Private equity’s Fang Fenglei on investing in China, capital market reforms
Over the past three decades, investor Fang Fenglei has had a major role in shaping China’s capital markets. He worked with Morgan Stanley in the early 1990s to help create the country’s first joint venture investment bank – China International Capital Corp. Then, at the start of the millennium, he spearheaded the listing of state-owned giants in Hong Kong as CEO of Bank of China International,…
In recent years, products that are considered "ugly" or "bizarre" have gained popularity among young consumers on Taobao, an e-commerce platform owned by Alibaba Group Holding. Since 2020, Taobao's Uglies Award has celebrated these unique products, and the platform's cumulative sales have surpassed 230 million yuan (US$34.3 million). This year, Taobao hosted its second Treasured Uglies Art Exhibition, themed "Ugly, But Mine" in Hangzhou, Zhejiang province.
Hu Yu, project lead for the Uglies Award, explained that consumers purchase these items not only for their unconventional designs but also for the emotions, stories, and self-expression they convey. Some keep these items on their work desks, while others wear them to showcase their personal styles. These offbeat designs help consumers connect with like-minded individuals and express their unique identities.
Many small, medium, and micro enterprises contribute to this trend, with 85 percent of all products on Taobao falling into this category. The diverse range of non-standard offerings, combined with a large base of young consumers, enables niche aesthetics to find an audience, according to the platform.
One example is the reimagining of legendary figures from ancient cave murals in Dunhuang, Gansu province, as collectable figures. The Dunhuang Academy has brought these historical characters into 3D form, with a winged figure inspired by an ancient mural selling over 70,000 units through online and offline channels.
The Hot Nipples Club, a women's wear store on Taobao, exemplifies the trend with its provocative name and quirky designs. Founder Sister Shao, who quit her job in 2021 to start the business, uses humor, irony, and rebellion to tap into consumers' emotions. Shao expected her customers to be mostly young people from subcultures, but store data shows that the shoppers include office workers and civil servants as well.
Another shop, Out Side Window, sells unconventional goods such as an apron printed with a guitar, inspired by a moment during the Spring Festival. Priced at 12 yuan (US$1.79), the apron has sold over 2,000 pieces. Xia Weiyi, the owner, noted that customers have worn the apron to music festivals, K-pop fan-signing events, and concerts by Danish rock bands.
Alibaba's Uglies Award curator, Liu Tian, emphasized that "ugly" is not the opposite of beautiful and that this trend represents a move away from a single aesthetic order, embracing individual differences, chance, and humor alongside mass production and consumption.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.