Luxury brands are finding success with streetwear among Chinese consumers — a move that has enabled them to charge higher prices.
Louis Vuitton, Chanel, Hermès and Dior were among the top five brands listed under the "sneaker" hashtag on popular Chinese shopping app RED, according to Gartner L2's "Luxury China: Streetwear Insight" report last month. The only other brand among the top five was Nike.
Luxury brands have also borrowed a pricing and distribution strategy from the streetwear culture: the drop model. This means they release a limited number of items over a short time period, which creates scarcity and allows them to charge high prices. The streetwear culture — popularized by designers such as Virgil Abloh and Kanye West — gained popularity in 2017 and has been seeping into the luxury industry. China is a crucial market for both luxury and streetwear and in 2018, Chinese consumers — enticed by streetwear — at home and abroad spent $115 billion on luxury items, according to a report from McKinsey and Company.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks are dropping after China hints at retaliation after the US blacklisted Chinese tech firmsChina's foreign ministry told reporters to 'stay tuned' for a response, tempering hopes the two countries will strike a trade deal in talks this week.
Read more »
Chinese state media suspends broadcast of NBA preseason games in ChinaChinese state-run TV network CCTV also said it will 'immediately investigate all co-operation and exchanges involving the NBA.'
Read more »
Chinese state TV halts NBA preseason China game broadcastsBEIJING (AP) — Chinese state broadcaster CCTV will no longer air NBA preseason games set in China after Houston Rockets general manager Daryl Morey tweeted an image that supported anti-government...
Read more »
Chinese state TV halts NBA preseason China game broadcastsNEW: Chinese state broadcaster will no longer air NBA preseason games set in China after Houston Rockets general manager tweeted image that supported anti-government demonstrations in Hong Kong.
Read more »
China, asked about U.S. blacklisting of Chinese firms, says will protect its sovereign securityChina's foreign ministry said on Tuesday that China will continue to take f...
Read more »
Chinese state media and Tencent suspend broadcast of NBA preseason games in ChinaFrom a halt on NBA broadcasts to canceling games, the backlash continues over the tweet from the Houston Rockets GM supporting the Hong Kong protests.
Read more »