Chanel Opens First Location in Zhengzhou
Chanel opened a new store in Zhengzhou to boost its visibility and tap into the significant yet underserved population in the central region of China. With a GDP of 1.3 trillion RMB (around $200 bn), Zhengzhou is one of the rising first-tier cities with its transportation hub status, its population of 10 million, and its attractiveness as a city to settle down for young graduates. Following the recent store openings of Hermès and Dior, it is now the 11th city to host all five top luxury brands, including Chanel, Louis Vuitton, Hermès, Dior, and Cartier.
Fashion Trust Arabia Announces Prize Winners
Fashion Trust Arabia, a fund devoted to showcasing talent in the Middle East, has just announced its seven prize winners. These include, in the evening wear category, Renaissance founder Cynthia Merhej, and in womenswear designer Amir Al Kasm. Additional winners include British-Lebanese designer Katarina Tarazi in the jewelry category, Beirut, Lebanon-based designer Ahmed Amer in the ready-to-wear category, the design team of Lily Max for accessories, and Omar Taha for the eyewear brand A Better Feeling. Furthermore, menswear designer Adam Elyasse and Nigerian-born Adeju Thompson were awarded Guest Country Awards.
Prada Buys Retail Location in New York for $425 Million
Prada has acquired the building on Fifth Avenue in New York, which has been its flagship store since 1997, for $425 million. This purchase is strategically vital in the long term and in the context of increasing scarcity, as offices and storage spaces could be added to the retail space inside the 12-floor building. The Americas have been a weak spot for Prada in 2023, as retail sales decreased by 1.3% during the first nine months compared to double-digit growth in APAC, Europe, and Japan.
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