The executive talks about how to spur spending from Chinese shoppers ready for a return to normalcy.
SHANGHAI — As with many fashion executives the world over, Joann Cheng the chairwoman of Fosun Fashion Group, had a litany of urgent challenges brought to her desk by the outbreak of the coronavirus.
“My personal view is it’s not a ‘revenge [-spending],'” said Cheng, referring to the pent-up consumer demand some in the industry have predicted. “It’s people coming back to a normal life. People are very rational now. According to my review of traffic analysis of our stores after reopening, pickup is step by step. It’s not like reopen and 100 percent [of people] go back and ‘revenge spend’ all their money.”The pandemic brought home one key point, though.
“The design and creativity part is still from Paris, but we needed to find qualified producers in China,” said Cheng. Admittedly, the categories were simple garments and did not require the production of, say, an evening dress with complicated embroidery. That kind of labor would be difficult to find outside of Europe. But it does point to the kind of agility a post-COVID-19 world appears to demand from brands.
“With the whole new marketing team we built up last year, we are now really taking the chance to speed up and transform ourselves.…Actually, we saw a really good trend of the revenue and marketing feedback but it has been impacted by the virus,” Cheng said. “Everybody has challenges this year but we also see these challenges as blended with opportunities.…We’re confident it will be a good year for us.
While ath-leisure seems to be a crowded and competitive space already, Cheng thinks the launch would fill a missing niche in the category.
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