Home / Knowledge / News / Apparel/Garments / Chinese luxury apparel retail sector sees rapid growth
Chinese luxury apparel retail sector sees rapid growth
06
Jul '12
Mr. Timothy Coghlan
Mr. Timothy Coghlan
The luxury retail sector, including the luxury apparel sector, in China is growing very rapidly and several global luxury retailers are opening their outlets and wooing the Chinese consumers as demand for their products continue to decline in Japan and the West.
 
Last month, two international luxury apparel retailers – Hugo Boss and Armani – opened their stores in Beijing.
 
In 2011, consumers in Greater China, which includes Taiwan, Macau and Hong Kong, purchased about US$ 30 billion worth of luxury goods, showing a year-on-year increase of 30 percent.
 
In other words, Chinese shoppers are now purchasing more than one-fifth of the world’s total luxury items.
 
“The luxury retail sector in China is growing at a tremendous speed and many luxury retailers are setting up their stores in China. The luxury retail growth tend is likely to continue for at least the next five years,” Mr. Timothy Coghlan, Manager – Luxury Retail, Savills China, told fibre2fashion.
 
Giving reasons for the international lifestyle brands choosing to open their outlets in China, he says, “China has lot of rich people, who are growing in their class and way of living. They now have more and more access and are learning about the luxury goods through the Internet.”
 
“Besides, the fact that other parts of the world are struggling also makes China a preferred market place. Japan used to be the biggest market, but due to the financial crisis and the March 2011 earthquake its condition has weakened,” he adds. 
 
“Several luxury retail apparel brands such as Alexander McQueen, Armani, etc. are currently eyeing the Chinese market,” he reveals.
 
However, expanding to China brings along a set of challenges. “One of the biggest challenges the luxury brands face is competing for the luxury space. Finding a rare location for the store to operate, and finding a place in malls is becoming more and more challenging in China,” says Mr. Coghlan.
 
“Another problem is finding the right staff and employing people who are well experienced to manage and operate a luxury retail store. Moreover, retailers keen to grab a share of the Chinese market have to aggressively spend on marketing to promote their brands,” he avers.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Slight drop in Unifi 2017 Q3 sales

The net sales of Unifi Inc., one of the world's leading innovators in ...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X