Was Black Friday a blockbuster or a wash for retailers?
What are the latest COVID-19 travel restrictions in Shanghai that are impacting the luxury market? Was Black Friday a blockbuster or a wash for retailers? Continue reading today's newsletter to find out all the latest fashion, beauty, and business news.
酩悦·轩尼诗-路易·威登集团 Mo?t Hennessy is expanding its jewelry capacity with the acquisition of manufacturer Pedemonte Group, it said on Friday. “With this strategic acquisition for our maisons, the LVMH Group further strengthens its presence in Italy while continuing to support the ecosystem of companies that contribute to the success of our maisons. With Pedemonte, our maisons will gain a partner recognized for its know-how to support their growth and maintain their leadership in jewelry,” LVMH deputy managing director Toni Belloni said in a statement.
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For its first brick-and-mortar retail store in China, Aesop picked a leafy serpentine street called Dongping Road in the former French Concession of downtown Shanghai. Aesop’s in-house design team spent almost a year fine-tuning the store. The two-story, 3,230-square-foot space touts a homely ambiance with locally sourced materials that “pays homage to Chinese craftsmanship,” according to the brand.
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No blockbuster but not a wash.
“When we opened the doors at Herald Square at 6 a.m., there were bigger crowds than 2020 or 2021,” Macy's chairman and chief executive officer Jeff Gennette told WWD on Black Friday. “There were lines at all of the entrances – Broadway, 34th Street and Seventh Avenue – but the biggest crowd was on Broadway.”
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Kris Wu, the Chinese-Canadian singer, actor and former ambassador of 路易·威登 , Porsche AG , and Bvlgari , has been sentenced to 13 years in prison for rape and for organizing promiscuous group activities, Beijing Chaoyang District Court wrote in a statement Friday afternoon. The 32-year-old Wu will be deported from China after serving his sentence, said the statement.
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The Shanghai government’s announcement Tuesday of a policy that requires new arrivals in the city to stay away from public places for five days is likely to put even more pressure on the local luxury retail market.
People traveling to Shanghai must take three nucleic acid tests three days in a row, the last test on their fifth day in the city, before being allowed to travel freely with a green code.
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