A work is seen blow a Xiaomi logo at the east China headquarters of electronics and car-maker Xiaomi, in Nanjing, in China's eastern Jiangsu province on May 26, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT

Workers are seen at the east China headquarters of electronics and car-maker Xiaomi, in Nanjing, in China's eastern Jiangsu province on May 26, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT

General view of a Tiffany & Co. shop at Shanghai Hongqiao International Airport in Shanghai, on May 20, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai

People walk on a street with luxury brand shops and a shopping mall in Shanghai, on May 19, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai

A woman walks on a street next to a LUlulemon shop in Shanghai, on May 19, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai

A woman poses for pictures next to a LUlulemon shop in Shanghai, on May 19, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai

General view of a Gucci shop at Shanghai Hongqiao International Airport in Shanghai, on May 20, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai

General view of a Dior shop at Shanghai Hongqiao International Airport in Shanghai, on May 20, 2026. The closure of France's Galeries Lafayette's first China flagship on May 27, takes place against a backdrop of a sluggish post-pandemic economy and shifting consumption practices. (Photo by Hector RETAMAL / AFP via Getty Images) / TO GO WITH: China-luxury-retail-economy-consumption, FOCUS by Mary YANG and Agatha CANTRILL in Shanghai