luxury insights china tm

LUXURY INSIGHTS
CHINA
TM
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LUXURY INSIGHTS
CHINA
TM
July 2013
Special report
The 2013 H1
Brand Reach
Review
The 2013 H1
Brand Reach Review
4 sectors
144 luxury brands
3271 stores in China
In December 2012, the Luxury Insights China team
carried out the first benchmarking of luxury brand
expansion across Mainland China. The team had been
monitoring 144 brands across the automotive, fashion,
watch and jewellery sectors, and recorded their retail
coverage and as a result, the retail brand density in
cities and regions of the country.
The timing of this assessment was specifically chosen,
at the end of the year in which the luxury market in
China reached a tipping point as a result of political
changes, and consumer attitude adjustments that had
been building up over the previous 12 months. Many
luxury brands had started to see a slowing in business
in the previous six months, and we aimed to benchmark
store and dealership coverage as part of an on-going
monitoring process to assess, sector, brand and city
developments over the coming years.
At the end of 2012 and early 2013, many luxury brands
and groups made major changes to their strategies
LUXURY INSIGHTS CHINA
TM
in terms of both store openings, and promotional
activities, as sales decreased and margins were hit.
Some stated that they would not open more stores, but
focus on the business of those they had, whilst others
took the slowing market and hesitation of some of the
larger and better established players to push forward
aggressively with expansion plans, so how have things
progressed in reality?
The 2013 H1 Brand Reach Review, summarises the
findings of the data comparison over a six month
period, which in China is a lifetime when compared to
more developed markets. We can see how retail density
in cities has changed, how certain cities have benefited
by significant store opening, whilst others have seen
stores close and retail levels diminish. Looking at
the four sectors monitored, as would be expected
watches has been hit the hardest by regulation related
to government gift giving practices, but even within
fashion, there are indications of the challenges facing
less well established global brands here in China.
1
July 2013 ©FDKG Ltd.
The 2013 H1
Brand Reach Review
Retail density demographics
In January 2013, we benchmarked the density of luxury brands by
city to enable us to identify future trends and hotspots. This graph
compares the average retail density benchmark with that of the first
half of this year. We can see a more obvious decline in density in tier
one cities such as Beijing and Shanghai due to the larger numbers of
stores. This decline does continue into some of the tier two cities,
although at a relatively lower rate. However, we can see Tianjin,
Dalian, Nanjing and Wuhan all moving up the density scale at the
expense of Guangzhou, Shenzhen and Chongqing.
20%
18%
16%
14%
12%
10%
8%
6%
4%
Luxury auto
LUXURY INSIGHTS CHINA
Luxury watch
TM
Luxury jewellry
Luxury fashion
H1 average
2
January benchmark
Chongqing
Taiyuan
↑2
Wuhan
Kunming
↓1
Harbin
↑4
Shenzhen
↓2
Nanjing
↑1
Guangzhou
↑1
Dalian
Tianjin
Hangzhou
Chengdu
Shenyang
Shanghai
0%
Beijing
2%
↓5
↑↓ up or down the city ranking (i.e.↑2: two places up)
July 2013 ©FDKG Ltd.
The 2013 H1
Brand Reach Review
Brand reach by city and sector
As brands expand out across the country, we can see the top five
cities in terms of density remain consistent, although tier one cities
of Beijing and Shanghai have lost some stores, the rankings of cities
below this group has changed significantly, the biggest names
moving down the rankings being Guangzhou and Chongqing.
Entering in this review are the cities of Ningbo and
Changsha, both because of the increased presence of luxury
auto dealerships. Leaving the list from the benchmark of
January is the Inner Mongolian city of Ordos.
LUXURY INSIGHTS CHINA
TM
3
July 2013 ©FDKG Ltd.
Luxury
Automotive
Luxury car dealership density ranking by city
City
Dealer total
Overall increase
1
—
Beijing
23
21%
2
—
Shanghai
18
6%
3
—
Chengdu
12
20%
3
↑2
Wuhan
12
50%
5
↓1
Hangzhou
10
11%
6
↓1
Guangzhou
9
13%
7
—
Wenzhou
8
14%
7
—
Shenzhen
8
14%
7
—
Chongqing
8
14%
7
↑3
Tianjin
8
33%
7
↑3
Qingdao
8
33%
7
↑3
Kunming
8
33%
7
↑7
Nanjing
8
60%
7
↑15
Ningbo
8
300%
15
↓5
Xiamen
7
17%
15
↑1
Changsha
7
75%
17
↓1
Shenyang
6
50%
17
↓1
Xi'an
6
50%
17
↑2
Zhengzhou
6
100%
20
↓6
Ordos
5
0%
20
↓1
Dalian
5
67%
Store No.
6
New in Beijing:
1 Bentley, 1 Maserati,
1 Porsche and 1 Morgan
4
2
New in Wuhan:
1 Maserati, 1 RollsRoyce, 1 Brabus, 1 Aston
Martin
LUXURY INSIGHTS CHINA
The tier two city of Ningbo is known
for its wealthy business people, and
has clearly been seen as an important
target for many luxury car brands as
they expand. The wealthy of Ordos
on the other hand, and in particular
owners of mines, have found their
personal wealth decrease in the past
six months, which has in fact caused
many to sell their luxury cars on the
second hand market.
New dealer openings
TM
4
Urumchi
Foshan
Changchun
Suzhou
Dalian
Xi'an
Shenyang
Kunming
Qingdao
Tianjin
Chengdu
Dongguan
Zhengzhou
Changsha
Nanjing
Wuhan
Ningbo
0
Beijing
New to Ningbo:
2 Ferrari, 2 Maserati,
1 Bentley and 1 Brabus
The relative increases in coverage for
cars are with a few exceptions much
larger than those of the other sectors,
and we can see certain cities such as
Ningbo becoming a real focus of new
dealerships, whereas Ordos in inner
Mongolia appears to have peaked
and become less active for luxury
automotive brands.
Shaoxin
Ranking
Although the general luxury sector
has slowed, many automotive
brands continued with their planned
expansion, in part because contracts
have been signed and cannot be
easily reneged upon, and because the
volume of potential consumers in tier
two and three cities for luxury cars has
increased as has the demand for local
4S dealerships.
July 2013 ©FDKG Ltd.
Luxury
Automotive
Brands that have expanded rapidly
Brand
Bentley
Maserati
Rolls-Royce
Porsche
Brabus
Dealer No.
Jan 2013
23
Jun 2013
37
Increase
14
Jan 2013
15
Jun 2013
27
Increase
12
Jan 2013
7
Jun 2013
16
Increase
9
Jan 2013
45
Jun 2013
52
Increase
7
>Rolls-Royce
Jan 2013
14
Jun 2013
34
Increase
20
Entering China in 2001, Rolls-Royce had only
opened 7 dealers by the end of 2012. However,
in the first half of 2013, it had added 9 more
and plans to open an additional 4 new stores in
Kunming, Chongqing, Nanning and Taiyuan by
the end of 2013. According to Inautonews, RollsRoyce signed 8 dealers in 2012 and plans to have
20 dealerships by the end of 2013 aiming to
compete with Bentley.
>Bentley
The sales volume of Bentley increased 23% in
2012, which makes China their second largest
market. The brand currently plans to have 45
dealerships in China by the end of 2015.
>Lamborghini
The only car brand we monitor that reduced
its dealer coverage by closing one of its two
dealerships in Wenzhou.
>Maserati
To retain brand value, the Fiat Group has said
that it will not increase the production capacity
of Ferrari rapidly, but they do have big plans
for Maserati which includes a worldwide sales
volume increase from 6,307 in 2012 to 50,000
(10,000 sales in China) in 2015. In order to attain
this goal and to chase Porsche (currently with
52 dealerships), Maserati aims to open more
dealerships quickly.
>Aston Martin
Intent on opening up the Central and Southwest
markets to catch up with their competitors,
Aston Martin has opened dealerships in
Zhengzhou, Wuhan and Kunming.
LUXURY INSIGHTS CHINA
TM
5
July 2013 ©FDKG Ltd.
Luxury
Watches
Luxury watch point of sale density ranking by city
Ranking
City
Total store
No.
Overall increase/
decrease
1
—
Beijing
170
-3%
2
—
Shanghai
137
-1%
3
↑1
Shenyang
65
8%
4
↓1
Dalian
64
5%
5
—
Harbin
46
0%
6
↑1
Hangzhou
38
6%
7
—
Chengdu
37
3%
8
↓2
Taiyuan
36
-3%
9
—
Kunming
32
-3%
10
↓1
Shenzhen
29
-12%
11
↑3
Tianjin
28
33%
12
↓1
Guangzhou
27
0%
13
↓1
Zhengzhou
23
-8%
14
—
Suzhou
21
0%
14
—
Chongqing
21
0%
16
↓3
Xi'an
20
-9%
17
—
Changchun
17
-6%
17
↑1
Anshan
17
0%
19
↓1
Nanjing
15
-12%
19
↑2
Ningbo
15
15%
21
↓1
Jinan
14
0%
21
—
Xiamen
14
8%
Opened in Tianjin:
1 Audemars Piguet, 3 Baume & Mercier,
1 Panerai, 2 Blancpain
Example city: Beijing
8 new presences, from: Chopard,
A.Lange & Sohne, Vacheron Constantin,
Jaeger-Lecoultre, Baume & Mercier,
Blancpain, Roger Dubuis, Parmigiani
12 presences closed including 5 for
Rolex and the only retail presence of
F.P.Journe in China.
LUXURY INSIGHTS CHINA
TM
The story for the watch sector during
the past 12 months has not been a
happy one. As the principal choice
given by Chinese as a gift to others,
the watch sector has been hit by a
new government intent on fighting
corruption and abuse of power.
Regulations introduced in the second
half of 2012 limiting spending on gifts
and receipt of them has made a major
impact on the performance of the
sector, and from our data, the retail
coverage over the past six months.
Only two brands have aggressively
expanded over the past six months,
Jaeger-Lecoultre and Baume &
Mercier. Cities such as Beijing and
Shanghai, amongst others saw
more closures than openings, and
Shenzhen saw a 12% decrease in
retail density, probably due to its
proximity to Hong Kong. Tianjin was
the city of the period, with watch
retailing increasing by 33% over
the six months, which is surprising
considering its proximity to Beijing
which has the largest number of
watch stores in the country.
Over the past two years many watch
brands acknowledged the growing
potential to sell to woman, and have
expanded their female lines. With the
decrease in sales to men, woman have
become more important to all watch
brands.
New store openings
Store No.
9
6
3
0
Tianjin
Shengyang
6
Dalian
Hangzhou
Ningbo
Nanchang
July 2013 ©FDKG Ltd.
Luxury
Watches
Brands that have reduced their total retail density numbers
Brand
Store/
counter
closed
Current
retail
points
Audemars Piguet
5
16
Xi'an; Shenzhen; 3 in Shanghai; (Sheyang; Tianjin)
F.P.Journe
1
0
Beijing
Glashütte Original
7
27
Kunming; Shenzhen; Nanjin; 2 in Harbin; 2 in Beijing
Jaquet Droz
4
12
2 in Beijing; Taiyuan; Shanghai
Laurent Ferrier
2
0
Zhenzhou; Shanghai
Leon Hatot
2
1
2 in Beijing
Omega
8
227
Taiyuan; Changchun; 3 in Shanghai; Wuhan; Guangzhou; Chengdu; (Nanchang;
Taizhou)
Rolex
12
144
Kunming; Zhongshan; Shenzhen; Huzhou; Hangzhou; Wuxi; Nanjing; 5 in Beijing;
(Yancheng; Baotou; Taiyuan; Shenyang)
Cities where stores have been closed or (opened)
The introduction of regulations targeting gifting, appear
to have affected those brands in particular that have
a relatively small presence in China. These brands are
also those with lower brand awareness, and are likely
to be purchased by a select few and not the majority,
and any reduction in their footfall will significantly
impact their sustainability. For popular brands such
as Omega and Rolex, sales will have been affected by
gifting regulations, and due to a slowing economy as
the conservative middle classes have cut back on their
spending. In addition to closing stores, both these
brands have expanded into T3 and T4 cities.
The only two brands that have expanded rapidly
Brand
Jaeger-Lecoultre
Baume & Mercier
LUXURY INSIGHTS CHINA
Store No.
Jan 2013
48
Jun 2013
56
Increase
8
Jan 2013
57
Jun 2013
67
Increase
10
TM
7
July 2013 ©FDKG Ltd.
Luxury
Jewellery
Luxury jewellery dealership density ranking by city
Ranking
City
Total store
No.
Overall increase/
decrease
1
—
Shanghai
45
7%
2
—
Beijing
43
5%
3
—
Shenyang
16
0%
4
—
Tianjin
12
9%
5
—
Dalian
11
10%
6
—
Hanghzou
10
11%
6
↑1
Nanjing
10
43%
8
↓1
Taiyuan
7
0%
8
↓1
Guangzhou
7
0%
8
↓1
Chengdu
7
0%
11
—
Shenzhen
5
-17%
11
—
Chongqing
5
-17%
11
↑2
Harbin
5
0%
11
↑3
Kunming
5
25%
15
↓1
Suzhou
4
0%
15
↓1
Wuxi
4
0%
15
↓1
Wenzhou
4
0%
15
↑3
Xi'an
4
33%
19
↓1
Ningbo
3
0%
19
↓1
Qingdao
3
0%
19
↓1
Wuhan
3
0%
19
↓1
Changsha
3
0%
LUXURY INSIGHTS CHINA
TM
8
Unlike watches, jewellery has not
been directly affected by gifting
regulations, and where it is given as
a gift it is usually between friends
or private business associates. The
general appreciation of jewellery has
increased over the past few years,
and in particular high jewellery that
can be collected or considered an
investment. With a slowing economy,
this type of investment has grown in
popularity with the high net worth
consumer and hence we have seen a
steady expansion by most of the top
ranked brands.
Contrary to the watch sector, we have
seen some significant expansion in
cities where watch representation
is decreasing. Kunming for example
is 3% down in watch retailing but
25% up in jewellery. Likewise, Xi'an
in Shaanxi province is up 33% in
jewellery retailing but down 9% for
watches. Clearly each city and its
citizens become more knowledgeable
and adopt new products at different
rates. Watches developed much
faster than jewellery, but there is
also an indication that money is still
available to be spent most likely by
men on women in these cities. The
spending may well be for status and
perceived investment reasons, as the
opportunity for woman in tier two
and three cities to wear high jewellery
is limited.
July 2013 ©FDKG Ltd.
Luxury
Jewellery
New store openings
Store No.
3
2
1
CHangzhou
Nanning
Xi'an
Kunming
Hangzhou
Dalian
Tianjin
Beijing
Nanjing
Shanghai
0
New in Shanghai: 1 Van Cleef & Arpels; 1 Harry Winston; 1 Piaget; 1 Damiani
New to Nanjing: 1 Van Cleef & Arpels; 1 Chaumet;1 Piaget
Opened in Beijing: 1 Van Cleef & Arpels; 1 Buccellati; 1 Pomellato; 1 Damiani
The winners and the losers
>Harry Winston
Opened 3 stores during the first half of 2013, and now has a total of 5 stores in China
>Leon Hatot
The only brand to close stores in the jewellery sector, its store in Shanghai is now its only remaining
presence after two stores in Beijing were shut.
LUXURY INSIGHTS CHINA
TM
9
July 2013 ©FDKG Ltd.
Luxury
Fashion
Luxury fashion dealership density ranking by city
Ranking
City
Total store
No.
Overall increase/
decrease
1
—
Beijing
228
1%
2
—
Shanghai
225
9%
3
—
Shenyang
90
10%
4
—
Chengdu
76
6%
5
—
Hangzhou
65
-7%
6
↑1
Tianjin
63
11%
7
↓1
Guangzhou
54
-7%
8
—
Harbin
52
0%
9
—
Shenzhen
47
-4%
10
↑1
Suzhou
39
3%
10
↑2
Wuhan
39
11%
12
↓2
Nanjing
38
-3%
13
↓1
Kunming
37
6%
13
↑2
Xi'an
37
12%
15
↓1
Dalian
34
0%
16
—
Chongqing
33
3%
17
—
Qingdao
26
13%
18
↑7
Changsha
25
25%
19
↓2
Taiyuan
24
4%
19
↑4
Hefei
24
14%
19
↑4
Zhengzhou
24
14%
The luxury fashion sector is a mixed
group of high luxury, and affordable
luxury brands into which we include
designer brands. The latter group
is still in the process of establishing
its value to the Chinese consumer
who don’t quite know how to regard
them; they are neither traditional nor
everyday, so many of these brands
struggle to establish their name.
Cities close to other major fashion
hubs such as Guangzhou, Shenzhen
and Hangzhou have seen a decrease
in retail coverage, due to economic
pressure on many brands overall, and
reduced footfall in stores. By contrast
a number of tier two and three cities
have seen their retail density increase
by double figures possibly due to
new rental agreements signed, at
what may have been very attractive
rates for some of the bigger brands.
The next 12 months will determine
whether these new stores will ever
be profitable, even for the top names
in the sector. Shanghai still remains
the most popular place for fashion
brands to expand and/or establish a
presence, and T3 city Changsha having
the greatest increase in stores when
compared to its status six months ago.
New store openings
Store No.
20
16
12
8
4
LUXURY INSIGHTS CHINA
TM
10
Urumchi
Kunming
Sanya
Xiamen
Taizhou
Beijing
Zhengzhou
Qingdao
Hefei
Xi'an
Chengdu
Wuhan
Changsha
Tianjin
Nanning
Shenyang
Shanghai
0
July 2013 ©FDKG Ltd.
Luxury
Fashion
The winners and losers
>Hangzhou
Shanghai is still the first choice for fashion brands, 18
new stores opened in the first half of 2013.
Hangzhou has seen five store closures due to the huge
choices in the sector already available in the city, and
due to its proximity to Shanghai where its citizens can
drive or take a train to in under an hour.
>Nanning
>Guangzhou
>Shanghai
Nanning is a new focus for fashion brands, at the end
of 2012, it had only 12 stores belonging to the brands
we monitor, but in the past six months this number has
increased to 20.
Guangzhou has and will continue to be challenged by
its neighbour Hong Kong, that offers greater choice and
lower prices a short drive or train ride away.
Brands that have expanded rapidly in the past six months
Brand
LV
Versace
BottegaVeneta
Escada
Furla
Dunhill
Brunello Cucinelli
LUXURY INSIGHTS CHINA
The mix of brands that have shown the most
rapid expansion in the past six months is
wide. Despite LV ‘burn-out’ amongst many
more experienced consumers, the brand is
still working hard to expand its coverage and
leverage its reputation. Versace first arrived in
China in 2000, and has previously taken a slow
and steady approach to expansion. In the last six
months, this approach has been accelerated, as
has that of BV, who have taken advantage of a
successful 2012.
Store No.
Jan 2013
40
Jun 2013
46
Increase
6
Jan 2013
21
Jun 2013
35
Increase
14
Jan 2013
24
Jun 2013
31
Increase
7
Jan 2013
20
Jun 2013
27
Increase
7
Jan 2013
15
Jun 2013
23
Increase
8
Jan 2013
113
Jun 2013
119
Increase
6
Jan 2013
6
Jun 2013
12
Increase
6
TM
Dunhill has continued to expand despite the
slowing market, and affordable luxury bag
brand Furla continues to invest in an attempt to
catch up with its peers in the sector. And Iconic
men’s fashion brand Bruno Cucinelli is taking
advantage if his Italian roots and growing
international status with wealthy consumers
who know something about fashion.
11
July 2013 ©FDKG Ltd.
Luxury
Fashion
Brand
Store
closed
Remaining
store
number
Alexander McQueen
1
1
Beijing
Badgley Mischka
1
12
Shanghai
Balmain
2
2
Shanghai; Beijing
Berluti
1
6
Ningbo
Chanel
1
9
Shenyang
Donna Karan
1
1
Shenyang
Emporio Armanni
1
22
Chengdu
Fendi
3
18
Beijing; Suzhou; Xi'an; (Shanghai; Tianjing)
Fratelli Rossetti
1
3
Shenzhen
Hogan
1
3
Shenyang
John Lobb
1
2
Hangzhou
Marc by marc jacobs
7
17
Beijing; Dalian; Nanjing; Hangzhou; Guangzhou; Changsha; Xi'an;
(Shanghai)
Marc jacobs
1
2
Shanghai
Thomas Pink
4
7
2 in Shanghai; 2 in Beijing
Tod's
1
26
Wuhan; Fuzhou
Vivienne Westwood
3
5
Shenyang; Nanjing; Hangzhou
Cities where stores have been closed or (opened)
The table on the above demonstrates the challenge
for designer and affordable luxury brands in China.
Amongst the group are five brands owned by LVMH, a
handful of privately owned brands, one from the Kering
stable, and two from Tod’s.
There are two themes here, designer labels and luxury
shoes. In a country the size of China, the choices in
fashion are large, and reasonably good quality everyday
clothing is abundant. There are many local brands
serving the middle and upper middle fashion markets,
and a few international players. Designer product is
priced considerably higher here than in the west, and
the quality of design, materials and workmanship are
not communicated effectively, hence people who will
buy Marc by Marc Jacobs or Vivienne Westwood are
limited in number, even in a tier one city where a young
woman would rather buy a luxury handbag than
spend the equivalent money on a dress.
LUXURY INSIGHTS CHINA
TM
The male shoe market in particular was slowly
developing as men regard expensive shoes, much like
a watch as an emblem of status and success. With the
slowing economy, and greater consumer knowledge
money is being spent more wisely, and perhaps unlike
woman who might buy shoes spontaneously, men take
a more pragmatic view to such a purchase. Owning a
small number of good quality pairs of shoes is enough
for a Chinese man.
12
July 2013 ©FDKG Ltd.
The Brand Reach Review
Summary
'Over the past six months, we can see that the general expansion into tier
two and three cities has continued, but at a slower pace than in previous
years. Although not dramatic, the slowed expansion demonstrates a
general decline in the luxury sector particularly related to watches and to
some extent fashion and accessories. The luxury auto sector continues to
spread into tier two and some tier three cities, and jewellery expansion
which has been limited in the past has steadily moved into locations
where it might be expected to be unlikely, yet where this type of product
will be seen as an investment of reasonable stability.
Rationalisation by many brands has hit the cities of Guangzhou and
Shenzhen due to their proximity to Hong Kong, and where many local
consumers will travel for greater choice and lower prices. Hangzhou
known for its wealth has also dropped on the relative ranking, because
of its proximity to Shanghai and the mobility of its citizens. Nanjing the
provincial capital of Jiangsu has by contrast become a hot spot in the
past six months, ranking highly for the auto and jewellery sectors.
The 2013 strategies of many brands will begin to unfold during the second
half of the year, and we will start to see how effective the outreach into
smaller cities will become, and whether few stores and more focused
retail in some of the more traditional locations is effective. This caution
in many cases will represent a challenge for the shopping mall developers
and operators, as their projected occupancy targets prove difficult to
attain, and rental revenues decline.
The Luxury Insights China team will continue to monitor the reach of
luxury brands in China and reporting trends and views within the coming
issues. Our next Brand Reach Review will be issued in January 2014. If you
have any questions about the content of this review, please contact
[email protected]
LUXURY INSIGHTS CHINA
TM
13
July 2013 ©FDKG Ltd.
Appendix
The brands included in this review
Luxury cars
Luxury Watches
AC Schnitzer
Aston Martin
Bentley
Brabus
Bugatti
Ferrari
Koenigsegg
Lamborghini
Lotus
Maserati
Maybach
Morgan
Pagani
Porsche
Rolls-Royce
Spyker
Wiesmann
A. Lange & Söhne
Audemars Piguet
Baume & Mercier
Bedat & Co
Bell & Ross
Blancpain
Boucheron
Breguet
Breitling
Bvlgari
Cartier
Chopard
Chronoswiss
Corum
Ebel
F.P.Journe
Franck Muller
Girard-Perregaux
Glashütte Original
Greubel Forsey
H. Moser & Cie.
Hublot
Jaeger-Lecoultre
Jaquet Droz
Laurent Ferrier
Léon Hatot
MB&F
Omega
Panerai
Parmigiani
Patek Philippe
Piaget
Richard Mille
Roger Dubuis
Rolex
Ulysse Nardin
Vacheron Constantin
Zenith
Boucheron
Buccellati
Bvlgari
Cartier
Chaumet
Chopard
Damiani
De Beers
dinh van
Graff
Harry Winston
Jacob & Co.
Lalique
Léon Hatot
Mikimoto
Piaget
Pomellato
Qeelin
Tiffany & Co.
Van Cleef & Arpels
Agnona
Alexander
McQqueen
Armani Collezioni
Badgley Mischka
Balenciaga
Bally
Balmain
Berluti
Bottega Veneta
Brioni
Brunello Cucinelli
Burberry
Canali
Celine
Chanel
Chloé
Christian Dior
Coach
Daks
Diane von
Fürstenberg
Dolce & Gabbana
Donna Karan
Dunhill
Emilio Pucci
Emporio Armani
Ermenegildo Zegna
Escada
Fendi
Fratelli Rossetti
Furla
Gieves & Hawkes
Giorgio Armani
Giuseppe Zanotti
Goyard
Gucci
Hermès
Hogan
Hugo Boss
J.M.Weston
Jean Paul Gaultier
Jimmy Choo
John Lobb
Kenzo
Lana Marks
Lancel
Lanvin
Loewe
Louis Vuitton
Marc by Marc Jacobs
Marc Jacobs
Collection
MCM
Miu Miu
Mulberry
Paul & Shark
Prada
René Caovilla
Roger Vivier
S.T. Dupont
Salvatore Ferragamo
Santoni
Sergio Rossi
SHANG XIA
Luxury Jewellery
Luxury Fashion
LUXURY INSIGHTS CHINA
TM
14
July 2013 ©FDKG Ltd.
End note
July 2013
www.luxuryinsightschina.com
Luxury Insights China is a unique report assessing the Chinese
luxury sector that is issued 10 times a year. The content is gathered, written
and issues commented on by the researchers, analyst and operational
luxury experts from FDKG based in the country. The regular reports
provide senior staff of luxury brands a concise summary of activities and
influences across the whole sector. It contains no advertising, just pure
facts, valuable opinion and market insight.
Our sector specialist market researchers are constantly monitoring the
entire luxury sector in China and specifically their sub-sectors, they are
supported by independent advisors who operate within those sub-sectors
to provide opinion and advice to the editorial team of the Luxury
Insights China report. Because of our close connections with staff
working for brands in China, and a network of luxury consumers, we
are able to verify market data and assess trends on a practical level, all
of which contributes to the value and authenticity of our content. The
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