Luxury Markets Reports

/Luxury Markets Reports
Luxury Markets Reports 2019-10-03T14:03:16+00:00

Dunhill opens two new stores in South Korea

The new stores are situated within Lotte department stores in the Seoul district of Jamsil and Southern city of Busan, continuing the brand’s expansion strategy in Asia and paving the way for a third store opening in spring next year.

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Chloé opens flagship store in Seoul

Chloé unveiled a new 386-square-meter, two-story boutique in the lively luxury shopping district of Cheongdam in Seoul. The eye-catching façade, consists of beige marble stones and the maison’s logo in brass is luminous by day and lit-up at night. Bright glass vitrines covering the two floors entice passers-by into the light-filled space, as warm and welcoming as a home.

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Millionaires are showing off their money in a new way

The definition of luxury is evolving, and the change applies to not only what people are spending money on, but how they’re doing it.

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LVMH achieves record result, with profit up 21 per cent

The world’s largest luxury retailer LVMH shrugged off broader market pessimism overnight reporting record revenue of €46.8 billion last year, up 10 per cent over 2017. Excluding the closure of the unprofitable Hong Kong airport duty-free business in December 2017, the group’s organic growth was 12 per cent. Every business division delivered what the company described as “excellent performances”.

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Prada’s sales surge on rapid greater China growth

Asia has once again energised luxury fashion label Prada’s sales in the first half year. The company has reported net revenue up 9.4 per cent in the six months to June 30 (although a lesser 3.3 per cent at current exchange rates). However Prada Asia-Pacific sales surged 13.8 per cent at constant exchange rates, or 6.6 per cent at current rates, most of that growth coming from company-owned stores.

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Why Brands Shouldn’t Treat the Hong Kong and Mainland Markets the Same

Brands often talk about marketing in Greater China. However, considering the strong cultural differences in the different markets that constitute Greater China, which includes China, Hong Kong, Macau, and Taiwan, firms can run into issues of being politically or culturally deaf. These kinds of missteps can lead to long-term damage to a brand and its marketing efforts.

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THE RISE OF LUXURY JEWELRY WITH CHINESE MILLENNIAS

From changing cultural mindsets and innovative designs to forward-thinking digital promotional strategies and price adjustments, the scene has been set for luxury jewelry brands to thrive in the Chinese market – especially with female millennials.

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CHINA’S ‘WANNEBE CONSUMERS’ WILL GROW THE FASTEST BY 2020, SAYS BAIN REPORT

The start of this year marked a major shift in China’s luxury market. Chinese consumers are now spending more on high-end products domestically and their attitudes are also evolving, fueled by digitization, over-exposure to luxury, a changing economy, and changing demographics. A new report by Bain & Company, done in collaboration with Alibaba-backed luxury e-commerce platform Mei.com highlights the ways in which Chinese luxury consumers are maturing and becoming more opinionated and demanding.

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CHINA’S WEALTHY ARE SPENDING A QUARTER OF THEIR BUDGET ON HEALTH AND ATHLEISURE

As average Chinese families get wealthier, they seek more from their luxury consumption than the mere ability to show off. As the face of luxury and fashion continues to change, luxury brands need to remain attuned to these fluctuations in order to stand apart from their numerous competitors in China. One increasingly apparent dimension to Chinese consumers’ understanding of new luxury is the rise of athleisure.

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INDONESIA LEADING CHARGE, SAYS ASIA LUXURY INDEX

Indonesians have become Asia’s foremost online buyers of luxury goods, according to th latest Asia Luxury Index.Amid difficult economic conditions, online sales of luxury goods in Indonesia have grown by 84 per cent, according to the index, which draws mainly on the sales data of Reebonz, a Singapore-based eCommerce platform for luxury products.

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AUSTRALIAN LUXURY RETAIL GROWING BY 9.8PC

Luxury retailing in Australia is projected to be a $2.4 billion industry by 2019-20, according to a new report by IBISWorld.

IBISWorld’s “Luxury Retailing in Australia” report says the country’s relatively stable economy has given its residents more disposable income, leading to more luxury purchases. Due to Australia’s favorable market for luxury goods, many brands have aggressively expanded their operations in the region.

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SOUTH EAST ASIA: THE NEXT WAVE OF LUXURY?

Southeast Asia represents the next big hotspot for premiumisation in Asia. As the region accelerates through this cycle of spreading consumer prosperity, it is predicted that the number of middle-income consumers will increase from 190 million in 2012 to 410 million in 2020.

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HERE’S WHY SINGAPORE IS A SHINING BEACON IN LUXURY ASIA

Singapore is the key regional hub for Luxury in ASEAN, and a top hub in Asia-Pacific, with a market size in 2013 of €2.5 billion (ca. S$4.3 billion) compared to the ASEAN market size of €5.5 billion, and the Greater China market size of €27.4 billion which includes China, Hong Kong, Taiwan and Macau. – And Singapore incidentally ranks 5th in the 5 largest destination countries by value of tax free shopping value after France, Italy, UK, and Germany.

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CHINESE CONSUMERS BUY NEARLY HALF OF WORLD’S LUXURY PRODUCTS

Chinese consumers spent 1.2 trillion yuan ($183 billion) abroad last year, with the goods they bought ranging from luxuries to daily necessities, according to a luxury-market consultancy. More than 60 percent of the consumers bought luxury products — including handbags, cosmetics and mobile gadgets — spending $116.8 billion on such goods, the Beijing-based Fortune Character Group said.

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CHINESE LUXURY SHOPPERS INCREASINGLY TURNING ONLINE: KPMG

For Chinese, online shops are quickly evolving from simply a means to get a bargain to somewhere movers and shakers can splash out on pricey clothes and accessories. According to a study published by auditor KPMG earlier this week, Chinese buyers of luxury items are increasingly favoring online retailers over brick-and-mortar stores, which will account for half of Chinese luxury spending by 2020.

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ASIA LUXURY RETAIL REVIVAL AHEAD

While Asia Pacific may be experiencing a slowdown in luxury retailing right now, three key trends will fuel a renaissance in coming years.

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