2.13 – Moncler Leveled by the Coronavirus Despite Strong 2019 Sales
TODAY’S TOP FIVE CAN’T-MISS STORIES
Shows Off, Sales Plummeting — Fashion Reels From Coronavirus
Chinese fashion brands pull out of Paris Fashion Week over coronavirus outbreak, China Fashion Week and Shanghai Fashion Week are postponed, and luxury brands expect worse hit from outbreak than from Hong Kong protests. Read more on South China Morning Post
Bytedance Eroding Ad Revenue Share From BAT: Report
Bytedance, creator of viral short video apps Douyin and TikTok as well as news aggregation app Toutiao, is continuing to take ad revenue share from China’s top tech firms Baidu, Alibaba, and Tencent, according to a report from Chinese social media agency Totem Media. Read more on TechNode
How Will The Coronavirus Crisis Affect The Daigou Business in South Korea?
Normally South Korea – the world’s biggest duty free market – would be celebrating news of a record year in sales, writes Martin Moodie. duty free sales in 2019 leapt by +23.7% year-on-year to a record US$21.32 billion (KRW24.86 trillion). But there’s no mood of celebration among Korean travel retailers today. They know what they have known for several years – that the market is overwhelmingly reliant on one nationality, the Chinese. If anything happens to disrupt or stem that source market, then the repercussions are potentially frightening. Read more on The Moodie Davitt Report
The Next Wave: Silver Spenders
With cash and time on their hands to enjoy life, Asia's affluent retirees are an untapped and growing market. We explore the needs of these consumers, and the potential of the Silver economy. Read more on Channel News Asia
Bulgari CEO Says China's Coronavirus Crisis Is 'Hurting Sales Significantly'
China's ongoing coronavirus epidemic has dealt a blow to the global luxury goods market, which experts say could hinder earnings throughout 2020. Bulgari CEO Jean-Christophe Babin said the crisis hasn't changed his company's positive outlook on China, but he joined a growing list of retail chain executives who say the humanitarian disaster, which has killed more than 1,000 people worldwide and sickened some 40,000 more as of Tuesday, is having an outsized effect on companies' earnings. Read more on CNN International