2019/12/27

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Brand CEOs explain why Chinese consumers are future of luxury

  

Bruno Pavlovksy is president of fashion at Chanel.



It's no surprise that China was a top priority for luxury CEOs in 2019.


Chinese consumers, both in their own country and travelling overseas, have become the biggest luxury spenders in the world, and luxury bosses know that you can't be successful as a brand if you don't have a thriving business in China.


CEOs offered insights on the luxury fashion business, including young executives such as Hong Kong-born Charles Leung, the first Asian CEO at an LVMH brand, and Alexandre Arnault, the LVMH scion and CEO of luggage manufacturer Rimowa, as well as established names such as Chanel's Bruno Pavlovsky.


SERGE BRUNSCHWIG, FENDI



LVMH veteran Brunschwig talked about political correctness, why Fendi still sells fur, and how young shoppers drive the business.


After 54 years as Fendi creative director, Karl Lagerfeld's death has left a huge gap, but the Frenchman remains calm and positive about the future.


CHARLES LEUNG, FRED


Hongkonger Leung is the first person of Asian descent to hold a global CEO post within the luxury conglomerate LVMH, as head of heritage jewellery line Fred.


He believes Fred's future growth lies with the next generation. He also has his sights set on expanding in Asia.


ALEXANDRE ARNAULT, RIMOWA



From working with labels like Fendi and Supreme, to stars including Roger Federer, Arnault is changing the culture of the 121-year-old brand.


He told us that although Rimowa is already huge in China, the growth of country's middle class and interest in travel is bringing lots of new customers.


RAVI THAKRAN, L CATTERTON


LVMH's regional chairman talked about the many rising fashion stars in Asia that have the potential to go global, and why he does not see the continent producing a true global luxury fashion brand in the next decade, saying that "something is missing".


BRUNO PAVLOVSKY, CHANEL



Pavlovsky told us he isn't sure e-commerce is the way to connect with young people, and explained Chanel's opposition to second-hand marketplaces amid the luxury industry's war on fakes.


FEDERICO MARCHETTI, YOOX NET-A-PORTER



E-commerce fashion site Yoox, which merged with Net-a-Porter in 2015, first appeared on the scene in 1999.


The chairman and CEO of Yoox Net-a-Porter Group talked about why it remains successful, and why for the group the next luxe market to break into is China.


Source: SCMP


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