China’s luxury leather goods market remains resilient despite the pandemic
Chinese consumers were reported to spend 741 billion RMB on luxury goods in 2021, recording an increase of 36% compared to the previous year. Despite the impact of Covid-19, China’s luxury market has witnessed continuous growth. According to Bain & Company, China’s luxury market accounted for 21% of the global market in 2021, and it […]
No longer “Made-in-China”: The Rise of Chinese Designer Brands and “Guochao” Originality
In September 2021, Chinese designer Rui Zhou was awarded the LVMH Karl Lagerfeld Special Jury Prize. As one of the only three recipients, Zhou directs the spotlight on the emerging young designers in China. In recent years, Chinese designer brands are gaining domestic and international popularity. Young, independent Chinese designers challenge the “Made in China” […]
China’s Diamond Market: lab diamonds are a girl’s (and guy’s) best friend
China’s diamond market has been the world’s second largest for over a decade. In particular, statistics from the Gems & Jewelry Trade Association of China reveal that the diamond jewelry market reached approximately 79 billion RMB in 2021. DeBeers Diamond Insight Report 2019 reveals that in China, love-related occasions account for 58% of the value […]
Walking the cyberspace: How luxury brands can leverage the metaverse and NFTs to win over China
The emergence of new technologies, such as the metaverse and NFTs, is untapping a plethora of new opportunities, and luxury brands look willing to utilize such new tools to connect with Chinese tech-savvy young consumers. As the physical world intertwines with the virtual reality, “Metaverse” has never appeared in the public eye with such a […]
The dawn of a new era for Chinese luxury brands: 5 hypotheses on the future of luxury in China
The luxury market in China is poised to become the largest in the world. According to McKinsey, China will contribute to 41% of global luxury consumption by 2025. Although there are numerous well-renowned foreign brands, Chinese luxury brands like DUANMU and Shangxia, have been gaining momentum over the past few years. If foreign brands do […]
Unpacking the challenges of the secondhand clothing market in China
In China, an estimated 26 million tons of clothes are thrown away every year, whereas less than 1% of that amount is reused or recycled. Due to association with poverty and the concept of mianzi (面子), many Chinese people are unwilling to buy and wear secondhand clothing, leading to mass production and waste accumulation in […]
Tiffany & Co. in China: Omnichannel marketing to target millennials
Tiffany & Co. officially entered the Chinese mainland market in 2001, but it didn’t open its own store until 2007. At present, China has become the second largest market for the Tiffany brand after the United States. In 2020, Tiffany’s quarterly report showed that although China’s sales fell 85% year-on-year in January due to the […]
Guerlain in China: Perfume market strategies from 1993 to today
French premier luxury brand Guerlain under the LVMH group is one of the most successful foreign brands who has built a wide presence in the cosmetics market in China, particularly skincare, make-up, and perfume. Over the years, it has learned to adjust its marketing strategies – particularly those involving its products, engaging campaigns, and consumer […]
Prada’s back-to-back game-changing campaigns: What drives a luxury brand from cat-walk to wet market?
On September 24th, 2021 Prada introduced its spring 2022 women’s wear collection through two synchronous fashion shows in Milan and Shanghai. It is the first time in fashion history that a show happened in two different cities simultaneously. Successively, Prada packed up its glam and cat-walked into one of Shanghai’s traditional wet markets for it […]
The market strategy of Prada in China: digitalization and localization
Prada is an Italian luxury brand founded by Mario Prada in Milan, Italy in 1913. The company entered the Chinese luxury fashion market in 2011 with a fashion show called “Prada RTW Spring 2011” to build its influence in the country. In the second half of 2020 and the beginning of 2021, Prada became one […]