Hermès and Li-Ning are the only brands to have gained value during the pandemic Share price is rising: two different strategies with China in common

In one of the first days after reopening in May, Hermès' boutique in Guangzhou, China, grossed a total of 2.7 million dollars - an astronomical figure even for a Chinese luxury store. The news made the rounds around the world inflaming the debate about the pandemic's impact on fashion luxury: many analysts argued that it was an isolated case, while the most optimistic cited the episode to show how the industry was holding on. Two months after that episode and countless news and data on revenue and sales declines, Vogue Business published financial data on the value of stocks that clarify which brands defeated the lockdown and with what strategies.

The Chinese government has decided to use fashion to fight a wider political battle, brands are organizing accordingly and what we will see in the coming years - barring sudden geopolitical changes - is a different Chinese market from the European one, on which brands will launch different products, they will practice different prices also harmonizing the communication to the consumer market (and censorship) of China.