunar New Year period. Grandjoy’s malls in Shanghai feature high-end cosmetics brands including Dior and Giorgio Armani, as well as accessible luxury brands such as Coach and Michael Kors.
Valentino To Join Luxury E-Commerce Retail Site Secoo in March — sina.com
Secoo recently announced its deal with Valentino to launch the Italian company’s ready-to-wear and accessories on its platform. Boasting 30 million registered users with high purchasing power, Secoo has already struck deals with other European luxury brands like Prada, Versace, Salvatore Ferragamo, and Tod’s. Valentino might already be late, but it’s better late than never.