China's Wealthy Look Beyond Big Name Luxury Brands
Created: 2012-10-02 13:35 EST
The market for affluent brands has been on the rise in China, along with the growth of the country’s super-rich. Demand for established brands like Louis Vuitton, Dior, and Chanel have increased, that is until recently.
[Chen Qing, Journalist, Hong Kong TV Channel EMG]:
"Before that they liked Louis Vuitton, big brands, but now they like something with personality, simple style but with accessories or details, very special. So I think some brands like Carven, they have big market in China."
As Chinese people struggled under the Communist Party’s Cultural Revolution campaign in the 60’s and 70’s, the fashion world was developing and redefining itself in the west. With reforms and policies of opening up, those who got rich in China were ready to flaunt their wealth with big name labels. But that is changing.
[Yoyo Yao, Vogue China Senior Fashion Editor]:
"I think that perhaps at the very beginning people were more about wanting to make a statement like, 'I'm wearing Dior, I'm wearing this and that label,' but now, it's become more refined. Women's tastes are becoming more discerning. They'll also seek very young labels, but with a lot of style, not just chase after the big name labels, yeah it's like that."
This may explain why, on top of the economic slowdown, certain fashion labels like Burberry, Prada, and Ralph Lauren have taken a hit in recent months.
As Chinese tastes become more refined, established labels are less appealing, and well-made products are in higher demand. This means up and coming fashion labels like Carven and Damir Doma might have better market in China than their struggling cachet counterparts.