Prada Navigates Tricky COVID Curbs to Hold Beijing Show

A model presents a creation from the Prada Fall-Winter 2022/2023 collection during Fashion Week in Milan, Italy, February 24, 2022. (Reuters)
A model presents a creation from the Prada Fall-Winter 2022/2023 collection during Fashion Week in Milan, Italy, February 24, 2022. (Reuters)
TT

Prada Navigates Tricky COVID Curbs to Hold Beijing Show

A model presents a creation from the Prada Fall-Winter 2022/2023 collection during Fashion Week in Milan, Italy, February 24, 2022. (Reuters)
A model presents a creation from the Prada Fall-Winter 2022/2023 collection during Fashion Week in Milan, Italy, February 24, 2022. (Reuters)

Prada on Friday became the first major luxury house to host a show in China this year, navigating strict COVID curbs to send models down a catwalk in a historic Beijing mansion hotel, a move aimed at underscoring its commitment to the market.

Livestreamed on multiple online platforms including Weibo, more than 400 celebrities and customers attended the event held by the Italian group in the Prince Jun’s Mansion Hotel, where it showcased its men and women's fall and winter collections.

Shows in Chinese cities by global luxury giants, from Prada to LVMH's Louis Vuitton and Christian Dior, used to be a familiar sight and continued even in 2020 and 2021 after China curbed the spread of the virus relatively quickly thanks to tough border curbs.

But much has changed in 2022 with China's continued insistence on a "dynamic zero COVID" policy that uses harsh measures to cut any virus transmission chain, even as the rest of the world opens up in the face of infectious Omicron variants.

Since the start of the year, several cities including China's commercial capital of Shanghai have undergone draconian lockdowns and much of the country's population is now required to undergo regular COVID-19 testing. These measures have bred uncertainty that has hit both the economy and consumer confidence.

In order to attend Prada's event, guests had to show proof of a negative COVID-19 test taken within 48 hours and masks were mandatory for all attendees indoors except the models stomping along the catwalk.

Those flying in from other Chinese cities also had to comply with Beijing's testing requirements for domestic travelers.

"[This event] is a key statement for the brand, especially in this moment where first mover advantage will be seen as more powerful and significant than before," said Kim Leitzes, APAC managing director of data provider Launchmetrics.

Prada declined requests to be interviewed for this story.

The brand has seen significant improvement in its China business in recent years, reducing its reliance on wholesale and driving more sales through its own stores and website, where items are more likely to be sold at full price.

It has also attracted a new generation of Chinese consumers with the appointment of superstar Cai Xukun as a celebrity ambassador in 2019.

"I'm very excited to be here tonight," said one of the Friday show attendees, Chen Zaozao, who works at an auction house in Beijing. "I used to have many opportunities to attend fashion events before but it has become rare these days."



Sources: Shein Aims for London IPO by Mid-year

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
TT

Sources: Shein Aims for London IPO by Mid-year

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo

Online fast-fashion retailer Shein is aiming to list in London in the first half of the year, according to two sources with direct knowledge of the matter, assuming it gains regulatory approvals for the initial public offering.
The IPO could be completed as early as Easter, which is April 20, one of the people said.
A visit to China by Britain's finance minister Rachel Reeves starting on Saturday, during which she will meet with vice premier He Lifeng to discuss economic and financial cooperation, could help progress the regulatory approvals Shein needs, the source added.
A second person with knowledge of the matter said Shein, founded in China in 2012, is working towards listing in the first half of this year, but the definitive timeline is still in flux.
The London listing push comes after the company ended its attempt at a US IPO after pushback from lawmakers concerned about risks connected to China and alleged labor malpractices, Reuters reported.
The head of Britain's Financial Conduct Authority, which is in charge of assessing and approving flotations like Shein's IPO, is accompanying Reeves on the trip to Beijing and Shanghai and will meet with regulatory partners there.
Shein declined to comment, the FCA said it does not comment on potential listing applications, and Britain's finance ministry did not reply to Reuters' questions.
Even though it moved its headquarters from Nanjing to Singapore in 2022, Shein also requires permission from the China Securities Regulatory Commission, making it subject to offshore listing rules, as most of its 5,800 contract manufacturers are in China.
New rules passed by the CSRC in 2023 allow it to vet and potentially block offshore listings.
The CSRC did not immediately reply to questions about Britain's visit and Shein's IPO.
Shein is walking a political tightrope as it tries to show it has measures in place to limit the risk of human rights violations in its supply chain while avoiding any direct claims about China's Xinjiang province - a top cotton-producing region where the United States and NGOs have accused the government of forced labor and other abuses against Uyghur people.
Beijing denies any abuses, and Chinese authorities have hit back at clothing brands that say they don't use Xinjiang cotton.
Shein's general counsel for Europe, the Middle East and Africa, Yinan Zhu, on Tuesday declined to directly answer when asked by a British parliamentary committee whether the retailer's clothes contain cotton from China or Xinjiang, or whether it tells suppliers not to source from the province.
Zhu asked instead to provide the committee with written answers, and said Shein complies with relevant laws in all jurisdictions.