China market research: Asprey, British Royal Warrant of Luxury

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Asprey, a distinguished brand from London, is still the most prestigious British luxury brand after over 200 years since its inception in 1781. Asprey is a symbol of exquisite fashion taste, superb craftsmanship and excellent quality, exhibiting a modern elegant British style. Asprey is known throughout the world for its precious jewelry, watches, leather bags, silverware, china, crystal, clothing, accessories and perfume. The company has been awarded the Royal Warrant several times and has been adored by the British royal family and celebrities including Queen Victoria, Queen Elizabeth, Princess Margaret and Prince Wales.

Great Potential and Purchasing Power in British Luxury Market

In recent years, the purchasing power of Chinese consumers in the field of luxury has gradually increased. According to British media reports, during the London’s discount season in 2010, Chinese customers spent up to 1 billion pounds buying luxury goods there. The Chinese have replaced the Russians and Arabians, becoming the biggest buyer of British luxury goods market, making up over 30% of total UK luxury market sales.

A recent market research study in China indicates that, with the rapid development of China, there is still great potential in the Chinese luxury market, which is an opportunity for big name foreign luxury brands like  Asprey.

Asprey’s Main Competitors in China: Burberry, Grima, Garrard

Asprey’s biggest competition comes directly from other famous British luxury brands. Its stiffest competition comes from Burberry, Grima and Garrard, who have also been awarded the Royal Warrant in the past. Recent mystery shopping in China shows that the preference and evaluation are very close among these brands.

Burberry is a very traditional English-style luxury brand. Its multi-level product series meet the demand of different age and gender groups. The Burberry employs a strategy of applying multiple methods including retail, wholesale and licensing to maximize its product sales. The company was founded in 1856. In its first few decades, Burberry mainly produced raincoats, umbrellas and scarves, and later it began to emphasize the traditional British noble design and thus won the heart of millions of people and became a timeless brand. In China, Burberry is a prestigious symbol of luxury and fashion.

Grima was created by Andrew Grima, a one-time engineer. Grima is truly a brand defining time and extravagance. Grima’s luxury is highly evaluated by Chinese consumers.

Garrard was established in 1735, and has been awarded as the Crown Jeweler by Queen Victoria. The company has designed the coronation crown for the royal family many times. In recent years, Garrard invited designers Jade Jagger as the creative director and successfully broke into the youth market. At the same time it developed its own line of watches, clocks, silverware, furniture and accessories, diversifying its product line and making Garrard once again a welcomed brand in China.

Daxue China consulting.

Sources:

Picture source: baidu

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