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Major Retailers Celebrate Lunar New Year • the Lunar New Year, the Year of the Monkey, Starts Today, February 8, 2016

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Major Retailers Celebrate Lunar New Year • the Lunar New Year, the Year of the Monkey, Starts Today, February 8, 2016 FEB. 08, 2016 Major Retailers Celebrate Lunar New Year • The Lunar New Year, the Year of the Monkey, starts today, February 8, 2016. • Major retailers and international brands are courting Asian consumers, launching special Chinese New Year promotions, window displays, limited- edition products, and themed entertainment and other unique activities. • In 2015, Chinese consumers’ overseas luxury purchases grew by 10% year over year and shopping tourism from China increased by 32%, according to Bain & Company. • Last year, Chinese shoppers bought 78% of their high-end purchases outside Mainland China, according to the China-based Fortune Character Institute. The 2016 Lunar New Year, wHicH starts on February 8, will be celebrated across tHe globe by more tHan a billion people, making it one of tHe world’s biggest Holidays. According to the Chinese zodiac, 2016 is tHe Year of tHe Monkey. China has declared a national holiday this year that runs February 7–13, wHicH paves tHe way for tHe massive travel tHat accompanies the 40-day Chunyun period. During tHis Spring Festival travel period eacH year, the largest Human migration in the world takes place; in 2015, travelers made more tHan 3.7 billion trips during the 40 days. HigHligHts of tHe Holiday include traveling Home to be with family, family reunion dinners, parades, fireworks, dancing and tHe gifting of hongbao—red envelopes filled with cash and given by married people to cHildren, unmarried relatives, friends and employees. MAJOR RETAILERS AND INTERNATIONAL BRANDS COURT ASIAN CONSUMERS In recent years, major retailers and international brands have been courting Asian consumers, Hoping to become tHe shopping destination of choice for New Year’s gifts. This year is no exception, and dozens of brands, including Louis Vuitton, Prada, Kate Spade, Salvatore Ferragamo, Tory BurcH, Dior, Paul Frank, Rebecca Minkoff, UGG, Harry Winston, Armani and Godiva, have released their own Year of tHe Monkey collections. DEBORAH WEINSWIG, EXECUTIVE DIRECTOR –HEAD OF GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 1 Copyright © 2016 The Fung Group. All rights reserved. FEB. 08, 2016 The number and scale of Lunar New Year promotions and celebrations taking place outside Mainland China continue to grow exponentially. Leading department stores and shopping centers worldwide sucH as Bergdorf Goodman and Bloomingdale’s have launcHed special CHinese New Year promotions, window displays, limited-edition products, and themed entertainment and other unique activities. Bloomingdale’s locations across the US are offering promotions that range from tourist services to art installations in order to capture tHe attention of botH domestic and visiting shoppers as part of its annual campaign. “Bloomingdale’s looks forward to honoring Chinese culture and tradition as we celebrate tHe Year of the Monkey,” said Bloomingdale’s CEO Tony Spring. “It is one of many highly anticipated holidays that loyal shoppers and tourists enjoy in our stores.” Many of tHe Bloomingdale’s in-store deals reflect Chinese New Year gift-giving traditions. Select stores will Have red envelopes available for all sHoppers tHat contain gift card prizes in denominations of the number eight ($8, $88 or $888), an auspicious digit in CHinese culture. Some envelopes include special offers at Bloomingdale’s makeup counters and restaurants and its Maximilian Fur Salon. Additionally, pop-up shops at select locations will feature special-edition Chinese New Year items by Beats by Dre, Marc Jacobs, Rebecca Minkoff and Godiva, as well as the Bloomingdale’s signature reusable Brown Bag. MeanwHile, luxury brands such as Burberry, Salvatore Ferragamo and CHloé will Have CHinese New Year items on offer in Bloomingdale’s stores. Bloomingdale’s is also among the higH-end department stores around tHe globe catering to CHinese tourists by providing a sHopping experience tailored just for them. In its New York, CHicago, Honolulu, Miami and San Francisco locations, tHere will be staff on Hand who speak Mandarin, and visitors will also Have access to simplified CHinese-language directories and a “welcome guidebook.” The retailer is also providing concierge services, hotel package delivery and personal shopper appointments at some stores. Macy’s is marking tHe holiday witH special events, products and savings, including a 15% off Lunar New Year savings pass and an exclusive Lunar New Year gift witH purcHase. In certain locations, Macy’s sHoppers can also purchase a Lunar New Year shopping package for $35. It includes an exclusive Year of the Monkey tote bag, a VIP passport and additional offers tHat vary by location. The shopping package is available in tHe Macy’s Visitor Centers in stores in Chicago, Los Angeles, San Francisco and New York. DEBORAH WEINSWIG, EXECUTIVE DIRECTOR –HEAD OF GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 2 Copyright © 2016 The Fung Group. All rights reserved. FEB. 08, 2016 Even atHletic brands are offering special Lunar New Year promotions. Nike, Adidas and Converse have released special-edition Year of tHe Monkey shoe designs. Nike announced tHat its iconic Air Force 1 model will bear tHe CHinese name of Nian Hua, meaning “drawings for the Spring Festival.” SwoosH sHoes are being imprinted witH a CHinese lotus blossom on tHe tongue and koi fish on each side panel to set off tHeir wHite leatHer tops. In a news release, Nike said tHe special design pays homage to Chinese history and is in line with its market dominance in China. South Coast Plaza in Southern California, the HigHest-grossing mall in tHe US, is Hosting several promotions and events to celebrate tHe Holiday. There are scarlet red dresses on the mannequins in the windows of Carolina Herrera and Balenciaga, and Dolce & Gabbana is selling a monkey-print T-shirt, exclusive to tHe mall, in Honor of tHe Year of the Monkey. Shoppers wHo spend more tHan $2,500 in a single day at tHe center get a Tiffany crystal bowl engraved witH monkeys. THe mall Has prepared “thousands” of bowls to give away, spokeswoman Debra Gunn Downing said. WEALTHY CHINESE TOURISTS SPENDING MONEY ABROAD SoutH Coast Plaza is looking beyond its local Asian clientele toward a rapidly growing base of wealthy Chinese tourists who are spending serious retail money abroad. According to Bain & Company’s 2015 China Luxury Market Study, overseas luxury purchases grew by 10% year over year in 2015 and shopping tourism from China increased by 32%. Last year, CHinese sHoppers bought 78% of their HigH-end purcHases outside Mainland China, according to the China-based Fortune Character Institute. CONTROVERSIAL DESIGNS Brand launcHes of special designs for tHe Lunar New Year are somewHat controversial. There Has been mucH debate as to whetHer such designs hit the sweet spot for Chinese consumers or show a misunderstanding of tHe CHinese culture. Heated discussions Have sprung up on CHinese media regarding tHe trend. “It seems as if foreigners tHink if tHey simply design a monkey, CHinese people would like tHem,” ran a typical critical comment on a website. DEBORAH WEINSWIG, EXECUTIVE DIRECTOR –HEAD OF GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 3 Copyright © 2016 The Fung Group. All rights reserved. FEB. 08, 2016 Nike Has been targeted by some followers on its Weibo profile for its use of tHe characters fa (發) and fu (福), wHicH, wHen viewed separately, are words for “luck,” but, when viewed togetHer, mean sometHing along tHe lines of “get fat.” Nike said that the two cHaracters are options on its customizable platform and are not intended to be mixed and matcHed. MeanwHile, Louis Vuitton’s gold monkey keycHain Has been subject to negative reviews on social media because some think the monkey’s face looks like the E.T. character from tHe movie of tHe same name. Marketing experts agree tHat it is important for brands to show they are friendly to Chinese customers, but also sensitive to their traditions. “Chinese style and fasHion is far more tHan using CHinese zodiac signs in special-edition designs,” said Nels Frye, former editor-in-chief of tHe Beijing-based LiFestyle Magazine and now Head of Stylites.net. Deborah Weinswig, CPA Executive Director—Head of Global Retail & TecHnology Fung Business Intelligence Centre New York: 917.655.6790 Hong Kong: 852.6119.1779 [email protected] Filippo Battaini [email protected] Marie Driscoll, CFA [email protected] John Harmon, CFA [email protected] Aragorn Ho [email protected] John Mercer [email protected] ShosHana Pollack [email protected] Kiril Popov [email protected] Jing Wang [email protected] Steven Winnick [email protected] HONG KONG: 10tH Floor, LiFung Tower 888 CHeung Sha Wan Road, Kowloon Hong Kong Tel: 852 2300 2470 LONDON: 242-246 Marylebone Road London, NW1 6JQ United Kingdom Tel: 44 (0)20 7616 8988 NEW YORK: 1359 Broadway, 9th Floor New York, NY 10018 Tel: 646 839 7017 FBICGROUP.COM DEBORAH WEINSWIG, EXECUTIVE DIRECTOR –HEAD OF GLOBAL RETAIL & TECHNOLOGY [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 4 Copyright © 2016 The Fung Group. All rights reserved. .
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