We all know that China is still a developing country, so you may be amazed if you hear the following facts: China has overtaken the U.S. to be the world’s second-largest luxury goods market.
A piece of shocking news attracted the attention of the fashion world shortly after the 2009 Fall-Winter custom-made fashion week that premier custom-made fashion brand Christian Lacroix announced bankruptcy.
On July 27, China’s women fashion brand EVENY submitted an acquisition proposal to France to become one of three potential buyers. If EVENY wins, it will acquire permanent brand use rights in Greater China including the Chinese mainland, Hong Kong, Macau and Taiwan.
China’s home-grown enterprises are on the way to own world-famous luxury brands. If they cannot build up a brand within a short period, purchasing other brands is perhaps not a bad choice.
Sichuan Tengzhong Heavy Industrial Machinery (Tengzhong) has proposed to buy Hummer. Private enterprises bought the Pierre Cardin brand and a Zhejiang-based enterprise bought Italy’s yacht brand Dalla Pieta. China’s home-grown enterprises are on their way to owning world-famous luxury brands.
It is an embarrassing question, when can China which has annual luxury goods sales of 15 billion U.S. dollars and is likely to become the biggest luxury market, have its own world-famous luxury brand? For higher national pride or the motivation to pursue commercial profits, Chinese people believe that China should have its own luxury brands and hope that this wish can become reality as soon as possible.
Shanghai Tang, the “high-class fashion brand of China” was purchased by the Richemont Group, a top luxury French company. The brand was established by a Hong Kong merchant named David Tang in 1994. Of the a few brands which have already entered international market, this is the most successful.
Its design style includes western, eastern, traditional and fashionable elements, and can completely and vividly display the romance of old Shanghai in the 1930s. In 2000, the brand was purchased by the Richemont Group, a top luxury French company, and now, Shanghai Tang is the only top international fashion brand whose name compromises of a place in China and which takes Chinese characters as its symbol.
Moet Hennessy purchased Sichuan Wenjun Distillery and spent a great sum of money building the Wenjun Liquor Village, its first base in Asia to promote its high-grade liquor brand. Liquor, tea and other industries with local features are believed to enjoy a promising prospect. If a local luxury brand will emerge, it would be from one of these industries.
Lundao Zhuyeqing tea leaves, a famous tea brand representing China’s traditional culture, have the value to be promoted and praised. Tea leaves have a time-honored history in China. Throughout the thousands of years of Chinese civilization, tea is no longer limited to being a healthy drink. It has become a cultural symbol integrating religion, philosophy and aesthetics. Lundao Zhuyeqing is developing into a luxury brand by way of promoting the culture.
via Review: What premier brand products are made in China? – People’s Daily Online.
