SHANGHAI, Oct. 9, 2020 /PRNewswire/ -- Visa (NYSE: V) yesterday teamed up again with Shanghai Fashion Week (SHFW) to host the "Empower & Envision—future of Chinese fashion industry envisioned: empowering small and medium-sized businesses" (Empower & Envision) Forum and opening dinner as part of Shanghai Fashion Week Spring/Summer 2021. Through the cooperation with SHFW, Visa extends Where You Shop Matters, a global initiative launched recently to help small and micro businesses worldwide grow and go digital amid the COVID-19 pandemic, to the fashion industry. In addition, Visa joined hands with FARFETCH, a leading global online platform for fashion retail, to host a pop-up exhibition, providing young Chinese designers with access to more resources and options to go digital.
Fashion forum: empower local designs and envision future of Chinese fashion industry together
As SHFW's official partner for the fourth year, Visa has sponsored several young designers and their brands over the past few years. Visa continues to deepen its partnership with SHFW to empower the sustainable development of young Chinese fashion designers.
The impact of COVID-19 is being felt by economies worldwide, especially small and medium-sized enterprises. As a result, business is stagnating for young Chinese designers. In this season, Visa co-hosts the Empower & Envision Forum and opening dinner with SHFW to discuss how to empower emerging local designers with global resources and help them reach a global audience to connect with buyers. Influential fashion insiders and government stakeholders are invited to join the conversation, including Judy Liu, Managing Director for FARFETCH Greater China; Zhang Bin, General Manager for China Xintiandi; Wu Zhiqi, Director of the Office for the Promotion of Coordinated Development of Small and Medium-sized Enterprises, Shanghai Municipal Commission of Economy and Informatization; and eponymous fashion brand designers Feng Chen Wang and Xander Zhou.
Visa recently announced a commitment to support 50 million small businesses globally, including 10 million small businesses across Asia Pacific in an effort to get local communities back to business in the wake of the COVID-19 pandemic. The collaboration between Visa and SHFW also demonstrates its commitment to small businesses in China.
"As a long-standing partner of SHFW, Visa remains committed in encouraging original designs from China and helping young Chinese designers grow. Against the backdrop of pandemic, there has never been a more important time to support small and micro businesses and young fashion brands," said Shirley Yu, Group General Manager for Visa Greater China. "Small and micro businesses are the backbone of global economy, accounting for more than 90 percent of worldwide businesses and contributing 50 to 60 percent of global employment. That is why we launched the Where You Shop Matters initiative, which is now live in places like Australia, London and Hong Kong. Through the partnership with SHFW, we are leveraging our platforms and brand assets to help more talented young Chinese designers grow and get recognized worldwide, as an effort to shape the future of fashion in China."
FARFETCH crossover: help local brands go global and digital
In line with the Where You Shop Matters initiative, Visa joins hands this season with FARFETCH, an online platform for cross-border fashion shopping, to help Chinese designer brands increase global presence and their sales channels by creating a wide range of experiences, from exclusive benefits and discounts for cardholders to a pop-up exhibition.
"We believe in empowering individuals and promoting diversity. Our mission is to be the global technology platform for luxury fashion, connecting creators, curators and consumers," said Judy Liu, Managing Director for FARFETCH Greater China. "At FARFETCH, consumers can find not only leading global fashion brands but emerging Chinese designer brands. Our platform empowers these brands and make them available for consumers worldwide. We are delighted to welcome Chinese designer brands XU ZHI and by FANG to the FARFETCH platform."
Where You Shop Matters, a global initiative launched by Visa this year, is designed to create positive social impacts by introducing spending incentives that encourage consumers to shop local. "Consumers vote with their wallets. When it comes to helping local brands survive and thrive, every single purchase counts," said Danielle Jin, Head of Marketing, Visa Greater China. "Visa's crossover collaboration with FARFETCH is an extension of the Where You Shop Matters initiative. Together we help local designers pivot to online and sell on a cross-border eCommerce platform, increasing their online presence and consumers' awareness of choosing local brands by young Chinese designers."
To encourage consumers shop Chinese brands, Visa and FARFETCH offer exclusive spending benefits for Visa cardholders in the Greater China region. From now to January 31, 2021, Visa cardholders in the Greater China region enjoy up to 10% off when shopping at FARFETCH. For more details, please visit the Visa x FARFETCH landing page.
Deepened partnership with SHFW: influence fashion trends with global leadership
With the SHFW partnership entering the fourth year, Visa has explored possibilities of fusing fashion and technology in fashion weeks, from sponsoring the SHFW Opening Party to collaborating with fashion designers and supporting Chinese designer brands. Previous collaborations with local young designer brands such as SHUSHU/TONG, 8ON8, YIRANTIAN and MING MA are well received and widely recognized. Building on the successful collaboration with SHFW, Visa is making use of brand assets to expand its fashion footprint worldwide as it works with New York Fashion Week, Melbourne Fashion Festival and other fashion events to engage further with young consumers and influence global fashion trends.
About Visa Inc.
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.cn.
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