On Weibo, a hashtag stating that “the collaborative umbrella being sold for 11,100 yuan is not waterproof”. Received over 140 million views. The focus of this article is on the specifics of an umbrella. Under the product detail category on Gucci’s website, this item is described as not waterproof and intended for sun protection or ornamental purposes.
The price of the umbrella, which isn’t waterproof, angered the internet. They expressed their disbelief on social media and chastised the brands for overcharging for a useless item.
China: A Hub For Luxury Items
Luxury goods sales in the world’s second-largest economy increased by 36% last year. Moreover, according to consulting firm Bain & Company. Within the next three years, according to Bain, China will become the world’s largest luxury goods market.
Luxury brands such as Gucci and Adidas are being scrutinized more closely in China as a result of President Xi Jinping’s “shared prosperity” programme. Which sent associated stocks plummeting last year. In general, Western brands such as Adidas have suffered in the face of rising nationalism, which has resulted in boycotts and preferential treatment for local firms.