New Report: China’s Luxury Shoppers at Home and Abroad

Why So Many Brands Still Want to Be in the UK; Coty's French Future

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WHAT YOU NEED TO KNOW TODAY: TUESDAY, JULY 11, 2023 Dear BoF Community, The way Chinese customers are shopping for luxury is undergoing seismic shifts. While spending is set to surpass pre-2020 levels, how and where Chinese customers purchase luxury is changing. Global fashion and beauty brands must revamp their strategies to reflect these changes, according to our latest report from BoF Insights, "Dynamic Journeys: China's Luxury Shoppers at Home and Abroad," out today: Outbound travel from China, especially to Europe and the US, will be slow to recover to pre-pandemic levels. Those who are travelling are increasingly knowledgeable about luxury fashion and beauty — price alone is no longer sufficient to capture shoppers' share of wallet abroad. BoF Insights forecasts $131 billion of luxury spending by Chinese shoppers in 2027. Of this, approximately $89 billion — or 68 percent — will take place in the mainland. This is a reversal from before the pandemic, when the vast majority of spending took place outside of the mainland. Luxury shoppers say Hainan island tops their wish list for domestic holiday destinations for the next year; Japan is the top global destination. For access to more data and insights — including market sizing, proprietary consumer surveys exploring shopping behaviours and brand preferences, and a synthesis of 15 executive interviews — download the full 93-page report. Imran Amed, Founder and CEO Plus, also in today's BoF Daily Digest newsletter: International brands are going all-in on the UK despite a dour economic picture. Coty's proposed listing on the Paris Stock Exchange is a way to strengthen its French heritage and gain new investors. Il Makiage owner Oddity said it will seek a valuation of up to $1.7 billion in its US IPO. Kering paid €3.5 billion ($3.83 billion) for luxury French fragrance label Creed, The Financial Times reported.

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CHINA Dynamic Journeys: China's Luxury Shoppers at Home and Abroad | BoF Insights By Benjamin Schneider and Diana Lee Chinese fashion and beauty customers — long pivotal for the global luxury market — are reshaping how and where they shop, according to BoF Insights' new report. READ MORE

BEAUTY Why Coty Sees Its Future in France By Joan Kennedy

The New York-based beauty conglomerate is exploring a dual listing on the Paris Stock Exchange, citing access to new investors and a desire to shore up its French heritage. What a listing's structure and benefits would look like remain to be seen. READ MORE

RETAIL Why So Many Brands Want to Expand Into the UK Right Now By Tamison O'Connor

Britain's cost of living crisis continues to escalate. Yet a number of brands still see ample opportunity in the market. Why? READ MORE

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NEWS BRIEFS Kering Paid $3.8 Billion for Creed Revolution Beauty Says It Could Settle With Shareholder Boohoo in Coming Days Israel's Oddity Tech Seeks Up to $1.7 Billion Valuation in US IPO

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