SHANGHAI — China’s State Council has just announced new measures designed to encourage domestic consumption and bolster economic growth.It’s the first time the council has released policy specifically targeting consumer services, which it hopes to boost by expanding consumer credit, improving China’s already fast-developing online payment options and managing credit card fees. The government unveiled the new measures over the weekend.Though credit cards have been slow to take off in China, given a cultural preference for saving a large portion of household income, Millennial consumers have proven more open to credit than their predecessors and the industry here is growing quickly as a result.In fact, credit card debt hit a record high of 2.55 trillion yuan (about $411.1 billion) in the first quarter this year, according to a report from the People's Bank of China, representing year-on-year growth of 35.5 percent.Another aspect of consumption targeted by the new policies is spending by China’s rural population.According the statistics from the World Bank, rural residents made up 46 percent of the country’s population in 2014. Though that number is dropping each year as the government pushes rapid urbanization, almost half of the population of the world’s most populous country represents a significant number of consumers currently being underserved.Further expansion of e-commerce and its related infrastructure was one of the ways the State Council identified to reach more rural consumers.A zero-tolerance policy on price gouging, prosecuting monopolies and unfair business practices, as well as a crackdown on counterfeit products was also cited as part of the government’s consumer-focused agenda.The new policies from the State Council come at a time when China is counting on domestic consumption to prop up growth. The economy expanded 6.9 percent year-on-year in the first three-quarters of 2015, the lowest rate of growth since the second quarter of 2009.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews