Mercedes Benz doubles down on China EV push#
The 18th Beijing International Automotive Exhibition opened its doors yesterday. Speaking at the event, Mercedes Benz’s China chief reaffirmed the company’s commitment to investing in partnerships with Chinese firms like Baidu, emphasizing the country’s importance to its global strategy, particularly in the electric vehicle market. Mercedes showcased electric models at the Beijing autoshow to dispel rumors about abandoning electrification, and announced plans to launch the electric G-class in China this year. Despite a 12% YoY decline in first-quarter sales in China, Mercedes is adjusting its strategy amid fierce competition from local rivals in both mass-market and luxury electric vehicles.
Porsche expands EV lineup for China#
Also at the Beijing autoshow, Porsche unveiled the all-new all-electric Macan, emphasizing its blend of leading-edge technology and individualistic style. The pure electric luxury SUV’s starting price in China is 728,000 RMB ($109,200). Additionally, the new Taycan 4, tailored specifically for the Chinese market, made its public debut, marking the eighth derivative model of the Taycan introduced in the Chinese market.
Celebs assemble for Boss’ luxe Beijing affair#
Boss on April 19 hosted an exclusive evening event and private tasting session for its 2024 Spring/Summer premium collection in Beijing. Celebrities, fashion leaders, and media guests gathered at the Moca Art Center to explore Boss’ tailoring concepts and craftsmanship up close. The premium collection, representing the pinnacle of Boss’ luxurious menswear and womenswear, pays homage to the brand’s heritage craftsmanship. Newly appointed Boss Greater China Brand Ambassador, Zhang Binbin, along with renowned Chinese musical actor Ayanga, supermodel Chen Yu, and young actor Chen He, attended the banquet.
Victoria’s Secret takes flight with Susan Fang#
Victoria's Secret and Chinese fashion designer Susan Fang have launched the Victoria’s Secret x Susan Fang collection. Released for 520 Day, the collection is themed “Fly With Love” and includes lingerie sets, pajama sets, nightgowns, T-shirts, sun jackets, and more. This collaboration marks Victoria's Secret’s second partnership with a Chinese designer. Previously, Victoria’s Secret collaborated with Chinese fashion designer Rui Zhou to create its first-ever Chinese designer collaborative collection, Victoria’s Secret x Rui-built.
Relaxed luxury defines Miu Miu’s 520 Day capsule#
Miu Miu has unveiled a capsule collection and digital ad campaign to mark China's 520 Day. The portrait series, shot by artist Rebekka Deubner, focuses on a summer wardrobe crafted with natural tones and materials, adorned with crochet fisherman hats, handbags, and headbands embellished with light gold Miu Miu logos, as well as whipstitch leather letter charms. Additionally, the new Miu Miu Patch and Arcadie Patch handbags, made of white and cognac brown recycled patchwork leather, feature prominently in this collection.
Net-a-Porter taps Mika for Tmall Fashion Challenge#
Net-a-Porter kicked off its Tmall Annual Membership Day on April 18, inviting consumers to explore versatile styles. Net-a-Porter invited singer Mika to take on the Fashion Challenge, exploring diverse looks and gaining fashionable inspiration. This collaboration features popular brands and items of the new season, with Mika appearing in an ad. Additionally, Mika will guest star in Net-a-Porter’s Tmall livestream, sharing fashion insights with viewers and fans during the membership event, offering chances to win limited shopping vouchers and other exclusive gifts.
AliExpress pours $33M into South Korean expansion#
AliExpress has significantly increased its investment in the South Korean e-commerce market, with its registered capital multiplying ninefold. Industry insiders believe that this move indicates Alibaba’s intention to increase its investment and marketing efforts in the country. It is understood that AliExpress Korea increased its capital on April 17 from $3.52 million (4 billion Korean won) to $32.88 million (37.4 billion Korean won). This increase comes just two months after a previous increase in February. Alibaba initially established its South Korean subsidiary in August of last year with capital of $0.09 million (100 million Korean won).
LVMH’s $26B sales trump France’s agriculture exports#
LVMH contributes more to France’s exports than traditional agricultural products like Camembert and wine. With 4% of French exports last year valued at $26.32 billion (€23.5 billion), LVMH’s global sales surpass the agricultural sector’s 3.2% contribution, highlighting the luxury industry’s significance to France’s trade balance. Despite challenges in markets like China and the US, LVMH remains resilient, with strong sales in Europe and Asia. Leadership changes, including Bernard Arnault’s sons joining the board, signal continuity amid industry shifts. However, the luxury sector, including LVMH, has seen a slowdown in sales despite earlier post-pandemic surges.