On January 5, BYD's new luxury electric vehicle brand Yangwang, which had been promoted by the firm for a long time, was officially unveiled. During a media event, the new U8 sports utility vehicle and U9 pure electric supercar were shown.
A NIO insider familiar with the firm's new high-end vehicle project disclosed that "NIO is going to make its own 'Maybach'."
At a press conference on November 16, Wang Chuanfu, Chairman and President of Chinese EV firm BYD, said that in addition to its new high-end vehicle brand Yangwang, the company will also launch a professional and personalized brand in 2023, which will be built and created together with BYD customers.
It was reported that the headquarters of Secoo, a luxury e-commerce platform based in the center of Beijing's business district and once filled with luxury goods, is now empty. Regarding the concerns, Secoo said such reports were not true.
In last week’s China VC news: online grocery platform Dingdong Maicai bags a new tranche in its Series D round, bringing total financing amassed in the round to $1 billion; California-based biopharma firm Kinnate starts a joint venture to expand in China; luxury resale platform GoShare2 rakes in “tens of millions of US dollars” in Series C financing; and plant-based ground pork brand Zrou owner raised $7.3 million in a Series A round of financing.
Global luxury vehicle brand Genesis on April 2 marked its official entry into the Chinese market with a spectacular drone show entitled the "Genesis of Genesis" at the International Cruise Terminal in Shanghai.
EV battery maker SVolt Energy Technology bags a hefty Series A round, luxury brand group Ushopal raises another $100 million to fund expansion plans, and healthcare investor OrbiMed closes a new Asia fund.
With international travel inhibited across the world, luxury brands are seeking new ways to recover from stress on the global economic system caused by the pandemic.
Gucci opened its first flagship store today on Alibaba’s Tmall, an e-commerce platform for B2C online retail in China.
The coronavirus outbreak has dealt a severe blow to most industries. The high energy-consuming, labor-intensive fashion industry, however, bears the brunt.
Nike, Adidas, and Capri Holdings, owner of luxury brands Versace, Jimmy Choo, and Michael Kors, have all warned investors this week that as the coronavirus grips China, sales could take a hit.
Italian luxury brand Gucci announced a strategic cooperation agreement with Tencent to leverage the Chinese tech giant’s access to abundant data and explore field of smart retail.
Four out of the top five most-mentioned brands associated with the “sneaker” hashtag on social shopping app RED during the study period were luxury brand names, the report finds.