According to Deloitte and Secco, Tier-1 and Tier-2 cities account for 56 percent of luxury goods consumption. However, growing disposable income levels, partly attributed to lower living costs, particularly in North and Southwest China provinces, will open up the luxury market to millions of new consumers. Digital avenues connect these new consumers to the luxury universe. And investments in infrastructure will also create a positive environment (it is no coincidence that Tesla targeted lower-tier cities like Weifang and Linyi when opening its new centers). Read more (Jing Daily)
More than 90 materials, ranging from recycled paper, plastic, metals and leather made from kombucha, were presented at the first workshop, which took place in December. “I wanted to create an open-source space that’s democratised in the sense that it can be added to by designers, artists and other people during workshops,” says Edwards, asking: “What is Johannesburg’s material future?” Read more (Times)
In hindsight, we were lucky. Many creatures of this Earth didn’t live to see 2030. Humans could not save the animals we’d damned, but at least you and I are still here, right? Some people, though, couldn’t live with the destruction and chaos around them. Others had little choice when death came knocking. I remember the last time I saw you; we sat on your new deck, thinking of the world your sweet, curly haired boy was entering. A world plagued with death—deaths that lie at the feet of elected officials who ignored and denied the many crises we faced, and who took every penny the fossil fuel industry gave them. Read more (Patagonia)
Nona Source, which launches this Monday, is the brainchild of Romain Brabo, formerly a materials buyer at LVMH-owned Givenchy. “In my role, I would go to warehouses, and I saw the multiplication of deadstocks,” he says. “I thought: on one hand, there are young designers seeking beautiful fabrics to make their collections; on the other hand, couture houses are storing materials they have no use for. How to create a link between them?” Nona is one of the Parcae in Roman mythology, Brabo explains. She spins the thread of life, and Source is a reference to “sourcing”. Read more (Vogue Business)
Local, fair trade, carbon-neutral . . . What makes a brand ethical and sustainable anyways? While everyone has slightly different criteria, there are some universal standards these brands must uphold, and there are some that do so under relatively intense consumer scrutiny. Read more (Thread Magazine/Cornell)
The impact of the shop-near-home trend has been noteworthy. According to the Wall Street Journal, the China unit of LVMH Moët Hennessy Louis Vuitton SE — owner of Louis Vuitton, Loewe, Dior, and many others — saw 65% growth year-over-year in the second quarter of 2020, while Kering SA, whose portfolio includes Gucci and Bottega Veneta, recorded a 40% increase in revenue in China during the same period. Currently, demand at brick-and-mortar stores is so strong that Gucci and Hermès stores in Shanghai have limited shopper visits to avoid overcrowding. China was virtually the only bright spot for both LVMH and Kering, as global revenue for the two luxury giants in the second quarter of the year plummeted 38% and 43.7%, respectively. Read more (Jing Daily)
China has emerged as the economic winner of the COVID-19 pandemic, and analysts predict that gains made in 2020 — when it was the only major economy to record growth — have set it on a path to become the world’s largest luxury market by 2025. At that point, Chinese consumers are predicted to make up nearly 50 percent of all luxury purchases globally, according to a November report from Bain & Co.
But could anything slow the runaway train that is China’s economy? Is there anything that would not make this a reality? Read more (Jing Daily)