In “Headlines from China,” we share the biggest news stories about the luxury industry in China that have yet to make it into the English language. In this week’s edition, we discuss:
- Former Harper’s Bazaar China Editor Ventures into Consultancy
- NYSE-Listed Qudian Inc. Launches Luxury E-Commerce Platform in China
- Hong Kong Suffers the Highest Unemployment Rate in a Decade
Former Harper’s Bazaar China Editor Ventures into Consultancy — Jiemian Fashion
The former editor-in-chief of Harper’s Bazaar China, Su Mang, who left the title in 2018, is pivoting into business. The Chinese fashion power figure recently registered a consultancy, according to Jiemian Fashion. Su Mang was the former president and CEO of the Trends Media Group, as well as the editor-in-chief of Harper’s Bazaar China since its inception in 2001. Over her 24 years there, she also helped launch titles including Bazaar Jewellery and Bazaar Art, and founded “Bazaar Stars’ Charity Night (芭莎明星慈善夜),” an annual fundraising gala for Chinese celebrities.
NYSE-Listed Qudian Inc. Launches Luxury E-Commerce Platform in China — Sina Tech
Another player is joining the competitive luxury e-commerce space in China, and it’s decided to win with money. Qudian Inc., China’s small consumer credit provider that was listed on New York Stock Exchange since 2017, announced that it would hand out hundreds of millions of dollars’ worth of compensation to users of its new luxury e-commerce app “Wanglimu (万里目)”.
According to the official website, it’s a cross-border luxury e-commerce platform to purchase luxury items from the brands’ home countries. The categories include handbags, clothing, footwear, and cosmetics, all at a price which the company claims to be lower than retailers. The company promises 100% authenticity of all sold goods and has partnered with China Certification & Inspection Group (CCIC).
Hong Kong Suffers the Highest Unemployment Rate in a Decade — Ming Pao
Hong Kong is having a difficult time amid the COVID-19 crisis. The retail and consumption industry was already hanging on by a thread after months of political protests and riots. According to the newly released report from the Census and Statistics Department, the unemployment rate for the past three months was 3.7 percent. However, the leisure and hospitality industry had an unemployment rate of 6.1 percent, the highest since 2010, while the unemployment rate of the retail section went up to 5.2 percent. Experts pointed out the figures have not reflected the full impact of the COVID-19 pandemic, with industries like tourism, shipping, imports, and exports likely to be the next to suffer.