via dailyorange.com
Luxury fashion brands push toward China
Fashion, whether in terms of the consumer or the industry itself, is all about chasing the trends. Most trends are only around for a few seasons or at least until the magazines and bloggers deem them “so last year.”
However, some trends stay because they’ve found a balance between consumer interest and brand interest. Just take a look at the evolution of leopard print, the color black and even social media. The best trends are not just the ones that stay but the ones that change fashion forever.
This is the case for fashion’s latest craze: China.
“China is forecast to become the world’s top buyer of luxury goods by 2015,” according to consulting firm PricewaterhouseCoopers in an article published in The Independent on Sept. 15.
With Western countries still struggling in the recession, luxury brands are now looking toward the East for sales boosts and new brand identities. Designer labels, such as Louis Vuitton, Hermès and Cartier, are sprouting up retail stores all over China, specifically in its biggest cities: Hong Kong, Shanghai and Beijing.
The recent emergence of China as a growing fashion empire is definitely seen as new, intimidating territory. Most brands are still behind on incorporating China into their five-year plans.
For one, China has always been known as a country heavily reliant on its export growth and cheap labor. Brands labeled as “Made in China” come with negative connotations and are often seen as fake imitations of the real thing. But with high-end brands moving in, the country is looking to build a more extravagant image for itself. Credibility is slowly being brought back into the hands of the Chinese.
Another concern brands have with China is of course the cultural gap between the East and the West.
“When it comes to attracting China’s new wealth, the challenge for some of the world’s most iconic luxury brands is figuring out how to appeal to a consumer base that is constantly evolving and is, in many ways, very different from traditional markets in the West,” wrote Bettina Wassener in an article published in The New York Times on Nov. 8.
Going back to the longevity of trends in fashion, it’s important for brands to find ways to appeal to consumers. Labels such as Hermes and Louis Vuitton have succeeded in the Chinese market because they have found a common interest: heritage.
“Brands with a long history, like Hermes, particularly appeal to the Chinese ‘self-made man,’ who has worked hard to obtain a higher rank and are educating themselves on the value of what they buy,” according to an article published in The New York Times on Nov. 9.
As a country with so much history, China prides itself on its heritage and is naturally drawn to brands that do the same. This is why old brands like Gucci and Chanel thrive in China and often find lines of wealthy Chinese people waiting to wipe the shelves clean.
After years of backwash, China is finally moving into the frontier of fashion. Luxury labels have been quick to see this trend, and it’s only a matter of time before it trickles down to high-end and low-end department stores. But building interest and awareness is easier said than done, and if a brand struggles to find its place in China, then it should be prepared to get trampled over.
All’s fair in the business of fashion, so either get with the program or wait for extinction.
SOURCE ARTICLE.
