This week, we look at some of the highlights of the movement in the luxury industry in China that happened during the month of June:
Burberry’s new CEO starts next week
Marco Gobbetti, who was appointed CEO of Burberry in July 2016 and is moving there from Celine, will take up his new position next week. There are opportunities for Burberry in the People’s Republic under his new leadership, according to an assessment by German bank Berenberg, after a delegation of analysts returned from China. “The brand’s DK88 bag as well as other product initiatives such as the ‘See now, buy now’ or one label strategy, which have been attracting an increasing number of the millennial consumers, point to multiple opportunities that could open up for Burberry under the new leadership of Marco Gobbetti,” Berenberg said in a note to investor clients.
Conde Nast China president Liz Schimel steps down
Liz Schimel has been the president of Conde Nast China since 2013 and has been credited with “translating Conde Nast to China.” Sophia Liao, who took over from Schimel on June 1, has been with Conde Nast for 16 years. Before that, she was the managing director of Conde Nast Taiwan. Magazines under Conde Nast China include Vogue, GQ, Self and Conde Nast Traveler.
Chinese Actress Tang Yan Named Bally Asia-Pacific Spokesperson
“Tang was chosen as the Asia-Pacific spokesperson for her ‘authenticity’ and her ability to engage Chinese millennials,” said Bally CEO Frédéric de Narp. Tang will also be working with Bally to design an exclusive handbag collection that will be released in early 2018.
Fashion startup MagMode, started by former editor-in-chief or GQ China, gets millions in new round of funding
Ventech China, a venture firm based in Shanghai, led an A+ investment round in the Chinese men’s fashion startup MagMode, according to Ladymax. The startup, which incubates new brands was founded by former GQ China editor-in-chief, Cai Chongda, along with other leaders of the media and clothing industry in China. The company currently has three stores in Beijing and a store on JD.com as well as a mobile app that features international trends.
Farfetch’s new CMO has a data-driven approach in China
John Veichmanis, who was appointed Farfetch’s CMO in early June, first joined this London e-commerce company in 2015 as senior vice president of digital marketing. His role in pushing the company to China? “It comes back to the data,” Veichmanis told Digiday in an interview, “which is in part why we’re excited about the JD.com opportunity, in terms of the scale that they operate at.” Farfetched is Veichmanis’s first step into fashion. Before the appointment, he worked at leading tech companies including Dell, Apple, Skype, and Expedia.
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