Goldman Sachs Luxury Analyst, William Hutchings, released a report detailing insights he discovered on a recent trip to China. Among his findings, was that store networks, social media and travel were the keys to luxury brand building in China.
Stores: Maison Martin Margiela, Marni and Alexander McQueen have all chosen Beijing for their largest global store.Luxury brands continue to expand their retail network across China aiding in sales growth, as well as brand awareness.
Social Media: Social media remains key to accessing the consumer, but is likely to remain more fragmented and harder to master than in Europe or North America.
Travel: Intra-regional travel and international travel remain key to the success of luxury brands. On the international front, a recent report by the School of Oriental and African studies highlighted that Germany, Italy and France are winning the race for the Chinese international traveller, with 500,000 to 700,000 entrants in 2010. The UK, the laggard, attracted only 127,000.
Download the report here: