Sign up to receive the Vogue Business newsletter for the latest luxury news and insights, plus exclusive membership discounts.
The Vogue Business in China team introduced the Vogue Business China Innovation Award in partnership with Shanghai’s historic Yong’an Department Store on 28 August. The award represents a strategic initiative by Vogue Business in China to promote and support the growth of the Chinese fashion industry by recognising domestic talent.
The opening event brought together a diverse group of over 50 executives from fashion and beauty brands, along with local entrepreneurs and industry elites in the art and design field. Industry leaders from companies including Bailian Inc., Yong’an Department Store, Bain & Company, Chinese fashion apparel brand Zhizhi, and designer brands Feng Chen Wang and 8on8 gathered at the event to discuss the exciting future of China's fashion industry and the innovative trends that are shaping the retail landscape.
During the event, Xu Lingling, deputy general manager of Bailian Inc., Chen Ling, general manager of Yong’an Department Store, Stephen Morgan, managing director of Vogue Business, Yiling Pan, editorial director of Vogue Business in China, Li Tao, founder of Zhizhi, designer Feng Chen Wang and Gong Li, founder of 8on8, jointly unveiled the Vogue Business China Innovation Award.
Each year since 2022, the global Vogue Business 100 Innovators list has recognised individuals for their contributions to the fashion and beauty industry as they promote new ideas and concepts in various groundbreaking fields. The Chinese edition will follow the same nomination criteria, identifying Chinese business talent from five categories: tech innovators, sustainability thought leaders, next-gen entrepreneurs, new-era retail, and beauty game-changers.
Stephen Morgan, managing director of Vogue Business, says: “We have been conducting the selection of this list for three years. They are innovative disruptors in their respective industries. We are very happy to witness the official launch of this list in China.”
Yiling Pan, Vogue Business in China’s editorial director, said in her opening speech: “The Chinese fashion industry is currently experiencing a significant period of change. Since the start of this year, there has been a noticeable shift towards a more rational economic environment and consumption patterns. During this period, a remarkable group of new brands and commercial entities will emerge, poised to lead the development of the industry in the future. For this reason, we decided to partner with Yong’an Department Store, a renowned establishment with a rich history spanning over a century, to foster and empower diverse and forward-thinking individuals in the Chinese fashion industry.”
The event featured two panel discussions. In the first, three past Vogue Business 100 Innovators from China discussed their own interpretations of “business innovation”. Zhizhi founder Li Tao is of the opinion that, for Zhizhi to innovate, it is crucial to focus on doing things with excellence. Gong Li, an independent designer, emphasised the importance of seamlessly blending creativity and business acumen in his work. He believes that true innovation comes from the harmonious integration of both aspects rather than favouring one over the other. According to menswear designer Feng Chen Wang, her brand culture stands out for its unique integration of various Chinese local cultures and local handicrafts that were previously overlooked.
Meanwhile, China’s online and offline retail models are experiencing significant transformations due to shifting consumer demand and the rapid advancements in digital technology. In the online realm, China's content e-commerce, particularly live streaming e-commerce, has experienced significant growth in recent years, driving innovation in the global industry. Offline physical retail brands are breaking free from traditional limitations, exploring new avenues for growth, and striving to revive themselves through culture, experience, and technology.
In the second panel discussion, Chen Ling, general manager of Yong’an Department Store, joined Cai Qing, global partner of Bain & Company, and Wang Yiting, senior editor of Vogue Business in China, to discuss the future of Chinese retail reform under the trend of digitalisation, intelligence and socialisation.
During the discussion, Chen Ling stated: "In the future, retail will continue to prioritise the needs and preferences of consumers, ensuring a strong connection through the recognition of value. The Yong’an Department Store is dedicated to bringing together the beauty of oriental culture and global fashion trends. Our goal is to provide a unique and immersive experience for both domestic and international travellers, as well as those with a passion for aesthetics. Through our carefully curated commercial spaces and products, we aim to create an atmosphere that tells human stories and offers in-depth content."
Cao Hailun, general manager of Bailian Inc., said: “Fashion is the whisper of time and the guide of trends. It is not only clothing accessories, but also the integration of culture, art and life attitude, and the eternal light of hope. Business is the pulse of the times and the engine of the economy. It is not only about bartering but also a bridge between dreams and reality and a carrier of inheritance and innovation. We are willing to join hands with all walks of life to embark on a journey of discovery of the fashion industry from here, lead the future with innovation, and create a better life together.”
“Fashion is a subtle reflection of the ever-changing times and a compass for following the latest trends. This goes beyond just clothing accessories; it encompasses the fusion of culture, art, and life attitude, radiating an everlasting beacon of hope,” added Cao Hailun. “Business is a vital force in today's world and a driving factor behind the economy. This goes beyond mere bartering; it serves as a connection between dreams and reality and as a vessel for both tradition and innovation.”
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
