Chanel has 18 stores in the mainland, with plans to open more announced earlier, but for now those expansion plans are on hold, according to a source. BLOOMBERGCici CaoLuxury fashion brand Chanel is said to be laying off employees in the China market, with some departments shedding as much as 50 percent of their workforce, mainland media report. Chanel announced last month that a fashion show of its 2024/25 Early Spring Resort Collection will be held at the Hong Kong Design Institute on November 5. China's luxury market recorded an accelerated decline in the second and third quarters after the company's release. In February, French luxury brand Dior postponed its Hong Kong fashion show, one of 80 mega events slated for the first half of the year by the Culture, Sports and Tourism Bureau, amid China's economic uncertainties.

Source: The Standard October 21, 2024 19:22 UTC