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Last season, Shanghai Fashion Week was punctuated by the Moncler Genius extravaganza. This time around, there is no comparable event, but Vogue China will be launching the third edition of the Vogue China Fashion Fund, the initiative launched in 2022 by then editor-in-chief Margaret Zhang and modelled after the CFDA/Vogue Fashion Fund to support young designers. Last October, editor Rocco Liu crowned Louis Shengtao Chen as the second winner at a star-studded event in Shenzhen. The win helped Chen carry on with his collection, the designer told me last year. With the current economic situation in China, this year’s edition feels more urgent than ever. Unlike the US, the post-Covid economic blowback in China was not inflation, but deflation. Prices have decreased over the last two years to adjust to a reluctant consumer who simply does not have the funds to spend or is anxious about the near future. Chalk this up to China’s sluggish growth since the pandemic, which has had a prolonged effect in cities like Shanghai, given it was shut down again due to the Omicron variant in 2022.Tweety I Know How Itll End One Of My Grandkids Will Unplug My Life Shirt
There is also the effect of US tariffs on Chinese exports, since the Trump administration hit the country with 20 per cent tariffs on imported goods. China’s economy is aiming to grow around 5 per cent this year, with President Xi Jinping hoping to boost domestic consumption in key cities to circumvent the impact. As it pertains to fashion, I’ve been hearing from designers based in China that it’s become even more challenging to penetrate the US market now that buyers seem to have become reticent to invest in overseas labels, particularly those they have no existing businesses with. There had already been a downturn in designer participation last season, which was offset by the Moncler event and other international brand activations, including a Schiaparelli dinner, a Rick Owens rave and Loewe’s exhibition celebrating the 10th anniversary of Jonathan Anderson’s tenure at the label — which, in hindsight, given his departure, was impeccably timed.
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