In 2017, several major luxury brands finally realized the importance of developing a comprehensive digital strategy to cater to affluent Chinese consumers, people whose daily lives are heavily interwoven with the internet. What follows is a detailed recap of major brands’ digital strategies, graded in terms of their digital sophistication. We’ve also added some suggestions … More Grading Luxury Brands’ Digital Efforts in China in 2017
A new report from Deloitte shows a surprising leader among China’s luxury online shopping platforms. According to “China’s Luxury Online Consumption Report”, Secoo (寺库中国), a name unfamiliar even to many Chinese e-commerce fans, has grown to 25.3 percent market. They now have a much larger slice than Net-A-Porter, Alibaba’s Mei.com or JD.com’s Farfetch. On November … More How Secoo Leaps to the Top of Luxury E-Tail in China
Online influencers are increasingly integral to luxury and beauty brands’ sales strategies in China. Most influencer marketing programs are still in their infancy—the majority have been active for less than two years, according to a report by Fashion and Beauty Monitor—but that hasn’t stopped brands spending a significant chunk of their marketing budget on partnerships … More Do Netizens-next-door Make Good Luxury Ambassadors?
In a bid to further improve consumption structure and drive Chinese people to spend more at home, Beijing has rolled out a new round of tariff reductions on foreign consumer goods. According to an official statement released by Ministry of Finance on November 24, China plans to reduce tariffs on 187 consumer goods, including cosmetics, … More China’s Tariff Cuts Won’t Hurt Daigou Business For Now
Many people would associate outlets with old, cheap, discounted merchandise and remote locations. Discount labels seem to be a comfortable fit for outlet shopping malls, but the outlet empire built by Value Retail is meant to revamp the stereotype, with a concentration on Chinese customers. “The association is however totally wrong. Being visited several Outlets … More Can Outlet Malls Bring Value to Luxury Brands?
With ever-improving tourism links and visa agreements with countries around the globe, the world has never been a smaller place for Chinese travelers. While a trip to Hong Kong at one point was worthy of bragging rights, it’s now become a staple destination that instills little excitement in China’s increasingly experienced travelers. Read More
Perhaps one of the few groups to have benefitted from Brexit is Chinese tourists. Known for their enthusiasm for purchasing luxury goods overseas, the depreciation of the pound has allowed them to own a piece of Louis Vuitton or Chanel at a much cheaper price. However, a recent report titled “RE-Lux: Waves of Change Impacting … More Will UK’s Chinese Luxury Shopping Fever Last Forever?
The purchasing power of China’s top-tier ultra-rich consumers has continued to soar in 2016. According to a joint report released by Swiss investment bank UBS and auditing firm PricewaterhouseCoopers on October 26, the number of Chinese billionaires has increased 25 percent to 637. By comparison, there are 537 and 342 billionaires in the United States … More What Does the Surge of Chinese Billionaires Mean for Luxury
Secoo Holding, a leading Chinese luxury e-commerce company, filed with the U.S. Securities and Exchange Commission (SEC) on August 25, aiming to raise up to $100 million in an initial public offering (IPO). According to the filings, it plans to list on the Nasdaq under the symbol “SECO.” Currently, no pricing detail was disclosed. https://goo.gl/S8hp8f
The secondhand luxury market is still in its infancy in China. However, before it still has many obstacles to overcome before it can catch up with the mature markets of the United States and Japan. http://bit.ly/2xwEhEY