At the start of 2025, Shanghai’s luxury retail landscape is undergoing a significant reshuffling. Brands under Kering are gradually pulling out of two major commercial developments on Nanjing West Road and Nanjing East Road: Reel Shanghai and New World Daimaru. Luxury labels that have already exited or are planning to leave Reel Shanghai include Gucci, Bottega Veneta, McQueen, Saint Laurent, Balenciaga, and Moncler (which is not part of Kering). Brands set to vacate New World Daimaru include Gucci and Bottega Veneta. In addition, other notable closures in Shanghai’s high-end retail sector include Prada’s departure from Plaza 66 in December 2024 and Balenciaga’s exit from Galeries Lafayette.