LV's Chinese Podcast, Chow Tai Fook sees HK rebound, Uniqlo China to raise pay | Weekly Retail News
01 Louis Vuitton launches 1st Chinese language podcast & to stage first show in Hong Kong
Louis Vuitton made two moves in the Chinese market. The French luxury powerhouse has launched its first-ever Chinese language podcast, dubbed Nóng Hó, Shanghai,” which means “Hello, Shanghai” in the local dialect, in a partnership with JustPod (China’s biggest podcast label) and Xiaoyuzhou (a Chinese podcast platform) this week.
The latest Chinese podcast was a part of a series of cultural events that Louis Vuitton will showcase in China, including a new books and gifts pop-up space by Suzhou Creek.
Other than this, Louis Vuitton said it’s going to host its first show in Hong Kong for the upcoming menswear pre-fall collection.
In the meantime, Louis Vuitton’s parent company LVMH is suffering a growth slowdown amid rising inflation and global instability. The luxury giant fell 7 percent on Wednesday.
**02 China’s bubble tea market is still growing**
Two major Chinese bubble tea brands to watch this week - MIXUE and Chagee. Mixue is eyeing an initial public offering in Hong Kong as food and beverage chains were restricted from going public in China’s main exchanges.
Another major bubble tea firm namely Chagee is also weighing a US IPO. The Yunan-based company has opened over 2,000 stores in China and will tap into overseas market.
With several bubble tea chains growing fast, the market competition is furious.
**03 Uniqlo to raise pay in 1tier cities across China.**
Japanese fashion giant and the owner of UNIQLO, Fast Retailing, will raise pay for its Chinese employees in one-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen.
According to the company, the revenue of its Greater China market climbs 15.2% year-on-year and remains the second biggest market of the company.
**04 Chinese consumers remain cautious according to Bank of America**
The Bank of America says Chinese consumers are “not out of the woods yet”, citing its latest survey on questions including income expectations among Chinese. The survey shows only 31% of the interviewed consumers plan to spend more over the next six months, compared with 37% two months ago.
**05 China’s Largest Jewellery Retailer Chow Tai Fook Sees Hong Kong Market Rebound**
The Hong Kong-listed company said the revenue of the second quarter was up 5.8%. Its local market in Hong Kong and Macau rose 54% but the mainland market (its biggest market) only increased 0.6%.