Cosmetics, health products and more are included in the cuts scheduled for July 1.
SHANGHAI, China — China is planning to reduce import duties on consumer goods ranging from food to cosmetics, people familiar with the matter said.
The tariff cuts, which would be effective as early as July 1, would apply to significantly more product lines than a similar reduction on around 200 items announced last year, said the people, who asked not to be identified as the discussions aren’t public. This week, Beijing announced the reduction of tariffs on car imports to 15 percent from 25 percent, also effective as of July 1.
Policy makers including President Xi Jinping have flagged their intention to open the nation’s vast internal market further to outsiders, a shift that may now have the side-effect of helping to defuse tensions with the Trump administration over the trade imbalance. Negotiations in Washington last week ended with China agreeing to buy more imports from the U.S., averting for now the imposition of U.S. tariffs on billions of dollars of Chinese products.
U.S. Commerce Secretary Wilbur Ross is due to visit Beijing in early June for a further round of meetings aimed at fleshing out that deal.
The consumer-goods cuts will affect food, medicine, health products, and cosmetics, among other items, one of the people said. The exact composition of the cuts hasn’t yet been finalized and is still subject to approval by the State Council, China’s cabinet. The Ministry of Finance didn’t immediately respond Thursday to a fax seeking comment on the measures.
In November, tariff cuts announced on 187 categories of consumer goods boosted shares of companies including Nestle SA and Danone. That step followed Xi’s call at the October Communist Party conclave to meet citizens’ demands for improved living standards and better quality products.
Against the backdrop of trade threats that have escalated since then, any new announcement of lower Chinese duties can be presented as further evidence that Beijing is living up to its side of a bargain struck in Washington to import more goods from the U.S. On Wednesday, Trump cast doubt on a recent thaw between the two sides, saying on Twitter that a deal will “be too hard to get done.”
By Jing Zhao and Steven Yang, with assistance from Miao Han and Yinan Zhao; editors: Jeffrey Black and Malcolm Scott.
Gucci, Prada and Balenciaga are increasingly looking to sneakers for growth, putting them in direct competition with sportswear giants like Nike and Adidas.
Source: Gucci
MILAN, Italy — What do you get when luxury fashion meets sport? $10,000 sneakers.
High-end brands such as Kering's Gucci, Prada and Balenciaga are increasingly looking to sneakers for growth, putting them in direct competition with sportswear giants like Nike, Puma and Adidas, and giving rise to ever-more striking and expensive designs. Luxury groups say they are now increasing investments and marketing budgets to face down their new opponents.
"When I saw sneakers were going to be a thing, I fought it for a bit," Salvatore Ferragamo's designer Paul Andrew said at a conference. "We're definitely now investing heavily in that category, getting in very specialised people".
Global sales of sneakers — or trainers — rose 10 percent to €3.5 billion last year, outperforming a 7 percent rise in handbags, according to consultancy Bain & Co.
"It's not really even a trend anymore — it's become a category," said Bruce Pask, Men's Fashion Director at US department store Neiman Marcus.
It's not really even a trend anymore — it's become a category.
Both luxury groups and sports companies are looking to cash in on a booming market. Premium sneakers can start at around $400 but can easily rise as high as $3,000, for a pair of Christian Louboutin's leather, crystal-embellished sneakers.
Limited editions can sell for well over $10,000, including the Chanel X Pharrell Hu Race Trail or Nike's Air Jordan 3 Retro DJ Khaled Grateful.
Sneakers are a big driver of the luxury shoe business, which accountancy firm EY says is the fashion industry's fastest-growing area.
The rise of luxury sneakers is part of the growing influence of casual and streetwear in high-end fashion, where it is now acceptable to team sneakers with a tailored suit.
Upmarket brands are tapping into street style to refresh their looks and young buyers are driving the shift. "Millennials" — born between the early 1980s and mid-90s — already represent a third of the luxury market, according to Bain.
Several luxury group executives recently noted the importance of sneakers for their business and the need to step up their game to face the rising competition.
Emilio Macellari, finance chief of Italian luxury goods company Tod's — a pioneer in the sector, having launched its first Hogan luxury sneaker in 1986 — said "there is no brand that is not currently considering its [sneaker] offer."
Pointing out how times are changing, he said luxury brands were now "under attack" from sportswear companies, on top of the usual competition from their luxury peers.
Luxury consumers are buying Nike and Adidas, and vice-versa.
But so-called "sneakerisation" could steal market share from more traditional and formal-looking footwear, industry operators say.
"After many seasons of comfortable shoes, it will be hard to bring women back on heels," said Federica Montelli, head of fashion at Milan's renowned la Rinascente department store.
Blue Snake and Profit Margins
In central Milan a pair of Nike's black leather, ankle-high Air Jordan 5 Retro Premium sneakers sell for over €400 ($470). Only steps away, in one of the city's most exclusive shopping areas, clients buy a pair of Gucci's ACE made with the GG logo canvas, with a blue snake-leather detail for €450.
"What has changed is competition, with a clear overlap," said Claudia D'Arpizio, partner at Bain & Co. "Luxury consumers are buying Nike and Adidas, and vice-versa."
Ilaria, a young saleswoman in Milan streetwear shop One Block Down, said that many customers walk in carrying shopping bags from the nearby luxury boutiques.
Sports groups say they are not worried by the competition.
"If [luxury groups] go the sports way... it is only positive," said Puma chief executive Bjorn Gulden said. "If that is a trend that pulls the sneaker market up, we can only be happy."
Analysts also say the intensifying competition is unlikely to erode profit margins because the market is expanding.
"There is large space for prices moving up," said Erwan Rambourg from HSBC. "The 'luxurisation' of sneakers could possibly impact margins positively".
By Giulia Segreti, with additional reporting by Melissa Fares, Emma Thomasson, Sarah White, Claudia Cristoferi and Sonya Dowsett; editor: Pravin Char.
This week, IMG Models president Ivan Bart will also oversee the global fashion events business, while Theory taps Francesco Fucci as its new creative director.
LONDON, United Kingdom — BoF compiles the most important professional moves of the week.
IMG Models appoints fashion properties group president Ivan Bart, president of IMG models, has been appointed to head up IMG's global fashion events business, in addition to his responsibilities as president. Bart joined IMG Models as creative director in 1994, and became president in 2014. In the role, he will oversee events including New York Fashion Week and London Fashion Week.
Theory announces creative director Francesco Fucci joins Theory as its new creative director for womenswear. He previously spent five years as head designer at The Row. Fucci's first collection will be Spring 2018 pre-collection.
Christian Dior Couture names managing editor Christian Dior Couture has appointed Charles Delapalme as managing director, in charge of commercial activities. He succeeds Serge Brunschwig, who was named chairman and chief executive of Fendi. Delapalme previously held senior positions at Fendi and Louis Vuitton.
Stuart Weitzman creative director exits Less than four months after presenting his first full collection, Stuart Weitzman's creative director Giovanni Morelli has left the company. In a statement, Tapestrychief executive Victor Luis said Morelli violated company policies. A successor has not yet been named.
Revlon names CEO Revlon Inc. has appointed Debra Perelman its chief executive. Perelman, daughter of the company’s controlling shareholder, will be the first-ever female chief executive. She was previously senior executive at investment firm MacAndrews & Forbes, and takes over from Fabian Garcia, who stepped down earlier this year.
Tatler makes senior appointments Tatler has named Emma Elwick-Bates as editor-at-large, Harriet Verney as fashion features editor and Serena Hood as contributing style editor. Elwick-Bates joins from Vogue US, where she held the position of fashion news editor, while Verney was previously senior editor at Love Magazine. Hood is the former executive fashion editor at British Vogue.
Vanity Fair appoints executive fashion director Samira Nasr joins Vanity Fair as executive fashion director. Nasr joins the title from Elle, where she served as fashion director; prior to that, she was style director at InStyle. Her position will combine the roles of fashion director and creative director, previously held by Michael Carl and Jessica Diehl, respectively, who have stepped down.
Dr Martens hires CEO from Cath Kidston Dr Martens has poached Cath Kidston chief executive Kenny Wilson to lead the brand. Wilson joined Cath Kidston as chief executive in 2011. His replacement will be announced soon.
J.C. Penney CEO leaves for Lowe's Marvin Ellison has left his position as J.C. Penney's chief executive to lead Lowe's. Ellison joined the company in 2014, and became chief executive the following year. The surprise exit sent stock to historic lows as the department store chain struggles with declining sales and revenue.
Carbon38 names CMOThe lifestyle brand has appointed Helena Kaylin as chief merchandising officer, effective immediately. Kaylin will be based in Los Angeles, reporting directly to founder and chief executive Katie Warner Johnson. Kaylin joins the company from Lululemon, where she held the role of global vice president of merchandising.
To explore exciting fashion industry career opportunities, visit BoF Careers, the global marketplace for fashion talent.
Following swiftly on from deservedly winning the BFC/Vogue Designer Fashion Fund earlier this month, today, Molly Goddard has announced the news of her first book. Photographed by Tim Walker and styled by her sister, Alice Goddard, Patty features pieces from the beloved Brit designer’s archive, from her 2012 BA collection to her spring/summer 2018 show. Family, friends and models are captured in a series of arresting images, and Molly’s instantly recognizablecolorful, frothy creations are piled on and re imagined to take on new sculptural forms. Launching at Dover Street Market London on May 17 2018, Patty was art directed by Jaime Perelman and includes portraits of Camilla Lowther, Lily Cole and Erin O’Connor.
Vogue sat down with Molly and Erin over afternoon tea at Cartridges to discuss the book, how the duo first met and the joys of working together and with Tim Walker. Read some of their conversation below: Molly: We were talking to my sister Alice about doing something and who we would want to do it with. So we asked Tim and he said yes which we didn't really think he would, but Alice had worked with him quite a lot. It was kind of crazy that he said yes, and also that we were very vague with what we wanted to do. We were like "we kind of want to do a book but we don't know what we want to do but we just feel like we've got so many clothes and so many interesting people that we work with it would just be nice to document all of it". We met up with him a couple times and had very calm, casual tea chats at his studio about what we wanted to do and then booked a studio for two days. I think it all happened very quickly. Tim was free and we were free and it was like, quick let's do it, because there were quite a lot of people that we would have loved to be in it. [To Erin] Did Tim ask you on the day? No, we asked you before, didn't we?
Erin: Yeah, you asked me before, you and Alice. I think it was over text. It was literally a couple of days before and then I think Tim backed it up with another text.
Molly: You turned up, and said: "Oh what are we doing?"
Erin: I really didn't know what I was getting into at all. But I was just bombarded by tulle and literally wrapped around for two hours and the challenge was to be as mobile as possible. I was getting drenched in these layers upon layers of colour and I don't think Tim and I had ever really done static portraits since we've known one another, they're very much alive. When you're given free reign because there are no rules, that's my kind of gig actually.
Molly: Yeah, fun!
Erin: I've always felt that way about you, Molly, since I met you, everything has always been quite last minute and organic and - I think it's brilliant because everything is so, so... I don't know, it's quite regimented I think, our industry now.
Molly: Was it at the Serpentine summer party that we met?
Erin: It was at the Serpentine, yes.
Molly: And you were like, "I love your clothes", and I was like [strong inhale] it's Erin!
Erin: Which I find really funny, because I knew you were you, but it just took me a moment to go up to you to tell you that. I've seen and worn many different designers for over two decades and there are some that stick out to you and some you respond to. You have the kind of imagination that I like to try and work with, so I kind of represent the final bit as it were, it's like the da-daa! And I thought, yes, there's a woman whose clothes I would wear in real life.
Molly: That's amazing, isn't it?
Erin: It's amazing to me, because it makes my role so much easier. It's like a painting, and you complete it. Your clothes are like paintings.
Molly: We did the Tim book last summer, a long time ago. And we said, 'Oh, let's get it out soon' and then we thought why are we rushing it, and then it became slower and slower and slower… Yeah, so that was kind of the first time we hung out.
Erin: Excuse me, no! When we did the fitting, in West London, and I met your mum and your sister and we were having a right old chat, and tried on a few different dresses...
Molly: But that wasn't pre-book?
Erin: Hold on, I thought I did the show first, and then we did the book!
Molly: No, it was book!
Molly: It was book first, definitely, because we did the book I think in June or July, and then it was like, could we dare ask Erin to be in the show?
Erin: I was so glad you did, I really was, because I don't really do any shows any more just because there's a lot of really brilliant young women doing the shows now. But there's an element of couture to your clothing because it's performance, you cannot just walk up and down, it's a wasted opportunity. So, I thought right, let's get the sea legs on, and I was delighted when we went to that fitting because the first thing I saw was…
Molly: My crap studio!
Erin: No! I was backstage; biker boots! And it was sort of old school for me, in that, the clothes are literally made on my back, and I'm so used to that, it was very like the haute couture way of working, and I've only ever experienced clothes in that way, even for pret-a-porter actually because I'm extremely elongated, a lot of the time, if it allowed, the clothes were stretched for me.
Molly: It was the most fun.
Erin: You really enjoyed it, and I love that you did the rehearsal with us.
Molly: With the book, it wasn't about collections or seasons or clothes actually. The clothes were just props I suppose. Things were tied on and shoved on and strapped on and stood on top of or wrapped around; nothing was worn as it was meant to be.
Erin: It was just an endless creation. It wasn't about achieving the final thing, it was about the process of doing something and I always really miss that because everybody's obsessed with getting something right whereas with Tim, the joy's with the process, the magic, the nugget in the middle, you're working towards something and it's the movement there. And I always look at a photo as a performance too.
Molly: It was about people's personality. If someone came in wearing interesting clothes, someone was like "I really like what they're wearing", just shoot them in what they're wearing, so that was kind of part of it as well.
Erin: Literally, I was wearing a pair of tights... I think they were my tights and everything else from my knees to my hair to my chest to my head was covered.
Molly: You definitely are the star of the show. It was amazing watching you do it.
Erin: I think it's impossible not to love having a moment with people you love. Tim and I started working together 22 years ago, just to put it in perspective, so it's quite handy that you were working with him putting a book together, I wouldn't dare ask Tim to do a book! So it was lovely just to get everybody in one room! I used to love going to work and not knowing what was going to happen. I was genuinely really flattered to be asked to be a part of it, especially with all the other people you have there. I really wanted to stay and stalk Camilla [Lowther].
Molly: I know, Camilla was funny.
Erin: [Camilla's] got one of my favourite faces of all time. I mean it was the ultimate casting. None of them were wallflowers.
Molly: There's a brilliant, brilliant, brilliant... actually it is an outtake, but my guinea pig is in it, because the book is called Patty. We were like, what can it be called? What can it be called that's like totally ambiguous and no one's going to know what the fuck we're talking about?
Erin: Is your guinea pig called Patty?
Molly:Yeah, so the book is calledPatty.
Erin: Did you dedicate it to Patty?
Molly: No, no, it's just called Patty!
Patty launches at Dover Street Market London on the May 17 2018. Copies will be available to purchase at select stores and via the Molly Goddard website.
