Business

Lunar New Year lets luxury brands woo China’s big spenders

Luxury brands from Harry Winston to Loewe are going all in on Lunar New Year collections in a bid to attract Chinese customers.

Ahead of the Year of the Horse, which starts on Tuesday, Harry Winston unveiled a limited-edition, $81,500 rose gold watch with diamond bezels and a red lacquer horse. High-end fashion brand Chloé released a capsule collection, ranging from $250 silk scarves to a $5,300 snakeskin and leather shoulder bag with a horse head and tail linked by a horsebit chain. A slew of other brands, including Loewe, Gucci and Loro Piana, have introduced new bag charms with horse motifs.

The Year of the Horse arrives at a time of cautious optimism for designer brands and could mark the start of a China’s luxury market comeback.

Chinese consumers were once the primary driver for the global luxury sector but have cut back sharply in recent years, weighed down by the country’s slowing economy and depressed housing values.

The Chinese luxury market stood at about 350 billion RMB in 2024, or about $50 billion, according to estimates from Bain. While the consultancy estimates that market contracted by 3% to 5% in 2025, Bain analysts noted that the sector started showing signs of recovery in the second half of 2025 on the back of stronger stock market performance and consumer confidence.

Bernstein senior analyst Luca Solca said he predicts Chinese luxury spending will stabilize, forecasting mid-single-digit percentage growth in 2026. However, the market is still far more competitive than at its peak, he said.

Before the Covid pandemic, Chinese consumers accounted for about one-third of the global luxury goods market, according to Solca. That percentage has since dipped to about 23%, he said.

The luxury market’s fortunes do not solely rest on Lunar New Year, but it is an opportunity for Western brands to show respect for Chinese culture, he said.

The annual holiday is associated with the colors red and gold, which symbolize good luck and fortune in Chinese culture. Each Lunar New Year is represented by one of 12 Chinese zodiac animals. Last year’s animal was the snake.

But Solca said in order to best capture the Chinese luxury consumer, brands need to go beyond the expected motifs.

“The Chinese are no longer in awe of anything that comes from the West,” Solca said. “A perfunctory interpretation of CNY is not going to go far.”

Veronique Yang, who leads BCG’s consumer practice in Greater China, said literal interpretations can come across as lazy or even disrespectful to Chinese consumers. Younger shoppers are also looking for fresher takes, she said.

“Chinese young people, they respect the old Chinese culture, but to be honest, a lot of parts of it they don’t understand, or they want it to be reinterpreted in a modern way,” she said. “It’s important to weave a narrative that connects the heritage with a contemporary vision.”

Lunar New Year collections date back to the early 2010s, as Western brands were eager to tap into the rapidly growing Chinese luxury consumer market, according to Daniel Langer, professor of luxury strategy at Pepperdine University. At the time, newly wealthy Chinese consumers were eager to spend on designer goods, especially when they traveled abroad, he said, as there were few luxury boutiques in China outside major cities like Shanghai and Beijing.

Now, with broader access and more choice, brands have to work harder to bring in new clients.

And in the 12 years since the last Year of the Horse, Chinese high-income consumers have become more discerning, Langer said.

“They’ve been to the best places in the world. They’ve dined in the best restaurants in the world. They’ve shopped in the best shops in the world. Their expectations towards brands are significantly higher,” he said. “China has completely changed from a country where there was pent up demand for luxury goods to a country of the highest sophistication.”

They also have grown accustomed to spending less on Western brands between pandemic travel restrictions and the rise of domestic high-end labels, according to Langer.

Before the pandemic, Chinese consumers did most of their luxury shopping abroad. Pandemic travel restrictions permanently changed that dynamic. According to Bain, two-thirds of Chinese luxury goods spending was done abroad in 2019. Last year, overseas spending made up only a third.

The Year of the Horse provides a natural opportunity for a sizable number of Western brands to connect to the holiday. Langer said he preferred brands who take a less literal approach, such as Loewe, which adorned its signature Puzzle bags with fringes and tassels for a cowboy aesthetic.

Yang noted, however, that the year’s zodiac animal is a good luck symbol only for people who were born in that year, which makes playing too much into horse imagery a risk.

Instead, she said, brands can use immersive experiences to connect to Chinese customers, especially younger ones, in a more authentic way.

Valentino, for instance, held a three-day lantern festival in January at Tianhou Palace, a historic temple along the Suzhou Creek in Shanghai. Burberry launched an extensive Lunar New Year campaign in mid-December, with Chinese brand ambassadors and a pop-up boutique and ice rink in Beijing.

“There’s a lot of different cultural elements that you can integrate and build a narrative around,” Yang said. “It’s not only about animals.”

CNBC

Business

EU Rejects Higher US Tariffs After Court Ruling, Says ‘Deal Is a Deal’

EU says it will accept no increase in US tariffs after Supreme Court ruling: ‘a deal is a deal.’

The European Commission demanded on Sunday, February 22, 2026, that the United States stick to the terms of an EU-U.S. trade deal reached last year after the U.S. Supreme Court struck down Donald Trump’s global tariffs and he responded with new levies across the board.

After the court struck down Trump’s global tariffs on Friday, the U.S. president announced temporary, across-the-board tariffs of 10%, which he then hiked to 15% a day later.

The Commission, which negotiates trade policy on behalf of the 27 EU member states, said Washington must provide “full clarity” on the steps it intends to take following the court ruling.

“The current situation is not conducive to delivering ‘fair, balanced, and mutually beneficial’ transatlantic trade and investment, as agreed to by both sides” in the joint statement setting out the terms of last year’s trade agreement, the Commission said. “A deal is a deal.”

The comments were far more strongly worded than the Commission’s initial response on Friday, which had said only that it was studying the outcome of the Supreme Court decision and keeping in contact with the U.S. administration.

Last year’s trade deal set a 15% U.S. tariff rate for most EU goods, apart from those covered by other sectoral tariffs such as on steel.

It also allowed zero tariffs on some products such as aircraft and spare parts.

The EU agreed to remove import duties on many U.S. goods and withdrew a threat to retaliate with higher levies.

“In particular, EU products must continue to benefit from the most competitive treatment, with no increases in tariffs beyond the clear and all-inclusive ceiling previously agreed,” the EU executive said, adding that unpredictable tariffs were disruptive and undermined confidence across global markets.

It said that EU Trade Commissioner Maros Sefcovic had discussed the issue with U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick on Saturday,February 21,2026.

The international News

Business

France’s Thales to hire 9,000 in 2026, 60 vacancies in the UAE

French defence and aerospace giant Thales plans to recruit more than 9,000 new employees worldwide in 2026 — including 60 roles in the UAE and 30 in Saudi Arabia.

The global hiring drive follows the recruitment of 8,800 employees in 2025, exceeding the company’s original target of 8,000 new hires.

In total, 150 jobs are planned across the Middle East and Africa next year. The company is also recruiting 450 workers in India.

The global hiring drive follows the recruitment of 8,800 employees in 2025, exceeding the company’s original target of 8,000 new hires.

In total, 150 jobs are planned across the Middle East and Africa next year. The company is also recruiting 450 workers in India.

Patrice Caine, CEO of Thales, said, “Together, we are shaping the future by inspiring an increasing number of young people, especially young women, to pursue careers in science and technology.”

Thales employs more than 83,000 people in 68 countries and generated €20.6 billion in sales in 2024. The company said strengthening diversity remains a priority.

In 2025, women accounted for 32 per cent of all recruitments. It added that 69 per cent of its management committees include at least four women, with a target of 75 per cent in 2026.

Thales also reported an employment rate of over 7 per cent for people with disabilities in France in 2025.

Strong demand for jobs

Thales said it received 1.4 million applications worldwide in 2025, up from one million CVs in 2024. The recruitment advisory Universum’s ranking also placed Thales first among the most attractive employers for engineering school students in France.

Around 40 per cent of new hires in 2026 will go into engineering roles, including software, systems engineering, cybersecurity, artificial intelligence and data. A further 25 per cent will be recruited into industrial positions such as technicians, operators and engineers.

In France alone, the company plans to hire 3,300 people across several regions.

Thales has maintained a presence in the UAE for over 50 years, employing more than 500 people across three main offices.

Thales operates entities like Thales Emarat Technologies (TET), which focuses on defence and aerospace capabilities.

Thales’ key products include avionics, flight decks, and in-flight entertainment systems for aviation, along with radars, missiles (Starstreak, Crotale), armoured vehicles (Bushmaster, Hawkei), and unmanned drones (Watchkeeper) for defence.

Business

Saudi Halal Ecosystem Boosts Export Competitiveness

-Makkah Halal Forum 2026 marked a pivotal milestone in the development of Saudi Arabia’s halal industry, ushering in a new phase of structured institutional action.
This shift moves the sector beyond theoretical discourse toward a fully integrated implementation framework. It cements the Kingdom’s global leadership in halal and enhances the credibility of Saudi products in international markets.
The forum witnessed the launch of a package of strategic enablers reflecting the maturity of the Saudi experience in the sector. Chief among them was the introduction of the Halal Academy as a specialized knowledge and training arm dedicated to building professional expertise and raising standards across the entire value chain.
The event also saw the unveiling of the Golden Halal logo, a high-level accreditation mark designed to provide global markets with a unified benchmark of trust, underscoring the Kingdom’s commitment to the highest standards of quality and compliance.
These initiatives signal a strategic shift that goes beyond the traditional concept of religious oversight. Instead, they frame halal as a comprehensive industrial and economic system that integrates Sharia compliance with high quality standards, advanced governance, and digital traceability. The approach is expected to enhance the competitiveness of Saudi exports and facilitate their entry into global markets.
National success stories highlight the tangible impact of this transformation. Chief executive officer and founder of Roya Factory for Food Products Rasha Al Sanea noted that Saudi accreditation has evolved into a comprehensive quality certification that provides companies with a clear competitive edge abroad.
She noted that obtaining certification involves a rigorous process, including assessments of facility safety, manufacturing quality, and compliance with global standards ahead of final audits. These measures strengthen product reliability and boost readiness for international expansion.
Al Sanea added that the presence of international delegations and trade missions in Makkah on the sidelines of the forum helped accelerate expansion opportunities and open direct export channels to several markets.
She emphasized that pairing the Saudi Made logo with accredited halal marks, foremost among them the Golden Halal logo, enhances global consumer confidence and gives Saudi products a strong presence across diverse cultures and markets.
— SPA