China’s Fosun International conglomerate has hired twenty-something designer Calvin Luo to scale up in its home market and reverse the fortunes of its loss-making couture brand Lanvin, several sources in Shanghai told Miss Tweed. The move underlines how the focal point of the global fashion business has shifted from Europe and North America to China, which overtook the U.S. in 2019 to become the world’s biggest fashion market. Since the beginning of the pandemic last year, China has become even more important, as demand recovered there earlier than in other parts of the world, where public health restrictions have hampered trading until today.