Fashion brands see renewed growth in China amid global recovery

Signs of recovery in China’s luxury market are becoming increasingly clear as fashion brands report encouraging results for 2024.

Moncler, the Italian luxury outerwear giant, posted annual revenues of 2.7 billion euros, reflecting an 8 percent increase at constant currency compared to 2023. The Asia-Pacific region was a key driver of this growth, expanding by 7 percent at current exchange rates to 1.37 billion euros, driven largely by a “return to solid double-digit growth in mainland China,” according to the company.

Moncler’s recovery in China marks a sharp reversal from the challenging environment of the past two years. Meanwhile, French luxury group Kering—despite reporting a 24 percent decline in overall sales for 2024—saw signs of resilience in the Asia-Pacific region. In mainland China, retail sales at its flagship brands Gucci, Saint Laurent, and Bottega Veneta showed a modest improvement, hinting at a gradual rebound in consumer demand.

Crocs, the U.S.-based casual footwear brand, also signaled a positive turn in its China business. The brand’s fourth-quarter results revealed strong international momentum, with global sales rising 11.5 percent to 291 million dollars. China’s return to growth was a key factor, reflecting broader optimism around the rebound of the country’s consumer market.

As Chinese consumers gradually resume pre-pandemic spending patterns, fashion brands are positioning themselves to capitalize on this critical market. With tourism returning and consumer confidence improving, many luxury and fashion companies are cautiously optimistic about sustained growth in 2025 and beyond.