The Week in Brief
Retail in Asia
The one-stop source for retail intelligence, covering trends, reports, openings and expansion activity across Asia.
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Best of Retail in Asia 2024: The Best Multi-Brand Concepts (Lifestyle & Home)
‘Lifestyle’ defined through a blend of accessories, homeware and fashion has given rise to new concepts in retail, which provide a mix of selected products across these categories.
These locally developed ‘lifestyle’ stores in Asia are gaining popularity by offering curated selections of both global and local brands, and a holistic assortment of products to reflect a certain design or style.
Retail in Asia presents a selection of the region’s most exceptional multi-label concept stores with a focus on lifestyle and homeware products for 2024, located across Asia from Bangkok and Tokyo, to Taipei and Seoul.
Hong Kong retail sales plummet for the third straight month in May
According to government data, Hong Kong retail sales in May plummeted 11.5 percent to HKD 30.5 billion, following a 14.7 percent drop in April and a 7 percent fall in March.
In volume terms, retail sales in May fell 12.9 percent year-on-year, compared to a 16.5 percent decline in April and an 8.7 percent drop in March.
By channel, the value of online retail sales in May increased by 21.9 percent, accounting for 8.7 percent of total sales during the month.
“The value of total retail sales continued to decline notably in May from a year earlier, mainly affected by changes in the consumption patterns of visitors and residents, as well as the strength of the Hong Kong dollar,” a government spokesperson said. Read the full article here.
Chanel will mount its Métiers d’Art fashion show in Hangzhou, China
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The Parisian fashion marque said it will unveil its Métiers d’Art 2024/25 collection at a fashion show to be held on Tuesday, December 3, in Hangzhou, mainland China, according to a press release.
Located 200 kilometres south of Shanghai, Hangzhou is a major economic and e-commerce hub in China. The show’s Hangzhou location choice reflects Chanel’s commitment to China, despite a slowdown in luxury spending in the region. Read the full article here.
Korea's duty-free market continues to struggle, despite sharp increase in customers
Duty-free retail sales nationwide (excluding inflight retail) edged ahead by +0.3 percent month-on-month (and +8.4 percent year-on-year) in May to KRW1,254,220,353,167 (USD908,013,105), according to newly released Korea Duty Free Association figures.
The disparity between the robust year-on-year growth in shopper numbers and the modest rise in sales once again reflects a decrease in the previously overwhelmingly dominant bulk reseller business into China, hit hard (though far from eliminated) by the Korea Customs Service crackdown on the daigou channel last year. Read the full article here.
Reliance Retail to bring Shein to India
The retail unit of Reliance Industries, owned by billionaire Mukesh Ambani, teamed up with controversial fashion brand last year and is set to recruit former Meta director Manish Chopra to head Shein’s operations in India, according to local media reports.
The India operations will be run by a company entirely owned by Reliance Retail and Shein is expected to be paid a license fee as a share of profit of the Indian firm. All platform data will remain in India, which Shein will not have access to, or rights over. Read the full article here.
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