Crisis in Luxury: China's Middle Class Bust Leads to Widespread Store Closures | MK & Coach Closed
Crisis in Luxury: China's Middle Class Bust Leads to Widespread Store Closures | MK & Coach Closed
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Michael Kors, a once-trendsetting fashion brand and standout in the affordable luxury segment, is now facing store closures in China. Recently, Michael Kors closed its stores in Beijing's Chaoyang Joy City and the Beijing apm mall. Earlier this year, the company had already vacated a prime spot in Sanlitun's Taikoo Li South. Currently, there are only three Michael Kors brand-owned full-price boutiques remaining in Beijing.
Simultaneously, Coach, another notable affordable luxury brand, has withdrawn its stores from the Lafayette Department Store and the China World Trade Center, leaving eight full-price boutiques in Beijing. Kate Spade, under the same corporate umbrella as Coach, now has only three full-price boutiques in Beijing.
