Reports

    CHINA NEWS BRIEF: 12 April 2024

    Jay Chou’s brand Phantaci partners with Nike; Breitling hikes prices in China; Labor Day travel demand up YoY.
    Hannah Quinlivan and Jay Chou attend the Chanel “Cruise Collection” showcase on May 3, 2019 in Paris, France. Photo: Ghetty Images
    Jing DailyAuthor
      Published   in News

    Jay Chou’s brand partners with Nike#

    Jay Chou’s trendsetting brand Phantaci has announced a new collaboration with Nike, unveiling a fresh line of co-created sneakers along with a new teaser featuring Chou himself. Previously, the two brands collaborated on the Phantaci x Nike Air Max 1 “Grand Piano” series, with only 400 pairs released exclusively at Phantaci stores. Recently, Chou was seen wearing the Nike-branded Air Max 1 in one of his videos, potentially hinting at the upcoming collaboration.

    Breitling hikes prices in China#

    Breitling announced that it will raise the prices of some products in the Chinese market starting from May 1, with an expected increase of around 3% to 5%. The brand did not provide an explanation for this price adjustment, and the specific product lines affected have not been confirmed. It is understood that Breitling has conducted a global market price adjustment every May in recent years. In May 2023, Breitling adjusted the prices of some products in the Chinese market, with an average increase of about 5%, similar to the average increase seen in the aviation chronograph series and mechanical chronograph series this time.

    Labor Day travel demand up YoY#

    According to data from online travel agency Qunar, since April 6, the booking volume of flights to popular cities during the Labor Day holiday has rapidly increased, surpassing the same period in 2023. Popular destinations include Shanghai, Beijing, Chengdu, Guangzhou, Shenzhen, Hangzhou, Kunming, Xi’an, Chongqing, and Haikou. In terms of prices, the average cost for a domestic flight during the 2024 Labor Day holiday is 990 RMB ($152.31), slightly higher than in 2023, exceeding the low season by about 60%. It is expected that the passenger volume during the Labor Day holiday will reach a new high.

    Rimowa lands at Shanghai airport#

    The Rimowa Concept Store at Shanghai Hongqiao Airport has opened. Situated on the departure floor of the airport, the store allows travelers to explore the brand’s classic pieces before departure. Spanning 54 square meters, the concept store maintains the brand's highly recognizable minimalist aesthetic.

    Salomon expands in Guangzhou#

    Salomon yesterday opened its first store in Guangzhou at Taikoo Hui. Salomon’s second store in Guangzhou will be located in Tianhuan. According to Salomon’s WeChat account, the brand has over 107 stores in mainland China, including in prime locations such as Beijing Wangfujing and the Shanghai Jing’an Kerry Center.

    Prada mounts exhibition in Shanghai#

    Prada is mounting the debut exhibition of Michaël Borremans’ The Promise at Rong Zhai in Shanghai, featuring 22 paintings and a video work supported by the Prada Foundation. Belgian artist Borremans presents figures and everyday objects in surreal settings, exploring philosophical themes and societal satire. The exhibition runs until June 9 and includes workshops with the UCCA Center for Contemporary Art, beginning with a color workshop led by artist Miao Miao tomorrow and Sunday.

    Brunello Cucinelli CEO upbeat on China sales#

    The founder and CEO of Brunello Cucinelli recently stated that the company’s first-quarter performance was impressive, particularly in the Chinese market. The company plans to increase prices by 1% to 2% this year, compared to a 4% increase last year. Benefiting from its high-end strategy, Brunello Cucinelli saw sales climb 23.9% last year and operating profit rise 39.4%. Sales are expected to grow by 10% YoY in 2024, with the first-quarter performance set to be announced on April 17.

    Gucci names new deputy CEO#

    Kering’s Gucci yesterday appointed Stefano Cantino as Deputy CEO, effective May 2. In this newly established role, Cantino will report to brand President and CEO Jean-François Palus. Collaborating with Palus and Kering’s Deputy CEO for Brand Development, Francesca Bellettini, Cantino will devise and execute brand strategies. With over 20 years of experience in the luxury industry, Cantino has held retail, communications, and marketing positions at various global brands. Cantino joined Prada in the late 1990s as marketing director and later led the brand'’s communications and external relations departments. Since 2014, he has served as Strategic Marketing Director for Miu Miu, Prada, Car Shoe, and Church’s. In 2018, he joined Louis Vuitton as Senior Vice President of Communications and Brand Events.

    Capri Holdings’ stock surges on potential acquisition#

    Capri Holdings, parent company of Michael Kors, has seen its stock price drop by nearly 23% since agreeing to be acquired by Tapestry, parent company of Coach. Concerns have arisen over the US Federal Trade Commission’s scrutiny of the $8.5 billion sale. Capri’s performance has been lackluster, with a 5.6% revenue decline in the third quarter of 2023. Uncertainty in the wholesale channel and the Chinese market adds to investor worries. However, Tapestry remains confident in completing the acquisition this year.

    Sustainable fashion on a tear#

    According to a report from Coherent Market Insights released on Monday, the global sustainable fashion market was valued at $7.8 billion in 2023 and is currently in a phase of rapid expansion. As consumer concern for clothing sustainability continues to grow, there is a significant increase in demand within the industry for eco-friendly materials such as recycled fabrics. It is projected that by 2030, the market’s value will soar to $33.05 billion. During the period from 2023 to 2030, the global sustainable fashion market is expected to achieve a compound annual growth rate of 22.9%.

    Discover more
    Daily BriefAnalysis, news, and insights delivered to your inbox.