The US market continued to demonstrate momentum. In spite of a challenging economic environment, Europe and Asia also contributed to the third quarter performance. Louis Vuitton continues to gain market share throughout the world.
Shoppers walk past a Louis Vuitton store in Shanghai March 8, Brands such as Shanghai Tang, part of Richemont Group, and Hermes, which launched its China-focused label Shang Xia late last year, may have a head start in meeting changing appetites, analysts say.
More than second-tier cities have populations with more than 1 million people and consumers in these cities have both the buying power of their tier-one peers and an interest in luxury brands, according to a report by PricewaterhouseCoopers.
The typical luxury consumer in China has an average age of 39, is exposed to an international lifestyle and is increasingly proud to be Chinese, Wang said.
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This has led some Chinese companies to seek out and acquire Western brands to add to their stable of product lines.
He founded Sugarman in because of the limited choices in that market segment and said customers were willing to pay a high premium for good quality products. Other home-grown, high-end brands include Qeelin and fashion labels Blanc de Chine and Ne Tiger, which some analysts say can arguably claim to be one of the first Chinese luxury brands.
And just as Shanghai Tang was acquired by Richemont, other successful local brands could become acquisition targets for retailers expanding in China or they could potentially follow their Western peers and list on the Hong Kong stock exchange.
Some in the industry say China is still in the early stages of developing its own strong luxury brands. Retailers also need to be sensitive to how luxury goods are perceived.
Officials in Beijing recently banned advertising in the capital that promotes hedonism or the craven worship of foreign products.Furthermore, according to a study conducted by Bain & Company, as stated in The New York Times, mainland China ranked sixth in the world for spending on luxury goods ranked by country, and in , it was a US$ billion market where Louis Vuitton, .
Big brands, such as Kering’s Gucci and Louis Vuitton (owned by French rival LVMH) are finding it harder to balance desirability and accessibility, following rapid expansion into second- and.
Louis Vuitton store in Bond Street, London. The Chinese were already the biggest buyers of Gucci and Bottega Veneta, and the country is "very close" to becoming the biggest market for several.
Another important trend in the Chinese market is the increasing sophistication of the Chinese luxury consumer, as tastes of seasoned buyers mature with astonishing speed. There is a noticeable shift of demand from luxury products flaunting logos to more understated and stylish products, leaving well-known brands like Louis Vuitton and Gucci.
When Louis Vuitton named Virgil Aloh, the founder of Off-White, as the artistic director of its menswear collection, some Chinese netizens expressed regret that LV is delving into streetwear.
Michael Zhang, 24, a Beijing native who is studying in NYC said “I “I probably won’t buy his Louis Vuitton stuff because it’s not streetwear”.
Nov 17, · Louis Vuitton has pulled the plug on one of its two flagship stores in Guangzhou, Guangdong province, as the French fashion house continues to grapple with slow sales in China.