BEIJING — China’s anticorruption campaign, compounded by the watchful eyes of Internet users intent on exposing embarrassing cases of official excess, will push Chinese luxury-goods consumers toward more discreet brands and products.
That’s according to industry analysts monitoring the impact of ongoing efforts of China’s new regime to tamp down corruption, alongside a high-level political purge of top officials, the likes of which have not been seen here for decades. The anticorruption drive has already cut into sales of some of China’s most lavish consumer items, including expensive liquor, imported luxury-brand watches and even sharks’ fins, a controversial delicacy used to make pricy soup.
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Michael Kors' $1.3B Jimmy Choo deal has the company squaring off with Coach Inc. as both seek to build American powerhouses. Coach bought Stuart Weitzman in 2015 and Kate Spade just two weeks ago, but Michael Kors' acquisition may be putting pressure on its rival in the new push for scale. #wwdnews (📷: George Chinsee)
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