THE WHAT? Shanghai’s administration has conceived a novel way to boost
economic activity in the wake of the coronavirus. The Chinese city is
staging a two-month-long shopping festival, named Double Five Shopping
Festival, according to a report published by WWD.To get more Shanghai economy news, you can visit shine news official website.
THE DETAILS Events will be numerous, and will include a New Product
Launch Festival, which has caught the collective imagination of luxury
brands, says WWD. LVMH-owned Dior, Givenchy, Fresh and Benefit are all
set to show off their latest innovations as is L’Oréal’s portfolio.
“I believe the Double Five Festival will play a positive role in the
recovery in consumption and economy,” commented the French beauty
giant’s CEO, Jean-Paul Agon. “L’Oréal is honored to participate in this
even, we will also use this opportunity to bring the best beauty
products to consumers.”
THE WHY? The local government is hoping to stimulate spending and
initial signs suggest it’s working. Some US$1.42 billion had been spent
by early afternoon on the first day of trading.
