Almost a month since Shanghai lifted its strict COVID-19 lockdowns, fashion retailers are stuck with piles of unsold stock as cautious consumers stay away from the commercial hub’s glitzy shopping districts.
IFC Mall in Shanghai. -- Stefan Wagener/Flickr/CC BY 2.0
Days after COVID-19 curbs eased, large “sales” signs went up across Shanghai, with retailers from Lululemon to Victoria’s Secret offering discounts to lure shoppers.“This affected us a lot,” said Josh Gardner, founder and chief executive of China market e-commerce partner Kung Fu Data, which manages online stores for 10 fashion brands, including G-Star Raw.
In the event’s opening week, data from Tmall showed men’s wear sales had dropped 22% and women’s wear was down 4%, although activewear sales rose 26%, possibly due to an increased focus on fitness during the lockdown. The high-end Italian fashion brand and almost all other retailers in Shanghai closed stores throughout April and May. Salvatore Ferragamo declined to comment.
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