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'Dupes' in China enticing shoppers away from big labels
The Straits Times
|August 31, 2024
Near-facsimiles of some of the world's most popular fashion staples, from Lululemon Athletica's yoga tights to Hermes International's handbags, are appearing in closets across China for a fraction of the price.
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Known in Chinese as "pingti" and Gen Z shopping parlance as "dupes", their popularity reflects a backlash against brands among formerly label-loving Chinese shoppers. But they are not cheap counterfeits, either: These local makers sell products at relatively high prices by promising the same quality as top global brands - just without the logos.
That includes items like a 3,200 yuan (S$590) herringbone tweed overcoat from fashion apparel maker Chicjoc, which says it is made from Italian fabrics obtained from a supplier to Prada and Bottega Veneta.
Sales have skyrocketed since 2023, as Chinese consumers search for better value amid faltering economic confidence.
In the 12 months ending in July, some of the top local labels selling cheaper alternatives saw doubleto triple-digit growth on China's dominant e-commerce platforms, Alibaba Group Holding's Taobao and Tmall, data from analytics firm Hangzhou Zhiyi Technology shows. At the same time, some of the foreign brands whose products they emulate saw slower growth or declines on the platforms, according to the data.
While online sales are not the full picture for foreign brands that have bricks-and-mortar shops, the meteoric rise of dupes are the latest threat facing global retail giants that cannot seem to figure out what Chinese shoppers want. The economic slowdown is turning consumers more frugal, but even mid-range brands like Nike and Fast Retailing's Uniqlo are stumbling.
The rise of pingti likely reflects what Uniqlo called "a new set of consumer values" the same instinct that is pushing consumers to seek out products sold directly by manufacturers, cutting out the brand middlemen.
Bu hikaye The Straits Times dergisinin August 31, 2024 baskısından alınmıştır.
Binlerce özenle seçilmiş premium hikayeye ve 9.000'den fazla dergi ve gazeteye erişmek için Magzter GOLD'a abone olun.
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