Hong Kong seeks growth via fashion, mainland visas

What happened Fashion heavyweights including Philip Lim, founder of 3.1 Phillip Lim, and Prabal Gurung — alongside rising fashion designers like Sensen Lii, founder of Windowsen, and Feng Chen Wang — spoke today on the state of the industry as part of the inaugural Hong Kong Fashion Fest, an annual platform that runs from November 20 to December 4 this year. The Fashion Asia “Fashion Challenges Forum” addressed key trends and factors influencing the industry’s future, including digital innovation, new tech-driven business models, and how to foster and support the next cohort of Asian creatives. The event took place as Hong Kong released its latest retail results — sales declined 2.9% in October to $4.2 billion, according to government data. The city has been attempting a comeback since its reopening after Covid-19, but experts say it may take longer for the market to fully recover, citing dampened consumer sentiment among both locals and mainland visitors due to China’s economic slowdown. The Jing Take Hong Kong has been pulling out all the stops to boost its post-pandemic recovery in recent months. Once one of Asia’s top fashion and luxury shopping hubs, the city has experienced a significant decline in tourism and sales since the 2019 pro-democracy protests and its prolonged Covid-19 lockdowns. Recent measures include China’s announcement today that Hong Kong will resume multiple-entry visas for Shenzhen residents starting December 1. This follows the government’s plan to attract 840,000 tourists over 2025 through 93 “mega events,” including a Coldplay concert and the IBF World Cup bowling tournament. However, experts say such changes will take time to show in the economy, and that the city’s immediate recovery depends on local spending. In spite of subdued tourism, attendees at Fashion Asia’s Fashion Challenges Forum said there was a palpable excitement in the air. “There is so much energy,” said Nicolas Morineaux, CEO of French retailer Galeries Lafayette in Shanghai. “It was the first time since Covid that I’ve seen [such a] genuine happiness here, and I was proud to come together with so many Chinese designers.” Morineaux added that while China is experiencing a downturn in consumer spending in some categories, he anticipates renewed growth in a few years. “We do have the sense that China is going through a five-year normalization phase, very similar to what Japan went through from 1997 to 2003 and what the US went through between 2008 and 2012,” he said, adding that Galeries Lafayette expects an acceleration from 2026. “There’s willingness to spend, but the confidence is not high enough yet,” he added. “It’s gonna take a little bit of time. We are really expecting the Chinese government to create another stimulus package that’s gonna probably be much more massive, and that is hopefully coming in the next few months.” For attendees like designer Sensen Lii, the Fashion Asia Forum was more about connecting with other creatives. “The event gives us a chance to meet each other,” she told Jing Daily. “Usually [us designers] don’t have much time to talk with a lot of different designers.” Meanwhile, for China-born, London-based menswear designer Feng Wang Chen, the event provided an opportunity to celebrate her multicultural and multifaceted “international Chinese” identity. While being Chinese is a big part of her heritage and a source of design inspiration, what’s most important is fostering an authentic connection, the designer said. “Twenty years ago, we rarely saw any Chinese designers … but in recent years, the new generation [of Chinese fashion consumers] has become more open-minded and more confident,” she said, alluding to the rising affinity for China chic and feiyi in China. However, Chen said she is also designing a connection. “People are going to judge that connection ... People nowadays don’t just buy clothes as a product; they buy the world whole or the whole vision you offer,” she added. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Hong Kong seeks growth via fashion, mainland visas

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Published November 29, 2024

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Hong Kong seeks growth via fashion, mainland visas