When the best online shopping will be available in China
7.1K Shares Share It’s the day of reckoning for the world’s largest and most influential retailer, Gucci.
The company announced that it will shut down its online store in China.
The move comes on the heels of an announcement from the Chinese government that it is banning foreign retailers from selling Gucci goods in the country.
According to Bloomberg, Guccis online store will remain online in the state of Hubei, which was previously one of the world the country’s most profitable markets.
Gucci also confirmed the news of its shutdown to CNBC on Wednesday.
The news comes on top of a crackdown on Chinese imports of apparel, jewelry, and electronics from the U.S. The announcement comes as Chinese President Xi Jinping continues to pursue a crackdown against the countrys garment industry and has announced that the government will launch a massive new “Made in China” program.
In the coming months, the government is planning to impose stricter export restrictions on Chinese goods, including cosmetics, clothing, and other apparel.
For the first time, the new Chinese regulation is aimed at the U, which is also an import destination for Gucci products.
China’s clothing export regulations are also significantly tougher than the U.’s.
In December, the Chinese state-run Xinhua news agency reported that the U S. had exported a record amount of apparel and other merchandise worth more than $10 billion to China last year.
Gucci’s decision to shut down the online store comes on a day of major news for the Chinese fashion retailer.
The stock fell by over 20 percent in pre-market trading, and the company reported that it expects its stock price to fall by up to 5 percent this week.
The Chinese government is now trying to ban foreign retailers, and it is expected to do so on Monday, according to Bloomberg.
Guillimut: The World’s Most Powerful Online Shopping Market Source: Quartz / Via Forbes.com Gucci’s decision comes as Gucci is facing pressure from the global consumer to make changes in China, where it is the worlds largest and largest retailer.
A report released last week by the consultancy McKinsey found that China’s e-commerce market had been losing ground over the past two years, and is now the world s largest e-sales market.
The report found that the market grew by more than 2.6 percent in the second quarter of this year, but this was largely driven by increased Chinese imports from the United States.
This is likely the result of the crackdown on foreign retailers.
The U. S. is now one of Gucci s largest suppliers.
For a company that has been criticized for being a source of Chinese sweatshop labor, it’s disappointing that the Chinese authorities are so willing to make this decision against a company like Gucci, and against a country that is widely known for its beautiful fashion.
As long as Guccies stock price stays high, I think the company will remain a popular destination for Chinese consumers, and this move is just another sign that they are trying to make things easier for Chinese shoppers.
Forbes China “I’ve seen Gucci clothing in China before, and I’ve never seen them in a more gorgeous condition,” said Kang Yoon-suk, a 21-year-old senior editor at Hua Chun, a Chinese fashion magazine, who was also one of those who were disappointed by Gucci shutting down their online store.
“But this is just a PR move, and Gucci doesn’t have to do anything to make their product look great.”
Kampo, a 20-year old senior editor from Shanghai, said that Gucci had always been a very popular destination, and she had to say goodbye to her Gucci clothes because they were not in good condition.
“Gucci clothing is supposed to be so beautiful, and yet here they are making things worse for Chinese customers.”