CNY travel rush begins#
China has initiated its annual mass migration period, anticipating a record nine billion domestic trips during the 40-day travel rush surrounding the Chinese New Year holidays, nearly double the 4.7 billion trips from the previous year when strict Covid-19 restrictions were lifted. This migration sees millions traveling to their hometowns for family reunions during Chinese New Year, constituting the world's largest annual mass migration. About 80 percent of these trips will be self-driving road journeys, setting a record, while the rest will involve rail, air, and water travel.
Vivienne Westwood unveils CNY collection#
Vivienne Westwood recently released a collection of jewelry themed around the “power and prosperity" of the Year of the Dragon. The new items include two necklaces and two pairs of earrings, all featuring the image of an Asian dragon. The design of the dragon's posture in the jewelry and promotional video draws inspiration from the traditional Chinese concept of the "dragon grasping a pearl."
Lane Crawford, Skims partner on pop-up#
Luxury department store Lane Crawford has teamed up with Skims, a beauty shapewear brand co-founded by Kim Kardashian and Jens Grede, to present the "Skims Valentine's Day Pop-Up Store" at the Chengdu International Financial Center from January 29 to February 8. Skims’ first pop-up store in China offers Valentine's Day items, including lingerie and loungewear, along with their classic collections.
Temu to allow US, European sellers on platform#
Temu, the online retailer owned by Pinduoduo's parent company, is set to open its platform to US and European sellers. A Temu spokesperson confirmed the company’s plans on January 25, but declined to provide additional details, saying that “many of the business details are still in the process of being finalized.” Temu initially entered the US market in 2022 and gained popularity by offering affordable items. It boasts over 100,000 Chinese-based merchants on its platform.
Investor group opposes Farfetch sale#
A group of investors known as the 2027 Ad Hoc Group is opposing the proposed sale of luxury fashion marketplace Farfetch to South Korean e-commerce company Coupang. Representing over 50 percent of institutional investors holding 3.75 percent convertible senior notes in Farfetch due in 2027, the group has declared Farfetch in default and demanded immediate repayment. They are concerned about the lack of transparency in the sale process and the insertion of a $1 billion poison pill in the transaction support agreement with Coupang. The group claims there are credible partners interested in acquiring Farfetch and aims to protect their investors' interests before the deal closes on April 30.
Delvaux opens flagship in Beijing#
On January 26, Delvaux opened its first flagship store in mainland China at Wangfujing Central in Beijing. In line with Delvaux's global flagship stores, the Wangfujing Central flagship store narrates stories of outstanding design craftsmanship, showcasing the aesthetics of life, while upholding and conveying the cultural traditions of both Brussels and Beijing.
China, Thailand to implement visa-free entry policy#
China and Thailand have agreed to implement a 30-day mutual visa-free entry policy for their citizens starting from March 1. This arrangement is expected to boost tourism and travel retail, following a similar visa-exemption scheme signed between China and Singapore. Under this visa waiver agreement, Chinese and Thai citizens with ordinary passports can enter each other's countries without a visa for up to 30 days (not exceeding 90 days within 180 days). This initiative aims to promote tourism and strengthen bilateral cooperation. In 2023, Thailand welcomed 28 million tourists, with 3.5 million coming from China, making it the second-largest source market for Thai tourism.