Some luxury labels are pulling back from steep markdowns in China, seeking to rebuild an image of exclusivity to lure back wealthy shoppers whose spending remains less affected by economic slowdown.
None of the products sold by Kering SA’s Balenciaga on Tmall, China’s dominant e-commerce platform, were discounted in the first quarter of this year – or even during China’s biggest annual online shopping festival in November – according to data consultancy Re-Hub.
