The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.

Local fashion designers experimenting with puffers and other down clothing have scored collaborations with outerwear companies like Moncler and attracted the attention of prominent international retailers like H.Lorenzo.

Its flagship brand struggled following the departure of its creative director but better growth was seen at other labels.

Local agencies are signing more models that don’t have classical Han Chinese features with knock-on effects for who gets cast by megabrands in Europe and the US.

Beauty brands are marketing “athletic skin care” grooming routines and science-backed ingredients alongside high-risk celebrity endorsements.

Property developers are set to build 8 million square metres of retail space in a sign of long-term confidence in the troubled but increasingly competitive market.

A real estate slump, high youth unemployment and lingering anxiety over Covid-19 are some of the factors behind the tepid results from this month’s 618 shopping festival.

The wealthy may be in a mood to splurge but middle-class consumers remain cautious six months after the end of ‘zero-Covid’ policies due to mixed signals in the Chinese economy.