Fashion label Gucci will open two flagship stores on Alibaba's online luxury shopping platform, underscoring the importance of the Chinese market for high-end brands seeking to reverse a revenue slide due to Covid-19.
There may have been plenty of Black Friday bargains to lure shoppers, but UK retail sales still fell in November with sales volumes down by 3.8% compared to October. That came as England’s shops went into lockdown.
Kering, the French luxury goods group whose brands include Gucci and Saint Laurent, said on Thursday that it would co-operate fully on a tax probe into the company, while rejecting any charges of wrongdoing.
The Hut Group may be powering webstores for brands globally via its THG Ingenuity division, but it's clearly focused on doing what it knows it can do well and bringing in partners for some specialisations.
This year has increased the importance of Chinese consumers to the luxury sector as the overall market has shrunk while China’s purchases have surged. And there's more to come in the next few years too.