LONDON — Global law firm Baker & McKenzie has published a Global Legal Guide for Luxury and Fashion Companies that outlines international trends and potential legal minefields in what has become a $254 billion luxury and fashion industry.
“The growth of online retailing and social media, the challenge of fast fashion and instant copying, the fact that even the smallest start-up brand is instantly a global company dealing with country-specific corporate, employment and tax laws, have all demonstrated the importance” of the guide, said Marc Levey, co-chair of the luxury and fashion industry practice group at Baker & McKenzie.
Topics include competition, government and supply chain compliance, international tax, alternative dispute resolution, and digital and online services. The guide also features country overviews, details of mergers and acquisition transactions, employment concerns and customs and trade issues.
More than 200 lawyers and economists have contributed.
The legal guide also talks about key trends in Asia, and says the Chinese account for 35 percent of the global luxury market. It adds that the annual revenue of China’s e-commerce marketplaces, Taobao and Tmall, is more than $250 billion, exceeding eBay, with $16 billion, and Amazon, with $75 billion, combined.
Loke-Khoon Tan, co-chair of the luxury and fashion industry practice group at Baker & McKenzie, said China’s neighbors are also powerful consumers. Tan pointed to “the growth of a trendsetting fashion and cosmetics scene in Korea, the continued influence of Japan and the expansion of the middle class across Southeast Asia. It is clear that a new era has arrived in the region as a whole.”