As China’s economy remains sluggish and consumer spending weakens, more consumers are cautious about spending on luxury goods.
- Swiss brand Richemont Group: In the three months up to June, the sales of its watch brands dropped by 27 percent in the Greater China Region.
- Swiss brand Swatch Group: In the first half of this year, sales in China, without counting its entry-level brands Omega, Blancpain, and Breguet, plummeted by 30 percent.
- American brand Marc Jacobs: Offer discounts of more than 50 percent on handbags, clothing, and footwear on Alibaba’s high-end e-commerce platform Tmall Luxury Pavilion.
- Italian brand Bottega Veneta: Provide a 24-month interest-free loan service for purchasing handbags on Tmall.
- Italian brand Versace: Provide discounts sometimes exceeds 50 percent in China.
- British brand Burberry: Its sales in mainland China is down by 21 percent; also it provides discounts sometimes exceeds 50 percent in China.
- French luxury brand Kering: Issued a profit warning, stating that demand for its high-fashion luxury brand Gucci was declining in China.
Source:
1. Epoch Times, July 16, 2024
https://www.epochtimes.com/gb/24/7/16/n14292022.htm
2. Epoch Times, July 17, 2024
https://www.epochtimes.com/gb/24/7/16/n14292139.htm