Luxury bags sit on shelves in the livestreaming room at a second-hand luxury goods platform in Beijing. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Jeff Meng, a 25-year-old watch lover from a well-heeled Guangdong family, had 160,000 yuan (RM97,483) burning a hole in his pocket. He could not find the Rolex Daytona watch he wanted, dubbed “panda” for its black-and-white face, anywhere in China.
Thanks to the coronavirus pandemic that’s halted travel and disrupted networks of parallel importers, Chinese high-end shoppers like Meng – who collectively spend US$111bil (RM474.35bil) a year on luxury goods, powering over a third of the global industry – are finding it hard to spend their cash.
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Luxury bags sit on shelves in the livestreaming room at a second-hand luxury goods platform in Beijing. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Louis Vuitton luxury bags sit on shelves in the livestreaming room at a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer presents a handbag to the camera during a livestream event at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Employees work during a livestream event at Ponhu (Beijing) Technology Co., a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer, center, presenting a handbag during a livestream event at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer speaks during a livestream event at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Used goods are seen on shelves in the livestreaming room at Ponhu (Beijing) Technology Co., a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Luxury handbags sit on shelves in the livestreaming room at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
Used goods sit on shelves next to camera and lighting equipment in the live-streaming room at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer, right, presents a handbag during a livestream event at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer, center, holds a Christian Dior SE handbag during a livestream event at Ponhu (Beijing) Technology Co, a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
An influencer, left, presents a Louis Vuitton handbag during a livestream event at Ponhu (Beijing) Technology Co., a second-hand luxury goods platform, in Beijing, China. Chinese shoppers desperate for certain items are turning to second-hand luxury platforms to procure them, fueling a surge of investment in such startups. — Bloomberg
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