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china - Page 6

  • Jimmy Choo bucks Chinese slowdown in luxury sector [#luxury #china #shoes]

    From: John Murray Brown

    Jimmy Choo, the UK-listed shoemaker, shrugged off the slowdown in the Chinese economy, as new store openings boosted total sales by 7 per cent in 2015.

    The high end footwear brand, made famous by the US sitcom Sex and the City, said sales rose from £300m to £318m in the year to December 31.

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  • Cruel dilemma: European Union law bans cosmetics testing on animal, China requires it. - [#cosmetics #animaltesting]

    The announcement that PETA UK has accused nine leading cosmetics brands of breaking European law by selling products tested on animals for the Chinese market is very disturbing, if not surprising.

    European Union law bans the sale of any cosmetic product that has been tested on animals in finished form after 2004, as well as cosmetics containing ingredients subject to new animal testing after 2013.

    According to PETA, cosmetics brands Benefit, Bliss, Caudalie, Clarins, Clinique, Dior, Estée Lauder and Gucci all sell their products in China, where the law requires pre-market animal testing for all imported cosmetics. There are also reports of Chinese authorities carrying out post-market animal testing on cosmetics already approved for sale, and also requiring companies to carry out additional animal testing for cosmetic ingredients that have not previously been approved for use in China.

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  • [#China #luxury #tourism]- Chinese millennials are increasingly rejecting group tours when they travel abroad

    As China’s outbound travel market reached 109 million people in 2015, trips abroad became more personalized, independent, and focused on meaningful experiences than ever before.

    According to a new annual study by GfK released last week, Chinese outbound travel growth has been massive, with retail spending of US$229 billion in 2015. This trend has reached destinations across the globe, which have seen astounding growth rates in the past five years—South Korea has seen its Chinese visitor numbers increase by 112 percent, Thailand 263 percent, Japan 157 percent, Europe 97 percent, North America 151 percent, and the Middle East 177 percent—just to name a few.

    These significant increases have been driven by the independent millennial age group, according to GfK, which states that 50 percent of China’s outbound tourists are between 15 and 29 years old. This group’s values are having a profound impact on the travel industry as their tastes shift from being those of “tourists” to “travelers.”

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  • [#China #Bain]- Chinese luxury spending shifts further abroad with 2% domestic decline

    BAIN: CHINESE LUXURY SPENDING SHIFTS FURTHER ABROAD WITH 2% DOMESTIC DECLINE

    After heading into the red last year amidst a market slowdown, China’s luxury market decline sunk even further in 2015, according to Bain & Company’s annual industry report.

    As Chinese consumers continued to opt to make their luxury purchases abroad, Bain found that  the value of mainland China’s luxury market declined by 2 percent to 113 billion RMB in 2015. The decline was driven by large slumps in men’s watches, clothing, and leather goods, says the report.

    The bright spot for the global luxury industry remains Chinese spending overseas. Although China’s economic growth is slowing and the country’s anti-corruption campaign continues, Chinese consumers still upped their luxury spending abroad by 10 percent in the past year. Japan was a main beneficiary of this trend, with the report stating that Chinese luxury spending in the country increased by over 200 percent. Favorable exchange rates and lower prices also made South Korea, Europe, and Australia popular shopping destinations, while spending in Hong Kong and Macau dropped by one-quarter.

    This increase in travel spending didn’t lead to an increase in daigou shopping, however, which is likely a welcome development for luxury retailers. According to Bain & Company, the daigoumarket contracted to become worth about 43 billion RMB after being hit by efforts to contain it, including increased customs restrictions and a weak RMB. In addition, cross-border sales websites contributed to the daigou decline, and accounted for 48 billion of 293 billion RMB spent by Chinese consumers on luxury overseas in the past year.

     

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