PART.1 Macroeconomic Situation
● Economic activity continued its slowdown trend in August, with both supply and demand declining persistently
● Michael Kors: Based on the brand's Jet Set DNA, using "hotel (travel) stories" as new brand narrative, integrating products, local culture and lifestyle to enhance consumer scene experiences and drive sales conversion
● Lanvin Group: Revenue declined 22% year-over-year in the first half; flagship brand Lanvin revenue fell 42% year-over-year, with Greater China down 60.3%. The second half will focus on marketing and promotion around the brand's new creative direction
● Dior: New brand creative director and ready-to-wear design director took office in June and October respectively, aiming to balance creative capabilities that generate buzz with large-scale commercial monetization capabilities
PART.3 Retail Industry Information
● Winshang: 13 new concentrated commercial projects opened in August, with commercial volume of approximately 650,000 square meters (down 55% year-over-year); characterized by active community/neighborhood commerce, mainly small-scale projects of 20,000-30,000 square meters
● This year's Double 11 will feature long-cycle multi-wave accumulation, simplified promotional strategies, and the rise of near-field e-commerce. Merchants need more systematic implementation of seeding, warm-up, and omni-channel explosion marketing strategies
● Xiaohongshu: Officially launched "Little Red Card" membership service, doubling down on local lifestyle to explore more commercialization possibilities
PART.4 Industry Briefings
PART.1 Macroeconomic Situation
▶ August economic activity continued its slowdown trend, with both supply and demand declining persistently
Demand side: August retail sales, investment and export growth rates all declined (1) Consumption: August retail sales grew 3.4% year-over-year, reaching the year's lowest point
In August, retail sales grew 3.4% year-over-year, down 0.3 percentage points from the previous month, marking three consecutive months of decline. Retail sales of consumer goods excluding automobiles grew 3.7% year-over-year (previous value: 4.3%). From January to August, total retail sales grew 4.6% year-over-year, with retail sales of consumer goods excluding automobiles up 5.1%. Urban consumer goods retail sales grew 4.6% year-over-year, while rural retail sales grew 4.7%.
By consumption type, in August, merchandise retail grew 3.6% year-over-year, and food service revenue grew 2.1% year-over-year. Clothing, footwear, and textile retail sales grew 3.1% year-over-year.
By retail format, from January to August, among above-scale retail enterprises, convenience stores, supermarkets, department stores, specialty stores, and brand stores saw retail sales grow 6.6%, 4.9%, 1.2%, 5.2%, and 1.7% respectively year-over-year.
From January to August, national online retail sales grew 9.6% year-over-year. Physical goods online retail sales grew 6.4%, accounting for 25.0% of total social consumer goods retail sales. Among physical goods online retail sales, food, clothing, and household goods grew 15.0%, 2.4%, and 5.7% respectively.
(2) Investment: Fixed asset investment grew 0.5% year-over-year from January to August, with growth slowing for five consecutive months
From January to August, national fixed asset investment (excluding rural households) grew 0.5% year-over-year. Private fixed asset investment declined 2.3% year-over-year (decline widened 0.8 percentage points from January-July), while foreign-invested enterprise investment fell 15.4% year-over-year. August fixed asset investment (excluding rural households) declined 0.20% month-over-month.
By sector, from January to August, manufacturing investment grew 5.1% year-over-year (previous value: 6.2%), infrastructure investment (excluding electricity, heat, gas and water production and supply) grew 2.0% year-over-year (previous value: 3.2%), real estate development investment declined 12.9% year-over-year (previous value: -12.0%), and residential investment fell 11.9% year-over-year (previous value: -10.9%).
(3) Exports: August export and import growth rates both declined, with exports to the US falling 33% year-over-year
In August, in US dollar terms, exports grew 4.4% year-over-year (previous value: 7.2%); imports grew 1.3% year-over-year (previous value: 4.1%).
The top three export destinations by value in August were ASEAN, EU, and US. Exports to ASEAN grew 22.5% year-over-year, to the EU grew 10.4% year-over-year, and to the US declined 33.1% year-over-year.
Supply side: August industrial added value above designated size grew 5.2% year-over-year, down 0.5 percentage points from July
In August, industrial added value above designated size grew 5.2% year-over-year (previous value: 5.7%), up 0.37% month-over-month (previous value: 0.38%). Among 41 major industry categories, 31 maintained year-over-year growth, 4 fewer than the previous month.
Price levels: August CPI turned negative year-over-year, PPI decline narrowed for the first time since March
(1) August CPI declined 0.4% year-over-year, flat month-over-month August national consumer prices declined 0.4% year-over-year. Clothing prices rose 1.8% year-over-year and fell 0.1% month-over-month.
(2) August PPI decline narrowed compared to previous month August national industrial producer prices declined 2.9% year-over-year (previous value: -3.6%), narrowing 0.7 percentage points from the previous month—the first narrowing since March. The decline was flat month-over-month, turning from a 0.2% decline.
Monetary and financial: August new social financing and new RMB loans by financial institutions both significantly underperformed, government bonds remained the main support for new social financing, and social fund activity continued modest recovery
In August, new social financing declined 463 billion yuan year-over-year. Government bond financing accounted for 1.37 trillion yuan of the 2.57 trillion yuan in new social financing, representing 53% and remaining the main support.
August M2 grew 8.8% year-over-year, flat with July; M1 grew 6.0% year-over-year, up 0.4 percentage points from July; M0 grew 11.7% year-over-year, down 0.1 percentage points from July.
[Macroeconomic Situation Summary] August retail sales, investment, exports and production growth rates all declined comprehensively, with the economy continuing its slowdown trend. Retail sales growth has declined for three consecutive months to 3.4%, reaching the year's lowest level. Clothing, footwear, and textile discretionary consumption growth remained below overall retail levels.
Notable marginal improvements include: August clothing, footwear, and textile retail sales growth accelerated 1.3 percentage points compared to July, and January-August online retail sales growth for clothing goods accelerated 0.7 percentage points compared to January-July.
Overall, the domestic economy continues to face downward pressure.
PART.2 Brand Information
▶ Michael Kors: Based on brand Jet Set DNA, using "hotel (travel) stories" as new brand narrative, integrating products, local culture and lifestyle to enhance consumer scene experiences and drive sales conversion
Brands need momentum, but more importantly, they need a long-term story. As the global luxury industry faces widespread growth slowdown, the performance report released last month by Capri Holdings, parent company of American accessible luxury brand Michael Kors, has stirred market expectations for the brand's turnaround story.
The first quarter fiscal 2025 results showed the group's net profit climbed to $56 million, far exceeding the previous year's $5 million. Group CEO John Idol emphasized that overall trends are gradually improving, with Michael Kors' full-price channels expected to be the first part of the brand to achieve recovery.
The latest performance improvements and management's confident statements brought market confidence, with the group's stock price rising 14.5% on the earnings release day.
With Versace's divestiture proceeding, Capri Group has shed its long-term integration burden, opening the next window earlier, and the group's focus is rapidly returning to flagship brand Michael Kors.
Michael Kors recently collaborated with Shanghai's only boutique Shikumen hotel, Capella Shanghai, Jian Ye Li, hosting a limited-time "bun shop" for the Nolita handbag, seemingly beginning to show the brand's desire for transformation.
This limited-time space extends until near National Day holiday, emphasizing a deep "most Shanghai in the depths of the French Concession" journey. From customized room card holders and welcome treats with MK logos, to carefully arranged details throughout rooms, to specially crafted afternoon tea and Shanghai cultural cycling experiences, Michael Kors and Capella created a series of special experiences open to the public.
From Nolita handbag products to hotel usage scenarios, extending vertically to travel experiences, as staycations become a popular lifestyle among young people, Michael Kors places the NOLITA handbag in an actual travel scenario.
Unlike traditional market approaches of creating handbag hits through celebrity advertising, while Michael Kors also mobilized global spokesperson Tan Jianci, actors Meng Ziyi, Zhang Ruonan, and artist Chen Yanran for the opening event, the essential difference is that Michael Kors starts from travel scenarios rather than celebrity images.
This new narrative is defined by Michael Kors as "Hotel Stories," which has been gradually experimented with over the past year. It emphasizes travel as the narrative starting point, connecting products, aesthetics and local culture to build immersive lifestyle experiences.
During Dragon Boat Festival to May Day this year, Michael Kors collaborated with Hangzhou boutique hotel Sunset At Hupao 1934, opening a "Stretch and Relax" tea bar under West Lake's Longjing Mountain. The brand used spring-summer Jordi handbag installations to decorate courtyards and launched an interesting themed drink and tea menu, with MK hand-rowed boats on West Lake, combining Jiangnan aesthetics with the brand's urban modern feel.
As the first experiment in the "Hotel Stories" series, this collaboration achieved significant success, becoming a popular check-in destination during May Day Golden Week.
Subsequently, Michael Kors collaborated with Shenzhen Andaz Hotel, creating a "Modern Lingnan" immersive journey around the Nolita handbag, with the Shenzhen Hotel Stories becoming the first to broadcast travel live streaming across all e-commerce platforms.
Through three hotel collaborations, Michael Kors continues telling stories of fashion and travel, combining with local culture to output relaxed, urban modern brand aesthetics.
Although many brands tell travel stories, Michael Kors' travel story is rooted in the brand's Jet Set DNA, bringing strong advantages to its new "Hotel Stories."
Jet Set originally means a group of wealthy, fashionable people who travel the world by jet, participating in various social activities and adventures, representing a luxurious, fashionable travel and lifestyle.
As global travel becomes more accessible, Michael Kors continues evolving the Jet Set spirit from a lifestyle once owned only by a few celebrities to a "Travel In Style" spirit practiced by more consumers—a state of maintaining relaxed elegance and free composure wherever one is.
"Hotel Stories" can be said to be a more contemporary expression of its founding Jet Set brand spirit.
While iterating its long-term story, "Hotel Stories" also happens to hit the current market node where experiential consumption is rising.
A luxury research report released this year by Bain Consulting and Italian luxury association Altagamma points out that consumer spending is shifting from traditional tangible goods toward experiences that better satisfy spiritual needs and social expression.
The macro trend has been widely accepted by the industry, but the more important question is how luxury brands should respond, and in what form luxury brand-related experiential consumption should be presented.
Further analysis shows that luxury experiential consumption may specifically manifest as scenario consumption and emotional consumption.
Consumers no longer want to buy more handbags, possibly because they don't know in what real-life scenarios to use them. Runway styling feels distant, and after too many impulse purchases stimulated by brand marketing, today's consumers show rationalization in increasingly hoping to match products with concrete scenarios.
Therefore, Michael Kors chose high-end hotel travel scenarios, seamlessly integrating handbags, ready-to-wear and other items into hotels and micro-scenarios with local travel characteristics, creating "Travel In Style" scenario atmosphere while more importantly demonstrating product usability and multi-scenario adaptability.
Unlike early Jet Set, travel is no longer just a symbol representing luxury life, but a realistic high-frequency scenario connecting functionality and style.
Another reason consumers may not need another handbag is that their emotions haven't been triggered. After accumulating more travel experience, consumers seem to start trips for increasingly simple reasons—perhaps local food or local lifestyle experiences.
Young people may generously pay for experiences that trigger emotional value, but under current macro market conditions, they maintain practical and rational habits toward consumption that doesn't move them.
The functionality of scenario consumption and the randomness of emotional consumption seem contradictory, yet reflect current consumers' both practical and emotional consumption psychology, placing higher demands on brands.
But this brings inspiration to brands: brands need to proactively create "moments" that trigger consumers' emotional points.
Like Hangzhou's "Stretch and Relax" tea bar, cleverly integrating tea drinking and boat riding under West Lake sightseeing scenarios, capturing contemporary young people's need to disconnect and relax.
Last year's Chengdu JORDI lazy bag tavern didn't focus on Chengdu's core CBD, instead discovering new must-visit landmarks on Yulin Road, resonating with current consumers' desire for urban exploration and relaxed lifestyles.
Last year's Shanghai denim bakery also helped the brand declare its return to young people's vision with renewed posture through innovative appearance and social media topic operations, refreshing public perception of brand image. After the event, the brand's Xiaohongshu search volume increased 79%.
In these attempts, Michael Kors didn't stop at simple pop-up store level, but hit consumers' current emotions, blending products, local culture and lifestyle into micro travel stories.
These "moments" successfully created by Michael Kors give positive initial signals for brand transformation.
Of course, beyond experience window creation, what truly determines commercial effectiveness is still products and sales conversion.
"Hotel Stories" has consistently featured new series handbags like Jordi and Nolita as protagonists this year, reflecting Michael Kors' focus on products.
From a design perspective, these products reflect youthful and practical design thinking adapted to new scenarios, following Chinese consumers' preference for handheld and hobo bag styles, emphasizing lightweight materials and daily portability, suitable for travel and daily commuting scenarios.
According to reports, the Nolita handbag launched this fall has topped Tmall's crossbody bag category and sold over 500 units within 7 days, breaking through 3,000 units across all channels.
Sales network expansion is also important momentum for brand sales growth. New Michael Kors stores are simultaneously given missions as transaction scenarios and travel destinations. In June this year, Michael Kors opened its first store with Chengdu local characteristics at Chengdu IFS, strengthening global brand local retail experience, and plans to add over 10 new stores in key cities like Beijing, Shenzhen, and Guangzhou within the next year.
In the increasingly mobile domestic travel market, consumers visiting stores in different cities will bring potential new sales opportunities.
If brands previously established unified images globally and in regional markets, now markets are segmented more finely, requiring unique memory anchors for consumers under different city backdrops.
Thus, Michael Kors' transformation story isn't a single-point breakthrough driven by marketing, but a multi-dimensional systematic project.
Rising another perspective, Michael Kors' transformation relies on Chinese local market exploration on one side, while still needing global stage image building through fashion show runways on the other.
The 2026 Spring/Summer collection show released during New York Fashion Week this month saw Michael Kors balance earth tones representing nature with elegant, comfortable materials and silhouettes, outlining a mature yet warm urban woman image.
The market considers this collection's design richer in content compared to the brand's past, following consumers' desire for classic, timeless aesthetics.
Today's consumers no longer desire flashy travel tools and prominent logos, but lifestyle serving their own experiences and needs.
Under global luxury market doldrums, accessible luxury is viewed as a more opportunistic market. Investors closely watch whether Michael Kors' current strategy continues bringing measurable sales conversion, improving customer unit value and repurchase, and defending profits under inflation and cost pressure, hoping the brand's performance transformation brings capital market momentum.
But for a decades-old brand, what's important is obviously not just an opportunistic transformation story, but maintaining contemporaneity under external market pulls while telling consistently coherent brand stories.
▶ Lanvin Group: Revenue declined 22% year-over-year in first half; flagship brand Lanvin revenue fell 42% year-over-year, Greater China down 60.3%. Second half will focus on marketing and promotion around brand's new creative direction
Lanvin Group's unaudited financial report for the first half of 2025 shows: revenue declined 22% year-over-year to 133 million euros, gross profit was 72 million euros, adjusted EBITDA loss expanded to 52 million euros, with all brands' Greater China market sales declining double digits.
Lanvin Group stated that despite continued industry pressure, recovery momentum emerged in the second quarter through strict cost control and operational efficiency improvements.
The group expects the second half of 2025 market environment to remain challenging but will continue steadfastly focusing on cost-effectiveness improvements and strategic brand investments.
Current strategic initiatives Lanvin Group continues advancing include: optimizing retail network layout, improving operational efficiency, upgrading product matrix, conducting high-impact marketing activities, and deepening wholesale partner relationships.
Lanvin Group Chairman Mr. Huang Zhen stated: "Despite first-half luxury market challenges, we consistently maintain effective cost control and structural optimization, actively responding to market changes while steadfastly releasing brands' long-term potential."
Lanvin Group Executive President Mr. Andy Lew stated: "In the first half, we focused on strengthening operational control, laying foundations for future growth. With our brands' new creative directions established, combined with precise marketing strategies and optimized channel layouts, we expect to gradually accumulate brand momentum and improve consumer engagement in the second half."
By brand performance:
Lanvin was in strategic transition period in the first half of 2025, with revenue declining 42% year-over-year to 27.93 million euros. Performance changes mainly stem from two factors: EMEA market wholesale customers generally delaying purchases while awaiting Peter Copping's first collection, and overall industry sentiment becoming cautious.
By region: EMEA market revenue declined 47.2% year-over-year to 12.22 million euros, North America declined 28.2% year-over-year to 8.61 million euros, Greater China declined 60.3% year-over-year to 3.78 million euros.
Looking to the second half, Lanvin will conduct comprehensive marketing promotion around Peter Copping's highly anticipated new collection.
Other brands including Wolford, Sergio Rossi, St.John, and Caruso also showed various performance changes with different strategic focuses for the second half.
▶ Dior: New brand creative director and ready-to-wear design director took office in June and October respectively, aiming to balance buzz-generating creative capabilities with large-scale commercial monetization abilities
In the luxury industry, creativity is the facade, but merchandise is the foundation.
Starting October 1, Michela Kalb returns to Dior, responsible for haute couture, men's and women's ready-to-wear, women's shoes and other series, entering the brand management committee. While officially described as assisting Jonathan Anderson, the real meaning is that between creative tension and commercial goals, Dior has installed an invisible hinge. Michela Kalb's position is to ensure runway acclaim ultimately attracts consumer purchases.
Michela Kalb's resume is almost a template for luxury commercialization. Bocconi business school background, starting as a buyer at La Rinascente, then honing merchandising at Prada and Miu Miu, before serving as ready-to-wear head at Dior and LV.
Michela Kalb's value isn't in design, but in understanding the entire chain's mechanics. She knows which haute couture details can be translated into ready-to-wear selling points, understands inventory rhythm management, and clearly knows at which price points consumers most easily agree to purchase. In other words, she's not an artist, but creativity's translator.
Raising the perspective higher reveals Dior CEO Delphine Arnault's ambition. Since taking over Dior, she shoulders three missions: keeping the brand as LVMH's first growth engine, balancing Jonathan Anderson's creative explosion with long-term financial stability, and delivering more competitive results than Chanel and Hermes amid overall luxury industry slowdown.
Delphine Arnault clearly knows that buzz can create heat, but heat cannot serve as cash flow. She wants a dual-core driven Dior: Jonathan Anderson ignites brand imagination, while Michela Kalb turns imagination into accountable financial figures.
Industry environment makes this ambition more realistic. In 2025, luxury market pricing dividend bonuses are reaching their ceiling, with Bain adjusting full-year expectations from growth to possible decline.
This isn't dramatic salvation, but steady governance logic. It won't immediately bring explosive growth, but will improve merchandise conversion, reduce discounts and enhance gross margin stability in the medium term.
But risks are equally obvious. Excessive commercialization logic might suppress Jonathan Anderson's experimentation, wearing down Dior's cultural capital.
Therefore, industry observers need to watch several signals: whether Jonathan Anderson's first women's collection's launch speed and completeness improve, whether different regions' price ranges and SKUs differentiate, whether haute couture elements translate faster into RTW.
This isn't just Michela Kalb's return, nor merely Jonathan Anderson's challenge, but Delphine Arnault's chess game. She must prove Dior isn't just a theater creating amazement, but a commercial machine that can package, ship and settle amazement.
[Brand Information Summary] Fashion brands need long-term, sustainable brand narratives that provide direction for product creativity and more importantly satisfy customers' emotional value demands for fashion consumption.
Michael Kors' new brand narrative—"hotel (travel) stories"—aligns with its Jet Set DNA, making it easy for customers to accept and integrate into brand narrative scenarios.
In Michael Kors' new brand narrative, "travel" becomes a high-frequency life scenario connecting with ordinary consumers' daily lives, integrating products and local culture to drive sales conversion.
Similarly, Dior focuses on balancing buzz-generating creativity with product monetization, essentially driving efficient closed loops between high-quality seeding and large-scale conversion.
Brand narratives are indispensable, and efficient closed loops between brand narratives, product development and sales conversion are capabilities fashion brands need to strengthen.
PART.3 Retail Industry Information
▶ Winshang: 13 new concentrated commercial projects opened in August, commercial volume approximately 650,000 square meters (down 55% year-over-year); showing active community/neighborhood commerce characteristics, mainly 20,000-30,000 square meter small-scale projects
According to incomplete Winshang big data statistics, 13 concentrated commercial projects opened nationwide in August 2025, with commercial volume approximately 650,000 square meters, including 2 existing renovation projects. Most were small-scale commercial projects under 50,000 square meters, with 9 projects ≤50,000 square meters and only 2 projects ≥100,000 square meters.
Compared to July's new openings (6 projects, 790,000 square meters total commercial volume), August opening numbers doubled but volume fell short of the previous month.
Community/neighborhood commerce active. Among August new openings, several community-type or neighborhood commercial projects with relatively small volumes, mainly 20,000-30,000 square meters, explaining why August opening project numbers far exceeded July but total volume fell short.
Commercial downward expansion deeply penetrates county and township levels, continuously extending downward, representing inevitable trends in urban commercial development and commercial format upgrade iterations.
▶ This year's Double 11 will feature long-cycle multi-wave accumulation, simplified promotional strategies, and near-field e-commerce rise. Merchants need more systematic seeding, warm-up, and omni-channel explosion marketing strategies
Once upon a time, countless consumers stayed up late waiting to place Double 11 orders, just to grab the year's biggest discounts. Now, that initial spectacle seems increasingly distant.
With consumption concept rationalization and e-commerce promotion normalization, even though Double 11 remains the most important promotion, its attraction is far less than before.
Against this backdrop, how to better attract and serve consumers and bring merchants more good business naturally becomes questions major platforms must consider.
From current industry trends, this year's Double 11 will see at least three major changes:
Possibly the longest Double 11 in history
If expectations hold, this year's Double 11 duration will be the longest ever. Recently (mid-September), Kuaishou first announced specific activity rhythm at its Double 11 merchant conference: October 7 mall pre-sale period starts, October 18 opening, November 11 official conclusion—compared to last year, Kuaishou's Double 11 pre-sale advanced 3 days.
Worth noting, October 7 is the day after Mid-Autumn Festival, apparently to directly connect Mid-Autumn promotional activities.
Meanwhile, Douyin recently began "Douyin Mall Mid-Autumn & Double 11 Activity" merchant recruitment. Reportedly, merchants registering for Mid-Autumn promotion will directly access Double 11 promotion without re-registration.
Though Douyin hasn't announced specific Double 11 rhythm, from current information it should closely follow Mid-Autumn promotion, likely starting no earlier than October 7.
"Full reduction" cancelled, simplified gameplay
Besides activity duration, gameplay is also a major concern for consumers and merchants.
The original "spend 200 save 30" and "spend 300 save 50" gradually became "math problems" troubling many consumers.
To achieve targets, consumers constantly adjusted shopping carts, even devising buy-then-return methods, striving to spend every penny effectively.
Under Double 11's "shopping carnival" positioning, making consumers feel "pain" obviously contradicts original intentions.
Therefore, major platforms finally cancelled full reduction activities during this year's 618, instead emphasizing single-item direct discounts and consumption voucher gameplay.
Near-field e-commerce rise, omni-channel warfare begins
Finally, this year's Double 11's biggest change should be instant retail's inclusion.
During this year's 618 period, with takeout wars arriving, Taobao, JD.com, and Meituan conducted a round of competition in instant retail scenarios.
Early on, Alibaba e-commerce group CEO Jiang Fan emphasized at earnings calls that flash purchases significantly drive Taobao user scale and activity, with the platform actively introducing Tmall brand offline stores to join Taobao flash purchases.
Looking ahead to Double 11, as instant retail merchant scale expands and platform resources further tilt, two new trends may emerge:
On one hand, instant retail will become Double 11's new battlefield, attracting more offline merchants while placing higher demands on platform supply capabilities.
On the other hand, online merchants will welcome omni-channel operation's new era.
▶ Xiaohongshu: Officially launched "Little Red Card" membership service, doubling down on local lifestyle to explore more commercialization possibilities
Xiaohongshu's ambitions in local lifestyle continue unabated.
Recently (mid-September), Xiaohongshu officially launched local lifestyle membership service "Little Red Card," positioned as "curated dining, entertainment, and fun all-access card."
Based on genuine user discussion data and merchant reputation within the platform, it screens "Little Red Card selected merchants" to attract user store visits.
Actually, as early as July, Xiaohongshu's local lifestyle account "Tubo Shu" published Little Red Card merchant recruitment information. Now, Little Red Card service officially opens to consumers, though limited to Shanghai, Hangzhou, and Guangzhou.
Consumers can experience Little Red Card through two methods: visit any Little Red Card selected merchant, complete offline check-in to receive free 90-day Little Red Card experience card; or directly purchase Little Red Card annual membership for 168 yuan/year.
Cardholders enjoy year-round 10% discounts at over 1,000 partner stores nationwide, covering dining and leisure entertainment scenarios, plus exclusive annual card activities and six core benefits.
Worth noting, Little Red Card's launch coincides with Xiaohongshu's "Street Life Festival" activity. This activity plans 24 curated Citywalk routes in Shanghai, Hangzhou, and Guangzhou, covering multiple themes with related merchants offering limited-time activities.
Little Red Card represents Xiaohongshu's important local lifestyle layout, connecting users and merchants through benefit cards, realizing "content seeding-transaction conversion-word-of-mouth spread" closed loops.
[Retail Industry Information Summary] August new concentrated commercial projects were mainly 20,000-30,000 square meter small-scale, showing characteristics of extending toward community/neighborhood commerce and county/township markets.
In online channels, annual Double 11 is about to begin. With consumption concept rationalization and e-commerce promotion near-normalization, Double 11's consumer attraction gradually weakens.
To address this trend, this year's Double 11 promotional model will feature long-cycle multi-wave and simplified promotional gameplay characteristics.
Meanwhile, online channel competition intensifies, with near-field e-commerce rising as important force.
Additionally, Xiaohongshu officially launched "Little Red Card" membership service, further advancing "content seeding→transaction conversion→word-of-mouth spread" commercial closed loops.
For Double 11, brand merchants need more systematic seeding, warm-up, and omni-channel explosion marketing strategy implementation.
PART.4 Industry Briefings
1) Lululemon Group revenue grew 7% year-over-year in second quarter 2025 (ending August 3), with China mainland market revenue up 25%
2) Golden Goose first-half revenue grew 13% year-over-year to 340 million euros, Asia-Pacific market up 14%
3) GXG brand parent Mushang Group first-half revenue declined 11% year-over-year, net profit attributable to parent up 30% year-over-year
4) Hailanzhi announced initiation of Hong Kong listing preliminary preparations
5) Zara continues closing small stores, shifting toward larger, higher-end retail spaces
6) Tapestry plans to raise Coach revenue long-term target to $10 billion
7) Gap officially enters beauty market
8) Anta Sports (02020.HK) announced plans to open 1,000 stores in Southeast Asia over next three years
9) Skechers (SKX) officially completes privatization delisting
10) Maogeping first-half revenue grew 31.3% year-over-year, net profit up 36.1% year-over-year
11) Deji Plaza accelerates expansion, registering two new companies
12) JD Fashion launches "JD FASHION" logo, focusing on quality apparel consumption needs
Comments