Xiaomi has ventured into the competitive electric car market with its new SU7 sedan, priced at 215,900 RMB ($34,016), challenging Tesla’s Model 3 in China. The company received an impressive 50,000 orders within the first 27 minutes of sales opening, reflecting the strong demand in China’s electric vehicle sector, largely driven by government subsidies. Xiaomi aims to integrate its cars with its existing ecosystem of smartphones and home appliances, leveraging its brand recognition and customer base.
Hermès held an offline preview event in Shanghai last week, presenting the 2024 Fall/Winter women’s wear collection crafted by the women’s artistic director, Nadège Vanhée. Drawing inspiration from cycling attire from different eras, the designer boldly interprets the post-gender “modern rider” image through women’s wear. The overall color palette of the collection is picturesque, brimming with vitality, illuminating the gray winter world.
Founded by former Chinese supermodel Lv Yan, the women’s fashion brand Comme Moi unveiled its 2024 Spring/Summer fashion show during Shanghai Fashion Week. The new collection features voluminous ruffle designs, hand-drawn black-and-white lotus flower prints, and gentle fringes, with knot structures at the chest.
Delvaux hosted an art exhibition under the theme of symbiosis at the Gold Ball space in Hong Kong’s K11 Musea on March 28, showcasing the work of artist Kasper Bosmans. It was held to mark Art Basel Hong Kong art fair. Delvaux collaborated with the Belgian artist to launch a series of interdisciplinary works, jointly composing new mythical narratives.
Burberry’s Guihe boutique in Jinan reopened on March 29 following renovations. Brand ambassadors Chen Kun, Ren Min, and Chen Jingke attended the opening event. The store features various items from the brand’s 2024 Spring/Summer collection, including women’s and men’s clothing, as well as accessories like Knight bags and Rocking Horse bags.
In an interview with Neue Zuercher Zeitung, Swatch Group CEO Nick Hayek expressed concerns about the challenging conditions in the Chinese market until the end of the year, attributing this difficulty to consumer hesitancy over higher prices and increased price sensitivity. Hayek noted prolonged consumer deliberation before purchases.
Hurun released the China High Net Worth Individuals Brand Preference Report on March 29, revealing that in 2023, China’s high-end consumption market grew by 3% YoY to 1.66 trillion RMB ($261.57 billion). Notably, high-end services, including hotels and tourism, surged by nearly 20%, reaching 83 billion RMB ($13.07 billion). The market for traditional luxury goods rose by 8%, while high-end consumer electronics remained stable at 100 billion RMB ($15.75 billion).
China’s manufacturing sector saw its fastest expansion in 13 months in March, with business confidence reaching an 11-month high due to growing domestic and international orders, according to a private survey. The Caixin/S&P Global manufacturing PMI rose to 51.1, surpassing expectations for the fifth consecutive month of expansion. Positive export and retail sales data suggest a strong start to the year for China’s economy, leading Citi to raise its 2024 growth forecast to 5%.
China’s housing market continued its downturn in March, with new-home sales dropping by around 46% compared to the previous year, totaling 358 billion RMB ($49.6 billion), following a similar decline in February. This prolonged slump is impacting major developers and state-owned banks, despite efforts from Beijing to stimulate the economy. Country Garden Holdings announced it would miss its annual results deadline, while China Vanke reported a significant net income decline.
