MILAN, July 20 (Class Editori) — China remains a top market, and Hermès, Missoni and OTB-Only The Brave Group are expanding in the Asian country with new retail openings. The French fashion house has opened a new store in Wuhan inside the new Heartland 66 shopping mall. This opening replaces a former location that had opened in the city in 2012 and immediately saw long queues forming at its doors, confirming the potential within the local market. The Italian knitwear brand is also following the wave of new openings, recently launching its second Chinese flagship store in Chengdu, joining the one in Shanghai that opened in November 2021.
Renzo Rosso's Group is aiming at doubling itself, debuting its largest store in the Asian country. "We want to continue to strengthen the connection with China and our Chinese customers," the entrepreneur told MFF following the opening of the 2,400-square-meter megastore. In the spaces of the new luxury mall JC Plaza in Shanghai's Nanjing Road, the Italian Group opened the flagship stores of the Amiri, Jil Sander, Maison Margiela and Marni brands. "The JC Plaza project is a tangible sign of our growth and development plans in China, a country that will soon account for 50% of global fashion and luxury consumption," he added.
Along with the companies planning their business debut in China —such as the brand Fabiana Filippi from the Umbria region, which is aiming at opening its first retail store in 2023— there are those that starting to close. After announcing the closure of physical stores of Bershka, Pull&Bear and Stradivarius in the country in favor of online sales, the fast-fashion Iberic giant has changed its mind about e-commerce too. It keeps selecting the assets to maintain on the major Asian market where physical stores of the admiral brand Zara, Zara Home, Oysho and Massimo Dutti will remain.
Despite the restrictions and the zero-Covid-19 policies which have heavily affected the balance sheets of numerous brands such as Burberry, the luxury fashion houses keep considering China as a fast-growing territory full of potential. After a period of stagnation, the second quarter showed a gradual recovery due to the softening of the restrictions. In June, in particular, according to analysts, China began to grow back again recording a Purchasing Managers Index (PMI) —an index on the activity level of purchasing managers in manufacturing— of 50.2 points, compared to the 47.4 points of April and the 49.7 points of May.
(Source:Class Editori)
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