Interesting Bloomberg article on the rise of the grey market in China, which is basically just arbitrage from places like Japan, but there is also the issue of some brands having to much inventory in wholesale channels they do not control.
This does not read well for Cettire considering it sources its goods via wholesale channels, and not direct from brands (which obviously do not appreciate heavy discounting of thier product and dilution of thier brands.)
(FYI: Kering is the owner of Gucci)
Ann: Cettire Confirms China Launch, Provides FY24 Update, page-195
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