Moncler‚ the luxury clothing maker‚ put on a grand display in Shanghai today. The company set up its “The City of Genius“ event in an old shipyard downtown showcasing its latest celebrity team-ups. Around 8‚000 people showed up to see whats new.
The event had different areas for each person working with Moncler this year. Some big names like A$AP Rocky‚ Edward Enninful‚ Willow Smith‚ and Rick Owens were part of it. Since 2018 Moncler has been asking creators to make their own versions of the companys down jackets.
This Shanghai show comes at a time when luxury brands are having a tough time. Chinas economy isnt growing as fast‚ and people arent buying as much. LVMH (a big name in luxury) said its sales went down 3% in the last three months.
But Moncler seems to be doing better than others. Its money coming in went up 11% in the first half of this year. Chinese shoppers are buying more both in China and when theyre traveling.
Remo Ruffini‚ Monclers boss‚ thinks China is still a good place to sell. He said‚ “The luxury market goes up and down you know but‚ Im sure in five years China will be much bigger than it is today“
Last month‚ Ruffini made a deal with LVMH. This lets him own more of Moncler. LVMH bought 10% of Ruffinis investment company‚ so now that company can own more of Moncler.
China is a very good market
Casey Hall‚ whos been writing about what Chinese people buy for more than 10 years wrote this story. Shes been living in China since 2007 and knows a lot about whats going on there