In “Headlines from China,” we share the biggest news stories about the luxury industry in China that have yet to make it into the English language. In this week’s edition, we discuss:
Chanel spent the most on print media in October in China
Louis Vuitton League of Legend collaboration series officially launched
Tiffany debuted their largest flagship store in Shanghai
Chanel Spent Most on Chinese Print Advertising in October – ebrun
According to data from the Chinese media intelligence company CTR, the French luxury label Chanel spent the most advertising money on print media in October, a standout among other luxury brands.
In October this year, all-media advertising spending fell by 8.2% year-on-year, while traditional media advertising expenses decreased by 10.7% year-on-year. The decline in advertising costs for traditional media and omni-media has also narrowed. However, while traditional media advertising is declining, Chanel’s investment in print media in October increased by 143% month-on-month — much higher than 42% of Gucci and 12% of Louis Vuitton.
With the steep decline of the print media advertising and with many brands focusing more on digital media today, a small number of readers, especially clients of luxury brands, are still sticking for print media. For these brands, although they are allocating more budget to digital advertising, the tactile experience and quality that print provides is still irreplaceable. Luxury brands are worried that overly distributed budgets on digital platforms will dilute brand equity, so many still allocate a certain proportion to magazine advertising and adjust budget allocations accordingly.
Louis Vuitton and the League of Legends cooperation series officially kicked off on the WeChat Mini Program Store on December 10th. The products include men’s and women’s T-shirts, pants, sneakers, and backpacks, headbands and other accessories, priced from 1400 RMB to 50000 RMB. In addition, Louis Vuitton created a custom trophy for the LOL World Championship covered in its classic monogram. LV’s women’s creative director Nicolas Ghesquière also designed a new hero character for the game, Qiyana, and covered her in LV skins.
Tiffany debuted the largest flagship store in Shanghai – winshang.com The American luxury jewelry brand Tiffany &Co. officially reopened their flagship store in Shanghai after renovating. This is Tiffany’s second-largest store after their flagship store in New York. The Shanghai location will offer the brand’s second permanent cafe, Tiffany Blue Box, and is scheduled to open to the public on December 23. Tiffany’s flagship store on Fifth Avenue in New York will also be renovated, with a completion date in the fourth quarter of 2021. The NY store’s annual sales will account for about 10% of the group’s total revenue, and the renovation costs will account for 1% to 2%.
Courtesy : Jing Daily