日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Policies

Luxury brands playing catch-up in online pitch to Chinese consumers

By LIA ZHU in San Francisco | CHINA DAILY | Updated: 2020-06-16 07:42
Share
Share - WeChat
The logos of French luxury group Kering and fashion house Balenciaga are pictured on Kering headquarters in Paris, April 20, 2020. [Photo/Agencies]

Luxury brands are looking to Chinese e-commerce sites to boost sales as their businesses struggle in the rest of the world due to the COVID-19 pandemic.

But experts say Western brands aren't yet in a position to be successful in China, the world's most important luxury market, because of their reliance on brick-and-mortar stores and lack of savvy when it comes to digital retailing.

Fashion house Balenciaga is among the latest brands to join Alibaba Group's e-commerce site Tmall. Balenciaga's Tmall store opened last month and is the Paris-based brand's only online official flagship store on a third-party platform.

Affected by the coronavirus pandemic, US fashion brand Michael Kors also turned to Tmall to launch a new customization service ahead of a global rollout later this year. The brand recently initiated its first Super Brand Day, a Tmall program allowing participating brands to offer flash sales and special offers on their Tmall storefront.

Bulgarian shoe brand By Far recently opened a flagship store on Tmall's rival, JD. The coveted brand has seen 65 percent of its products sell out after just four days, and about 90 percent of its products sold out after a month, according to a JD news release.

Apple, in partnership with Tmall and JD, has cut prices of its latest iPhones in China ahead of a major annual online shopping festival called 6.18.

Many global brands are focusing their post-outbreak e-commerce retail strategies on Chinese consumers as they emerge from lockdown and get ready for online shopping events.

"We expect China's luxury segment to come back fastest, hence it is critical for brands to be well-positioned with Chinese luxury consumers," said Daniel Langer, CEO of management consulting firm Equite and a professor of luxury strategy at California's Pepperdine University.

Chinese consumers are responsible for around 40 percent of the global luxury market, and that is expected to grow to 50 percent by 2030, according to a forecast by Equite.

As the Chinese market returns to normal, and Europe and the US are just starting to reopen their economies, the ability to connect with Chinese consumers can define whether a business survives or not, Langer said.

"For many Western brands, it will be critical to participate now in the rebound of the Chinese economy and the increasing appetite of Chinese consumers to restart spending, as their businesses in the rest of the world struggle or even come to a standstill," he said.

'Come back in a big way'

Adriel Chan, executive director of Hong Kong-based Hang Lung Properties, said the luxury sector has "come back in a big way".

The company owns 11 mostly high-end shopping centers in China.

"April (sales were) basically equal to last year," Chan said at a recent webinar held by Asia Society Southern California. "That's a little bit surprising in the magnitude of the recovery, so I think that if this continues, luxury retail, at least in the Chinese mainland, will continue to do very well."

In China, luxury brands are shifting strategy to take advantage of all the online channels available, he said. "The luxury brands' CEOs that we talked to just a year ago were saying that online sales were accounting for 5 to 7 percent, and they saw it going up to maybe 15 percent when we most recently spoke to them," he said.

But Langer noted that most Western brands are held back in China because of their high dependency on physical locations and a lack of mastery in the rapidly changing area of digital social media and social selling.

"There are two particularities of Chinese consumers that are different to other markets-they are the youngest luxury consumers with a sweet spot between 25 and 35 years of age, and they are the most digital," he said.

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 亚洲第一看片 | 波多野结衣久久 | 青草视频在线免费观看 | 成人av影视 | 日少妇视频 | 先锋影音男人资源站 | 国产97色| 欧美午夜精品久久久久久人妖 | 亚洲毛片在线看 | 国产久操视频 | 最近日韩中文字幕中文 | 中文字幕一区二区三区在线观看 | 97视频在线免费观看 | 中文字幕手机在线观看 | 韩国av中文字幕 | 日韩成人高清视频 | 四虎在线免费播放 | 国产精品久久久 | 黄网在线免费看 | 国内特级毛片 | 欧美午夜精品久久久久久人妖 | 97在线公开视频 | 先锋影音资源av | 色综合天天干 | 亚洲精品久久久久久久久久久久久 | 日日爽日日操 | 欧美成人毛片 | 日韩亚洲视频 | 欧美精品系列 | 亚洲日本一区二区三区 | 2019亚洲天堂 | 亚洲视频在线播放 | www.xxx国产| 香蕉久久综合 | 日本在线精品 | 欧美精品一 | 亚洲一区二区三区三州 | 99热r | 国产一区色 | 国产精品高清在线 | av免费在线观看网站 |