Over the space of 20 years, luxury changed enormously. The Japanese had been a set of new consumers for luxury, but in terms of numbers they hadn’t eclipsed the US as the biggest market for luxury.
China’s ascent into the WTO (World Trade Organisation) made a lot of business people and politicians a lot richer. China challenged the US in terms of luxury market size. On their rise, Chinese consumers changed a lot in their sophistication as they educated themselves on luxury consumption.
These new consumers picked up new traits such as wine drinking. This also meant that luxury goods became new asset classes as Chinese money looked to acquire only the best. Chinese culture in turn impacted luxury design. Chinese new year became more important than Christmas.
Then there was the second generation money. Young rather than old consumers. Consumers who were looking for something less formal, either because they didn’t wear anything but streetwear or they worked in the creative classes rather than the traditional professions and high finance.
The industry had traditionally avoided rap artists and R&B singers, now Jay Z and Beyonce are the face of Tiffanys and Fendi had collaborated with Rihanna.
They no longer wanted to have to wear a jacket and tie to have afternoon tea at the Mandarin. They took an eclectic look more attuned to the Buffalo Collective than Vogue Italia.
You had hybridisation with the street to create a new category of luxe streetwear in a way that also owes a debt to football casual terrace wear and the pain.
Now you have Zegna badge engineering approach shoes from alpine brand La Sportiva and Prada has done a similar thing with adidas’ iconic Stan Smith tennis shoes. Balenciaga with their Speed Sock looks like a mix between Nike’s flyknit football boots and the Nike Footscape sole.
Luxury has traditionally reflected status. Goods of a superior nature that the ‘wrong sort’ of people would never be able to afford. Luxury then became a symbol that you’d made it. In Asian markets, particularly China, luxury became a tool. People gifted luxury products to make relationships work better. It also signified that you are the kind of successful business person that partners could trust. You started to see factory managers with Gucci man bags and premium golfwear to signal their success. Then when the scions of these business people and figures in authority were adults, luxury has become about premium self expression.
Ernest Shackleton, the Irish explorer and the heroic age of antarctic exploration are evoked in Apple’s ads for its Apple Watch Ultra – a rival to Casio’s G-ShockMaster of G range and the Protrek range, Seiko’s similarly named Prospex range and Citizen’s Promaster range of watches.
https://youtu.be/tidgsqAf_tI
The underlying dialogue uses the text to a newspaper advert attributed to Shackleton when he was looking to recruit crew members for his ship the Endeavour. The Endeavour expedition competed with the rival Roald Amundsen’s expedition to reach the South Pole.
The monologue also reaches back to the way Apple did its Think Different brand campaign rather than the kinetic iPhone, iPod and iWatch ads of the past.
Men wanted for hazardous journey. Low wages, bitter cold, long hours of complete darkness. Safe return doubtful. Honour and recognition in event of success.
The reality is that the ad didn’t become widely known until decades after Shackleton had died. There is no evidence to suggest that he ever wrote the words (stirring though they are in nature), or that the advert was ever published by Shackleton.
Instead of Shackleton, who then wrote the words attributed to him? We’ll probably never know. What we do know is that they were first published in a book published in 1959. The 100 Greatest Advertisements: 1852-1958 written by Julian Lewis Watkins and was first published by first published by Dover Publications, Inc. Whether it was Shackleton who wrote them or not, they went into popular culture and sparked additional interest in the Irish explorer. Shackleton died in 1921 when returned to the Antarctic with the Shackleton–Rowett Expedition, he suffered a fatal heart attack while his ship was moored in South Georgia. We don’t know whether Ernest Shackleton would have appreciated the Apple Watch Ultra as a technical marvel concocted by wondrous boffins, or a pointless exercise in frippery for the serious explorer.
Rolex Deepsea Challenge – a watch even more worthy of Shackleton?
I know a watch is special when my Dad is telling me about it as soon as it’s launched. Rolex has upgraded its Rolex Sea-Dweller Deepsea to create the Rolex Deepsea Challenge. Out goes the largely useless date window, in comes an an all titanium grade 5 alloy case that’s 50mm across. This means that the watch moves from being waterproof of a depth of 3,900 meters to 11,000 meters (or just over 6.8 miles) with the new Deepsea Challenge.
The Deepsea Challenge watch follows on from the years of experience that Rolex has had making titanium watches under its secondary Tudor brand using a similar (if not the same) grade 5 titanium.
Titanium Grade 5 is the most widely used titanium alloy. It has (relatively) good hot formability and weldability. It is resistant to salt water, marine atmosphere and a variety of corrosive media temperatures below 300 ° C. Grade 5 titanium alloy is most likely to be accepted by the human body – its hypoallergenic and ideal for medical transplant components like hip joints.
It is made up of 88.74-91.0 percent titanium, 5.5-6.75 percent aluminium, 3.5-4.5 percent vanadium and no more than 0.015 percent hydrogen.
There is obviously osmosis between the two brands in terms of innovation, materials, process and technologies. This also explains why Tudor tries to do innovative designs in its range rather than just digging into the rich seam of ‘heritage looking’ watches with the Black Bay, Ranger and Heritage Chrono models.
The watch community has already started spoofing the watch, which is another sign of it having become an icon. Whether it’s a famous icon, or infamous icon remains to be seen.
35th Tokyo Girl’s Collection
I talked years ago on this blog about the innovative approach to retailing behind the Tokyo Girl’s Collection. I came across their 2022 autumn and winter collection opening stage event, which I am sharing here.
https://youtu.be/vx4AzkAtD3o
USB-C
Apple on the EU regulating connectors to standardise on USB-C. The reason why Apple went to detachable cables on chargers is very interesting. Apple are reluctantly complying over USB-C. The discussion around innovation is really interesting, particularly the way in which Apple executives duck the question.
The amount of stories about the Chinese illegal foreign police stations that have broke over the past couple of days is really interesting. The clampdown on illegal foreign police stations seems as if it was either coordinated, or there was an inciting incident that persuaded other governments that they had to act. Secondly, what becomes apparent from the coverage is that governments were aware about them for a while, but chose to do nothing. The mainstream media lack of coverage made China critics look like paranoid cranks when they discussed Chinese illegal foreign police stations in their countries. There is a contrast between the British military Operation Motorman to stop what they perceived as the illegal provisional IRA policing of ‘Free Derry’ and the current handling of illegal foreign police stations set up by the Chinese.
I think that one of the reasons why illegal foreign police stations hasn’t been covered well by mainstream media is that they didn’t want to give credence to coverage by media that are right of centre like Fox News.
China
US think tank CSIS shares expert thought on the 20th Party Congress.
China’s limitless presidency means limited diplomacy | Financial Times – … Chinese diplomats find it disconcertingly easy to revert to behaviour that could be seen as bullying. This confirms the suspicion that European governments have of the Communist party: that it is becoming more brazen. A certain school of Chinese nationalism says that the west is set on containing China’s rise at all costs — and that, as a result, Beijing may as well conduct external relations for internal consumption. Yet European alliances are still in China’s grasp, and many of its own objectives, from technological upgrading to climate action, can only be achieved with a wide range of allies and Video before Hu Jintao’s exit from congress puts files in focus – Nikkei Asia
German exporters rethink €100bn ‘love affair’ with China | Financial Times – Competition — fair and otherwise — remains a problem. “Our members know that every technology they bring into China, in a relatively short time, will be part of the Chinese market,” said Ulrich Ackermann, head of foreign trade at the VDMA. “We say, be aware you can be kicked out in a short time.” Ackermann spoke of a German manufacturer of construction machinery, whose state-owned Chinese rival sent machines to customers, free for use for the first year. “How can we compete with that?” – This has been the standard playbook for decades. Huawei won telecoms because of state bank vendor financing at negative interest rates, not superior technology and certainly not superior reliability. What took the Germans so long to catch on? I suspect it was the outsized political impact that a few large companies have on German policies versus the middle sized companies that actually drive exports, German employment and prosperity.
Hong Kong Policy Address: How much of John Lee’s maiden speech was old wine in new bottles? – Hong Kong Free Press HKFP – Hong Kong has experienced a mass outflow of residents since the start of the Covid-19 pandemic and the implementation of the national security law. The previous administration disputed the scale of the exodus, with Lam attributing it to the suspension of quarantine-free travel with mainland China, saying that the number of One-Way Permit holders coming into Hong Kong had significantly decreased. Lee, who has been pressured to stop the exodus of talent from the city, acknowledged the trend for the first time on Wednesday, admitting that the local workforce had shrunk by 140,000 people over the last two years. Lee had previously rejected the use of the term “emigration wave” to describe the city’s recent and dramatic population decline. While Lam said that she did not want the government to be asking citizens to stay, Lee presented a series of proposals on Wednesday, ranging from new visa schemes to stamp duty cuts, designed explicitly to attract talent. – even the talent attraction proposals won’t make much difference, looking for people only from the world’s top 100 universities and earning at least $318,000 per year. That isn’t going to plug education, healthcare and social care staff gaps. It won’t fill much of the many financial services opportunities either, nor multinational regional hubs
Ideas
Adam Curtis on the collapse of the Soviet Union and modern Russia. His commentary on Brexit is spot on.
Smiles in Profiles: Improving Fairness and Efficiency Using Estimates of User Preferences in Online Marketplaces
Forbidden Questions – Marginal REVOLUTION – asks some interesting questions around science, innovation and politics. On the Flipside you have communism’s examples of bad science as an exemplar of what can go wrong when politics frames scientific exploration and ideas
I was fired from NYU after students complained that the class was too hard. Who’s next? – The Boston Globe – What is overwhelmingly important is the chilling effect of such intervention by administrators on teaching overall and especially on untenured professors. Can a young assistant professor, almost all of whom are not protected by tenure, teach demanding material? Dare they give real grades? Their entire careers are at the peril of complaining students and deans who seem willing to turn students into nothing more than tuition-paying clients.
China’s wealthy activate escape plans as Xi Jinping extends rule | Financial Times and as an interesting counterpoint: Asian art and luxury buying boom | Financial Times – At one level, it is a worldwide trend. From fine art to fine wine, luxury-sector companies have bounced back from the depths of the pandemic as their super-rich customers have, so far, been largely immune to global inflation and economic turmoil. After its worst decline on record in 2020, the global personal luxury goods market grew last year to reach €288bn in value, up 7 per cent on 2019, according to consultancy Bain. It says 2022 began with a further healthy rise. In Hong Kong, though, the picture has been quite distinctive, with some of the super-rich spending locally while others have moved abroad, joining an exodus of more than 153,000 residents since the beginning of 2021. The territory has recorded a 14 per cent drop in the number of millionaires in 2022 compared with last year (that is, people with at least $1mn in liquid assets, according to residency advisory firm Henley & Partners). With about 125,100 millionaires out of a population of 7.3mn, the city fell by four places to 12th globally for the number of high-net-worth individuals – building imperial palaces while China becomes redder…
Second-hand Rolexes: watch out for stupid prices and superfakes | Financial Times – the FT blames millennials who started collecting watches when they couldn’t go on holiday during COVID. I think that the causes are multi-variant. Luxury brands have looked at and learned from streetwear ‘drop’ business models exemplified by the likes of Supreme and Nike’s SNKR app. Secondly, the market might moderate a bit when Rolex realises that there isn’t so much of a demand in China post the 20th party congress. I haven’t paid crazy money like what you’ve described for a pre-owned Rolex, but everyone of my watches original warrant cards have a (mainland) Chinese family name on them. Buying via the verified service on eBay at least reduces the risk of buying an overpriced real, rather than super fake Rolex. I think we should be thankful for small mercies that it didn’t go into meme stocks or OneCoin analogues.
Chinese censors alter ending of Minions: The Rise of Gru film | China | The Guardian – DuSir, a film review publisher with 14.4 million followers on Weibo, noted that the Chinese version ran one minute longer than the international one, and questioned why the extra time was needed. “It’s only us who need special guidance and care for fear that a cartoon will ‘corrupt’ us,” DuSir wrote. Huaxia Film Distribution and China Film Co, the film’s distributors in China, did not respond to a request for comment
Hit film Return to Dust has vanished from China’s cinemas. Why? | Financial Times – “In the beginning,” she says, “Return to Dust attracted almost no attention. An art-house film about poverty among rural peasants? Honestly, neither the government nor mainstream Chinese audiences would normally care.” But then came several fateful quirks of timing. Over the summer, an online short, Second Uncle, became a Chinese viral hit, telling the story of a kindly rural carpenter. On social media, the little-known Return to Dust was mooted as a companion piece. From such small acorns sprang word-of-mouth success. Week by week, the movie built an audience – it might be the government, it could also be forces in the domestic media scene as big budget Chinese films don’t need competition stealing their ability to pay back investments
From East Berlin to Beijing, surveillance goes in circles | Financial Times – Last month, the Stasi HQ hosted a Berlin Biennale seminar on the “Digital Divide”, where panellists discussed the ways in which old, disproved theories are recycled in modern surveillance. Shazeda Ahmed, a post-doctorate at Princeton University, described the rise of emotion recognition technology in China. Parents have pressured schools there to give up emotion recognition in classrooms, but some police forces are investing in the technology, hoping that a person’s movements and gestures can signal their propensity to commit a crime. Such methods fall under the umbrella of “predictive policing”, but they are dangerously unproven. Academics doubt whether gestures can be analysed as discrete events that carry the same meaning from person to person. Speaking at the Biennale, digital rights lawyer Ramak Molavi gave a historical perspective, comparing emotion-recognition trends today to phrenology and physiognomy, the ideas that a person’s skull shape and facial features indicate their character. Molavi described how the ideas had been discredited, but enjoyed a renaissance during the Nazi regime – this isn’t the first time that science and ideology have led each other up the garden path
Taipei urbanism – by Noah Smith – Noahpinion – I had a disorienting sense of being back in Japan — so much so that I kept expecting people to drive on the left side of the street. So much of the infrastructure in Taiwan looks and feels Japanese — the pavement, the building materials, the signs at the airport. People cite this as a residue of the colonial period, but given that the colonial period ended 77 years ago, it’s probably more due to Taiwanese architects, urban planners, and engineers continuing to look to Japan for inspiration. After a few minutes, however, the sense of Japan-ness faded, crowded out by two key features of the Taipei landscape: lush greenery and shabby building facades
Interesting trends interview that covers a lot of the issues influencing the interviewer calls the world of visuals. The world of visuals is considered to be influenced by everything from a desire for authenticity and video content to the metaverse. While the metaverse is immature (despite what you may here elsewhere), the effect on culture of the world of visuals will be more apparent.
I saw the impact of the web on graphic design way before I got to experience the web at college. The idea of the technology inspired (mostly wrong) cultural tropes. The move towards ‘b-roll’ video makes a lot of sense. The world of visual interview gives an insight to where Getty Images thinks that the world of visuals is going.
John Le Carré
I came across some amazing interviews with author John Le Carré. John is sadly no longer with us, but the video footage still feels very pertinent. Beyond the Karla Trilogy ofTinker, Tailor, Soldier Spy, The Honourable School Boy and Smiley’s People – I would also recommend Agent Running In The Field – which shows how well Le Carré still kept his finger on the pulse and was written as a riposte to Brexit. Brexit also persuaded Le Carré to change his nationality to Irish in the end, he died an Irishman.
Gucci x Palace
Following on from their collaborations with The North Face, Gucci has now collaborated with UK skate and streetwear brand Palace. Like Kim Jones over at Christian Dior, Gucci seem to be really on the zeitgeist.
Soviet oil
Asianometry has put together another great documentary. This time he focuses on how the Russian empire became an oil power. If you like John’s introduction to the subject area, I can recommend Daniel Yergin’s The Prize, as a Christmas read. This was required reading back when I worked in the oil and gas industry at the start of my career. Yergin covered the oil industry globally from 1850 to 1990 in this book and complements this introductory video to the subject.
Mid afternoon Sunday saw an incident outside and inside the Manchester Chinese consulate. The Manchester Chinese consulate caters for the second largest Chinese community in the UK. Manchester airport before COVID had direct flights to China and Hong Kong. Given the large British Chinese population in the area, it also has a community of Hong Kongers who desire democracy.
My understanding of what happened:
Chinese diplomats didn’t want a protest right outside the Manchester Chinese consulate
On the first day of the party congress at home in Beijing, some staff emerged from the consulate wearing anti-stab vests and riot police helmets to smash protestor banners and drive them away. Police were slow to intervene
Protesters defended themselves
The Manchester Chinese consulate staff retreated to their grounds including the Consul General who has been out walking.
A protestor was dragged through their gates and given a beating, he was eventually extracted by police belatedly reacting to the fight
The Consul General was seen pulling the hair of the protestor as well and later admitted it
johnlsl Extradition law Protest at Admiralty, Hong Kong 反送中大遊行(金鐘段)
Business
Pfizer Executive: in-Person Work Is ‘Critical’ to Workplace Culture – Nearly 2 years after the company helped to develop the Covid vaccine, Pfizer’s Angela Hwang said it’s time to get back to the office. Though many worked from home during the vaccine’s development, Pfizer’s culture was “banked” from years of in-person work, she said. Some companies have recently faced backlash for requiring in-person work. – Not so sure how well this will go for them.
We want food, not PCR tests. We want freedom, not lockdowns. We want respect, not lies. We want reform, not a Cultural Revolution. We want a vote, not a leader. We want to be citizens, not slaves
I know that the Elvis memorabilia dropped massively in price as his fans went into care homes or died off. Antiques and art go through cycles of ‘what’s in’ and out for that matter. Doug DeMuro asks a similar question about car collecting baby boomers. A lot of this is down to cultural relevance for collectors. DeMuro notes that ‘brass era’ cars from the 1910s onwards have already seen declines in price and demands.
The Covid-19 Baby Bump: The Unexpected Increase in U.S. Fertility Rates in Response to the Pandemic | NBER – Childbearing in the U.S. among foreign-born mothers declined immediately after lockdowns began—nine months too soon to reflect the pandemic’s effects on conceptions. We also find that the COVID pandemic resulted in a small “baby bump” among U.S.-born mothers. The 2021 baby bump is the first major reversal in declining U.S. fertility rates since 2007 and was most pronounced for first births and women under age 25, which suggests the pandemic led some women to start their families earlier. Above age 25, the baby bump was also pronounced for women ages 30-34 and women with a college education, who were more likely to benefit from working from home. The data for California track the U.S. data closely and suggest that U.S. births remained elevated through the third quarter of 2022
Letter from Hong Kong Advocacy Groups: U.S. Financial Institutions’ Planned Hong Kong Summit Will Undermine U.S. Foreign Policy – executives will meet with sanctioned government officials including Chief Executive John Lee as they help Hong Kong convince the world that it’s business as usual in the city—that despite the authoritarian crackdown of the past three years, investors should return. This financial summit is more than just a conference: it represents a watershed moment in our fight to hold Hong Kong officials accountable and deter others across the world who might seek to snuff out democratic rights and commit human rights abuses. If the U.S. Government takes no action to prevent even its own banks from undermining U.S. policy with respect to Hong Kong, then it will send a message to the world that the U.S. does not intend to defend the principles it espouses. Investment will return to the city, and the Hong Kong government, the CCP, and other authoritarian regimes will learn that human rights abuses are easily forgotten by the West—especially when lots of money is involved
Global cities are fragile by nature. Here are some on their way down | Financial Times – China’s Communist party distrusts global cities. It’s crushing Hong Kong, and people are fleeing. When a marquee 800-flat project opened last month, zero apartments sold. Hong Kong, fifth on Kearney’s global-city ranking in 2019, is regressing into what some call “just another Chinese city”. Beijing and Shanghai, among Kearney’s top 10 last year, have also lost access to the world, supposedly because of quarantine restrictions. Last month, China averaged about 100 international flights a day, down 96 per cent since 2020, says Variflight. After this week’s party congress, these cities may become global again, or perhaps those days are over
Clarifying Responsible Cyber Power: Developing Views in the U.K. Regarding Non-intervention and Peacetime Cyber Operations – Lawfare – the U.K. government’s strategic communication about cyber has included prominent speeches by successive foreign secretaries and attorneys general, as well as by senior securocrats such as the GCHQ director. This division of effort in the public communication about U.K. strategy makes sense, incorporating senior political leaders with responsibility for foreign policy and the law as well as leading securocrats who, as career officials rather than politicians, speak with a different kind of authority and independence from partisan politics. Cumulatively, this helps to advance the U.K.’s emerging narrative about the responsible, democratic use of cyber power by nation-states. Fleming’s remarks also emphasized that the U.K.’s cyber operations were “ethical, proportionate and legal.” As a proponent of responsible state behavior in cyberspace, it is not surprising that the U.K. twice (in 2018 and 2022) has used a major speech by its attorney general to develop the legal aspects of the case for responsible cyber power
Former WSJ reporter says law firm used Indian hackers to sabotage his career – Solomon’s suit is the latest in a series of legal actions that follows Reuters’ reporting about hired hackers operating out of India. In June, Reuters reported on the activities of several hack-for-hire shops, including Delhi area-companies BellTroX and CyberRoot, that were involved in a decade-long series of espionage campaigns targeting thousands of people, including more than 1,000 lawyers at 108 different law firms. At the time, Reuters reported that people who had become hacking targets while involved in at least seven different lawsuits had each launched their own inquiries into the cyberespionage campaign. That number has since grown. Azima, Solomon’s former source, is among those who have gone to court over the alleged hacking. His lawyers, like Solomon’s, allege that Dechert worked with BellTroX, CyberRoot and a slew of private investigators to steal his emails and publish them to the web. BellTroX and CyberRoot are not parties to the suit and could not immediately be reached. Executives at both firms have previously denied wrongdoing. Solomon and Azima allege that Dechert undertook the hack-and-leak operation in the interest of its client, Sheikh Saud bin Saqr al-Qasimi, ruler of the Middle Eastern emirate of Ras Al Khaimah. Reuters has reported that lawyers for Ras Al Khaimah’s investment agency – RAKIA – used the emails to help win a fraud lawsuit filed against Azima in London in 2016
American technology boosts China’s hypersonic missile program – The Washington Post – “In this case the American technology is superior — we can’t do certain things without foreign technology,” said one Chinese scientist who works in a university lab that conducts testing for hypersonic vehicles. “There isn’t the same technical foundation.” Some of the U.S. firms whose products are reaching Chinese military research groups have been the beneficiaries of Defense Department grants to spur cutting-edge innovation, according to a federal program database, creating the specter of the Pentagon subsidizing Chinese military advances. “It’s very disturbing, because the bottom line is that technology that can be used for military hypersonics was funded by U.S. taxpayers, through the U.S. government, and ended up in China,” – war by other means….
Interesting take on how Singapore will evolve with a transition of power happening in Singapore away from the Lee family who have dominated the city state since independence.
Taiwan
Really good presentation on the international importance of Taiwan. Its not just about TSMC but also about the global supply lines that run through Taiwanese waters
I wasn’t aware of Honey Badger Cummins until a couple of days ago. Cummins was a former professional rugby union player who managed to parley his career into work on television and a professional social media following. Nick Honey Badger Cummins had played 15 times for his country, including the international rugby sevens competition and for top flight clubs in Australia and Japan.
Following his retirement as a professional sportsman, he had appeared in a number of reality television show and gained a following as a travel influencer on social media. His travel influencer status, personality profile in Australia and former rugby sevens career were obvious points of interest for the Hong Kong Tourist Board.
Propaganda
The problem for Honey Badger Cummins is that he’s at the centre of Hong Kong’s campaign to remake its international image. This is after its COVID-19 isolation, 2019 protests with brutal policing actions, the national security law mass imprisonment, crushed media | civil society sectors and the large amount of Hong Kongers who have gone into exile. It isn’t perceived as a ‘straight tourism’ brief, but instead part of a white-washing exercise.
https://youtu.be/rWhrrbUj9Ws
The comments on this video are universally negative in nature at the time of writing this post.
Restaurants and other venues portrayed in the videos have closed down and Cummins flouts what would be now current masking regulations and QRcode health app tracking. This is due to the footage having been shot at the beginning of 2020. Even that timing shows a lack of good judgement by Honey Badger Cummins. But Cummins isn’t the only party to blame.
Poor judgement by Always Human
The Australian creative agency Always Human; which created the videos being used, should be ashamed of themselves in terms of their ethical stance. The content was originally shot in January 2020, when the brutal police crackdown was still fresh in the minds of the general public around the world. Its not a good look for the other agency clients like Asics, GoPro, HP, Nike, Oakley, Under Armour and Volkswagen to be associated with the agency.
Virgin Atlantic pulls out of Hong Kong after 30 years | Telegraph – Virgin Atlantic is pulling out of Hong Kong, scrapping flights and shutting its offices as strict Covid restrictions batter the island’s status as a global financial hub. Ending three decades of flying to Hong Kong, Sir Richard Branson’s airline blamed the closure of Russian airspace as well as the declining profitability of the route. American Airlines and Virgin Australia have also backed away from Hong Kong. I could see other airlines from Europe backing away from Hong Kong due to the disadvantage that Russian airspace provides to them versus Cathay Pacific
Luxury Daily | “A small, concrete happiness”: Why luxury brands in China love cafés – Facing weakening consumer demand, luxury brands are building experiential cafés across China to pursue new consumer touch points and growth areas – it reminds me of the ‘Revlon effect’. During recessions consumers who can’t afford big luxuries like small luxuries like a lipstick or a chocolate bar
