Daily LInks
1. Smaller Watches Show China’s Growing Hold on Luxury Industry: Luxury good makers are retooling themselves to suit Chinese tastes. This process is being accelerated by the Asian nation’s rebound as the rest of the world still reels from the economic devastation of the coronavirus pandemic. “China, for the first time in the history of the brand, will become our No.1 country this year,” said Jean-Marc Pontroué, CEO of Panerai, a unit of Swiss luxury group Richemont. – Read More on Bloomberg
2. Fashion conversations grow louder on social as consumers return to work and school: Business fashion, nail polish and male fashion advice are just three of the interest areas on Reddit that saw huge spikes last week. Despite altered work and school schedules across the globe, people are now pulling themselves – and their outfits – together. “There has been a dramatic shift,” says Reddit’s head of partner insights and research, Dan Gould. “Conversations have moved from dressing up a Zoom background to actually dressing up.” – Read More on the Drum
3. The rise of fractional ownership in luxury assets: During the pandemic, a niche investment avenue whereby individuals buy a portion of a luxury assets, such as a painting or a vintage car, has enjoyed a spike in popularity. – Read More on European CEO
4. RELATED READ: Are Birkin Bags Really a Better Investment than Stocks and Gold? One Company is Actively Testing That Theory. Rally is letting consumers invest in rare assets, including certain hard-to-get Hermès Birkin bags, in much the same way as they can buy stock in publicly-traded companies. – Read More on TFL
5. Sales of Luxury Goods in China to End the Year Above 2019: Players with a distinctive premium fashion offering will do better than others. For example, Louis Vuitton’s biggest store in Shanghai is hitting a record-high $22 million monthly sales in August. At the same time, “Brands with a clear point of view, including those putting sustainability at the forefront of their brands and communications, are driving consumer affinity and performing well.” – Read More on Yahoo
6. Case in point: Prada says China sales to date well above 2019 levels. CEO Patrizio Bertelli said the appetite of Chinese customers for luxury goods remained very strong despite the coronavirus pandemic. – Read More on CNBC
