Reports

    China News Brief
    June 24, 2024

    Balenciaga partners with Tencent’s ‘Need for Speed’; Piaget marks 150th anniversary with new Shanghai Concept Store; Aranya Festival opens with Porsche installation.
    Image: Balenciaga

    Balenciaga partners with Tencent’s ‘Need for Speed’#

    Balenciaga announced its collaboration with Tencent ’s Need for Speed, creating an all-new gaming experience, scheduled for official release on July 11. The collaboration will feature new co-created content within the game, including customized car liveries and Balenciaga flagship store elements within the racing scenes. Creative Director Demna will personally select the racers’ fashion styles, allowing players to immerse themselves in cutting-edge fashion inspiration, further advancing Balenciaga’s innovative journey in the gaming field.

    Piaget marks 150th anniversary with new Shanghai concept store#

    Piaget marked its 150th anniversary with the unveiling of a new concept boutique  at the Shanghai International Finance Center. Designed by architect Rafael de Càrdenas, the boutique offers an immersive experience, reflecting the brand’s elegant and free-spirited charm.

    Aranya Festival opens with Porsche installation#

    On the evening of June 21, the 11-day 2024 Aranya Theater Festival opened with a launch party at the Porsche’s installation  on Aranya Beach. The launch event featured theatrical performances, drone shows, and band performances. Porsche partnered with the Aranya Theater Festival for the first time to showcase large installations, theater, interviews, and other art forms.

    China, EU negotiate on electric vehicle tariffs#

    China and the EU have agreed to start talks on the planned imposition of tariffs  on Chinese-made electric vehicles (EVs) being imported into the European market, senior officials of both sides said on Saturday. Germany’s Economy Minister Robert Habeck received this news from EU commissioner Valdis Dombrovskis, indicating concrete negotiations with China. This follows China’s commerce ministry’s announcement of talks with Dombrovskis over the EU’s anti-subsidy investigation into Chinese EVs. Habeck sees this as a positive initial step but stressed the need for further progress.

    Audi-sponsored Design Shanghai features 600-plus brands#

    Design Shanghai 2024, sponsored by Audi , opened on June 19 at the Shanghai World Expo Exhibition Hall. The exhibition features over 600 brands from more than 40 countries and regions, showcasing diversity and innovation in design across various categories. These include furniture and lighting design, kitchen and bathroom design, lifestyle and accessories design, as well as a new pavilion focusing on new materials and applications. The event aims to explore the fusion and balance of Eastern and Western design concepts through different genres and design forums.

    Chanel exhibition coming to Shanghai#

    From July 12 to November 24, the Power Station of Art in Shanghai will collaborate with the Palais Galliera, Fashion Museum of Paris, to present the “Gabrielle Chanel | Fashion Manifesto ” exhibition. The showcase will unfold chronologically and thematically in two chapters, showcasing Chanel’s creations from the 1910s to the 1930s, as well as her works from 1954 to 1971 after her return to the fashion world. The exhibition aims to present Gabrielle Chanel’s consistent creative vision, demonstrating how her clothing, beauty products, accessories, and jewelry formed a cohesive whole, ultimately shaping a unified style.

    Curiel plans global expansion from China base#

    On June 21, Italian luxury fashion brand Curiel announced its expansion plans , aiming to open its first standalone flagship store in Milan by 2026 and expand to international cities such as Hong Kong, Paris, London, Tokyo, and Seoul over the next five years. Since establishing a joint venture with Chinese luxury brand management company RedStone Haute Couture in 2015, Curiel has set up 29 retail locations in China. The brand also plans to showcase its main product lines in Milan and Paris this September.

    Dior names Henry Lau as brand ambassador#

    Dolce & Gabbana has opened Casa Dolce&Gabbana  at Zhang Garden in Shanghai. This space serves as the brand’s offline experience area, highlighting creativity and craftsmanship.

    Maison Margiela debuts in Suzhou#

    Maison Margiela opened its first boutique in Suzhou  at Renheng Cangjie Commercial Plaza on June 19. To promote the store, the brand brought its global Tabiology archive event to Suzhou, featuring an art installation with Tabi shoe molds. The event included AI interactions, showcasing the brand’s evolution.

    Diamond brand Hearts on Fire launches exhibition in Shanghai#

    On June 20, Chow Tai Fook-owned Hearts on Fire launched the Sparkling Moments exhibition  at Shanghai’s Grand Gateway 66. Actress Yao Chen, Jun Ye, President of Hearts on Fire Asia Pacific, and Zhou Yimu, General Manager of China, attended the event to mark the brand’s first major event since its relaunch.

    US proposes rules on China tech investments#

    The US issued draft rules on June 21 to ban or require notification of certain investments in AI  and other tech sectors in China to protect national security. Stemming from US President Biden’s executive order, the rules aim to prevent US expertise from aiding China’s tech development. Focused on semiconductors, quantum computing, and AI, the rules require US entities to identify restricted transactions. Public comments are open until August 4, with regulations expected by year-end. Targeting China, Macau, and Hong Kong, the rules include exceptions and necessitate due diligence for US investments. Violators could face penalties.

    Chinese tourism to Japan rebounds, still below pre-pandemic-levels#

    Data released by the Japan National Tourism Organization on June 19 shows that the number of visitors to Japan  in May was 3.041 million, with increases seen in visitors from the US, South Korea, Singapore, and other countries driving overall growth. Mainland Chinese tourists numbered 545,400, an increase of 305.5% YoY, but still only about 72% of the level seen in May 2019 before the pandemic.

    Ferrari’s 1st EV to launch in 2025#

    Ferrari is set to release its first fully electric car  next year, with a price tag exceeding 500,000 euros ($565,000), excluding optional features and personalized customizations. Ferrari CEO Benedetto Vigna stated that the first electric vehicle is unique and will be as popular as the marque’s other fuel-powered models. However, Ferrari will not transition to full electrification quickly and will not abandon internal combustion engines in the coming years, remaining committed to offering buyers a complete range of powertrain options.