Yesterday marked the beginning of Chinese New Year, also known as the Lunar New Year, celebrated not only in China but also in many other countries with significant Chinese populations, such as Singapore, Malaysia and Indonesia, among the others, and in those cities around the world with Chinatowns. Each Chinese New Year corresponds to one of the 12 animals in the Chinese zodiac, rotating cyclically. For instance, 2024 is the Year of the Dragon, symbolizing authority, honor, and dignity.
The Lunar New Year festivities typically span 15 days, starting about a week before the actual New Year, but the commercialization of this celebration by fashion houses and brands started over a month ago with the launch of special collections and products paying homage to the Year of the Dragon.
Among the others Valentino and Tory Burch launched capsule collections. Valentino's focused on red products, as, symbolising prosperity, this is the main colour donned by people during the festivities (and it is also an iconic shade for the house); Burch featured in its campaign model Lina Zhang. In one image she is shown standing with a red dragon (created with the help of Artificial Intelligence?) floating behind her in the background.
Moschino took a playful approach by teaming up with Taito to create a capsule collection inspired by the iconic '80s video game "Bubble Bobble". The collection included T-shirts, cropped tops, denim jackets, sneakers, and handbags featuring cute characters from the game.
However, the collection seemed somewhat mismatched for its intended audience: while the clothes appeared to target Gen Z, the video game itself may resonate more with Gen X. Moreover, the products didn't particularly stand out, as similar Bubble Bobble-themed items can be found at cheaper retailers.
As part of the "Friends of Fendi" initiative, Fendi collaborated with Hiroshi Fujiwara's FRGMT and The Pokémon Company. The collaboration included images of the various evolutions of a dragon-type Pokémon - Dratini, Dragonair and Dragonite - across a range of designs including bags, card holders, T-shirts, hoodies, and jewelry.
Some designs featured just one evolution of this Pokémon, while a special Baguette bag boasted intricate micro-bead embroidery depicting all the evolutions along with beaded fringes. Additionally, Fendi crafted a limited number of leather figurines intended as collectors' items, inspired by Dragonite, each requiring over 30 hours of work by the brand's craftsmen.
The partnership also extended to Niantic's mobile game Pokémon Go, where players could acquire digital avatar items inspired by the Fendi x FRGMT x Pokémon collection starting from January.
While the collaboration may have seemed somewhat expected (given Pokémon's enduring popularity), contrary to Moschino’s capsule, certain designs, such as the fringed bag or the jewelry pieces, may appeal even to fashion enthusiasts less interested in video games.
Louis Vuitton showcased dragon installations at pop-ups and flagship stores in Beijing, Shanghai, and Chengdu. The dragons incorporated design elements from Pharrell Williams' men's collection, including the Damier check pattern.
In Beijing, a golden dragon was displayed near an upcoming flagship; in Shanghai, dragons adorned a three-story building and the Qiantan Taikoo Li store; dragons also appeared at Louis Vuitton Maison in Chengdu and at The Hall restaurant.
In the competitive landscape of brand success, winning over the hearts and wallets of consumers is paramount, with the Chinese market holding particular allure. So it is only natural for such brands to try and capitalise on such events and celebrations.
However, China registered a luxury slowdown observed from the latter half of 2023, attributed to factors such as waning consumer confidence and persisting high youth unemployment, and, according to experts, this trend is expected to continue into 2024. The World Bank actually predicts a gradual decline in China's economic growth, from 5.2 percent in 2023 to 4.5 percent in 2024 and 4.3 percent in 2025.
Yet at the moment, a trend should be noted: just a few years ago a capsule collection may have been enough, accompanied also by branded symbols (think about branded Christmas trees or in this case the dragons with Louis Vuitton's motifs).
But, while capsule collections may abound, not all resonate authentically with consumers, and winning over the hearts of consumers has become increasingly challenging. So brands have taken to organizing customized events and initiatives - think about Chanel's cruise 2024 show in Shenzhen, the opening of the Second Pradasphere by Miuccia Prada and Raf Simons in Shanghai, and Cartier's celebration of its Le Voyage Recommencé exhibition at Beijing's Prince Jun's Mansion (in November 2024 Cartier will also mount a major exhibition at the Shanghai Museum to celebrate the 60th anniversary of the establishment of diplomatic relations between the Republic of China and France). These events generated social media revenue and were followed by a surge of spending.
Expansions, renovations, and VIP treatment also enhance sales and brand awareness as consumers seem to be seeking emotional connection to genuinely desirable products, together with unique experiences such Pharrell Williams's Louis Vuitton tour last December of Chengdu, Shanghai, and Beijing, where he engaged with local VIPs (only the highest spenders in these cities were invited to meet with Williams).
So what to do of this capsule collection madness and these overpriced products (think Moschino's Bubble Bobble sneakers that will set you back €800...)? Well, join the madness if you want and can afford it and follow the branded dragon if you're an impenitent fashionista; alternatively, browse Sotheby's jewelry auctions and pretend to be shopping for green jade or lavender jadeite pieces.
Whatever you choose to do, just remember to celebrate dragons, without contracting the dragonhide, the fictitious skin disease in Alasdair Gray's novel "Lanark", and a metaphor for expressing the hardening and alienation of the lost individual.
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