The Chinese fashion and luxury market has had a rough yr.
Waves of strict lockdowns throughout 2022, especially the two-month-long one in Shanghai, wreaked havoc on fashion spending.
Within the six months that ended June 30, LVMH Moët Hennessy Louis Vuitton said it saw significant gains in Europe and the U.S. but experienced “severe double-digit declines” in China.
Kering Group, whose sales rose 23 percent year-over-year in the primary half, concluded that the Chinese market was “improving but still unstable” after a powerful global retail performance that offset losses within the second quarter in China.
Compagnie Financière Richemont’s jewelry division grew greater than expected in the primary half to Sept. 30 but in addition witnessed double-digit sales declines in China.
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