Lately, I can’t help but notice that 1 in every 5 fashion business article I read seems to be giving the deails of a fashion luxury brand doing business in China. For those of you who are unaware of this, let these facts wash over you-
- In China, affluent customers are choosing luxury in every aspect of their lives according to a 7-counry survey of households earning $150,000
- Prada forecasts that its sales in China are expected to double or even triple in the next 2 to 3 years
- Sports apparle Nike Inc has set a target of boosting its annual sales in China to $4 billion by 2015
- Much of Europe’s hyper-luxury sector is being devioured by China, one of the fastest growing emerging markets
- Yoox Group, the Italian company that builds and manages about half the fashion worlds’s etial outlet (Armani, Marni, Dolce & Gabbana etc), was recently the first multi-brand e-tailer to launch a high-end multi brand boutique in China called- thecorner.com
Personally, what these facts tell me is that it is time for me to move shop to China and get a slice of the lucrative pie.