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8/2/2019 TheStore Newsletter 006 Luxury in China
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Luxury InChina:
Goldmine orMinefield?
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ii. What Luxury Means in China
iv. A Simple Segmentat ion, Key Implicat ions
v. Finishing Tips
i. Set t ing the Scene, Some Facts & Figures
iii. The Cultural Context
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Luxury brands in China today have
a problem.
8/2/2019 TheStore Newsletter 006 Luxury in China
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It s a tangled glob of glit ter!
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Brand Different iat ionis in its Infancy
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Consumer Dif ferentiat ion of Luxury Automobiles: Anyone can st il l beanything differentiation still minimal.
Source: TNS, Luxury Brands and Middle Class Chinese, Online Survey, November 2006.
Brand Personalities are Not Perceived Clearly
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If you arenot t he No. 1 brand, even
if you are No. 2 or No. 3, t he oddsare your fingers will be burned
- Ivan Kwok, Bost on Consul t ing Group, Hong Kong
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I t s
huge,
As a luxury market
cluttered,
Uneducated
and slow
8/2/2019 TheStore Newsletter 006 Luxury in China
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And yet the facts
are excit ing
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rdlargest consumer of luxury goods in the world(after Japan and the US)
Source: KPMG 2006
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Chinese Millionaires Today*
Source: Merrill Lynch, Wealth Report, 2006*USD
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Chinese Who Can Afford To Buy Luxury Brands(expected to grow to 250m by 2010)
20102.5
Source: China Associat ion of Branding St rategy, quoted in China: The New Lap of Luxury, Ernst and Young, 2005
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Market Where Men Consume Much More
Luxury than Women
Source: Merrill Lynch, Wealt h Report , 2006
This is the
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Luxury Market in the World
Source: Merrill Lynch, Wealt h Report , 2006
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The Richest Men in China
RANK NAME WEALTH AGE
1
2
3
4
5
Huang Guangyu
Xu Rongmao
Yan Jiehe
Timothy Chen Tianqiao
William Ding Lei
1.70 billion
1.50 billion
1.45 billion
1.25 billion
1.20 billion
36
45
32
34
55
3 out of 5 are in their 30s53
Source: Hurun Report , 2006
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Average Age of Richest Men
Europe
China
60 47Source: Merrill Lynch, Wealth Report, 2006
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Stage 1 Stage 4Stage 3Stage 2 Stage 5
Source: The Spread of Luxury Model, The Cult of t he Luxury Brand: Inside Asias LoveAf fair wit h Luxury, London,2006
Subjugation way of lifestart of money show off fit in
INDIA
CHINA TAIWAN, S KOREA HONG KONG, SINGAPORE
JAPAN
China is at the Tipping Pointof the Luxury Explosion
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ii. So What Does LuxuryMean to the Chinese?
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Luxury in China
isn t new
Since ancient t imes, precious materialsand obj ects have been used to signify
status
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917 2007
Flashy Luxury is st il l used as a primaryMarker of Status
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SIGN
Signifier
Signified
Luxury in China TodayPrimarily MakesSocial Statements
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(SIGN)
(Signif ier)
(Signified)
Luxury Consumpt ionof Diamonds
MyHusbandis Rich
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Luxury Consumpt ionof Cognac
Werethe elite
(SIGN)
(Signif ier)
(Signified)
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Luxury Consumpt ionof Watches
I msophisticated
(Signif ier)
(Signified)
(SIGN)
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Luxury in China isfundamentally dif ferent
from in the West
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Internal
External
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Cross-Category Learnings: Shower Gel
Europe
Indulgent Experience
Joy of Showering
Fa,Clairol
(Herbals , Fragrances)
Asia/ China
/Good for skin
Beautiful skin
Dove, Olay
(Moisturizing Cream, Milk)
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Self-Actualization
Prest ige
Belonging
Safety
Physiological
IconicStatus
Admiration
Affiliation
West Asia/ China
Maslow s Hierarchy of Needs and its Asian Equivalent
Source: Consumer Behaviour in Asia, Hellmut Shutte with Deanna Ciarlante, Macmil lan Business, 1998
Safety
Physiological
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The Chinese Love Luxury
think luxurybrands denote
Success
think luxurybrands denote
Superf iciality
Source: TNS, Luxury Brands and Middle Class Chinese, Online Survey, November 2006.
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Vs.
Vs.
And t hey l l pay a premium for publ ic consumpt ion
local brand technology
in-home
lower priced
ice-cream in-home
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Penet ration (%) across consumpt ion locat ion (Beij ing)
Yanj ing Budweiser Entertainment Outlet 20 33
Premium Restaurant 10 12
General Restaurant 83 7
Home 76 -
Brand imagery Budweiser Zhuj iang
Suitable to be consumed in a nightclub 12 -17
Suitable to be consumed with friends -1 0
Suitable to be consumed at home -7 14
Cross-Category Learnings: Beer
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The Chinese relat ionshipwit h luxury at t he moment
is purely funct ional, not yet
emot ional
- Former Marketing Manager, Chanel, China
Luxury:
t here s no pointhaving it
unless t here s apay-off
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That s why the
visual natureof a brand is so
important
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On Visual Cult ure
aside number one
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From childhood onwards, theChinese mindset is trained to
appreciate the nuances ofvisual symbols as cognit ive aids
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As a result, when it comes to brands, the
Chinese are some of the most visuallytuned-in consumers in the world
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The logof icat ion of bags wast he single most import antfactor in spreading the luxury
brand mania in Asia
Logo- Radha Chadha and Paul Husband, The Cult of theLuxury Brand: Inside Asias Love Affair with Luxury,
London,2006
We all know logos are
import ant here
Logo
?
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1Acronyms and Symbols
help tomake sense
of the big, confusing,
j umble of English brand names
PronounceableMemorable
But Why?
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2They have the benefit of instantrecognit ion the all-important
visual project ion
of status
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[ ]
But Now
Understatement is startingto matter more and more
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There are other ways toofor a brand to visuallyestablish it s uniqueness
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Symbol as logo
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Colour
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visualtexture
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Shape
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distinctiveadd-ons
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Detail
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iii. The Cultural Context
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The Confucian Conflict:RegimentationVs.Ambition
Vs.
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Regimentation Ambition
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Order
Hierarchy
Respect
Humility
Discretion
Preserving Face
Chineseness
Heritage
Tradition Rules
Harmony
Ego
Show
Sex Appeal
Energy
Pride
Drive
Irreverence
Innovation
Rule-breaking
Internationalism
Quirkiness
Vs
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want ing tofit in
and respect the
rules of society
but alsostand outand
demonstrateyour success
This means
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The use of Luxury today stillSignif ies Status
in this deeply structured and rigidly hierarchical society
, ,
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Equally importantly, Luxury Brands todayalso help you
get ahead
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Luxury inChina
Is
atool
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HSBC creating roads for you
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Bank of Communicat ions opening doors for you
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China Minsheng Bank be the centre of at t ract ion
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Ballantine s lubricat ing the corporate-success lifestyle
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Within this context, Luxury Brands need to be Enablers
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iv. A Simple Segmentation
Underst anding t he Core Conf l ict t hrough Luxury
Buyers in China
Th
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The
Established
New Luxury
Independent Women
Youth
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The Establ ished
New Luxury
IndependentWomen
Youth
* Note: These are qualitative estimates only
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The Established
1
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I need to demonst rat e t hatI belong at t he t op
but t here are always young upstart sangl ing for my posit ion
[ ]Luxury should be about Connoisseurship and Mastery
Key Implicat ion?
What does luxury mean
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What does luxury mean
to them?
- It reflects knowledge andsophist icat ion
-
- It shows an understanding of t hef inest in al l t hings
-
- It is a way of exert ing power andcontrol
-
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Lexus At the Pinnacle (not dynamic enough)
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Cadillac Ultimate Control
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Royal Salute Competitive Mastery
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Cadil lac Crafted Connoisseurship
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Hennessey XO Timeless Connoisseurship
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Breit ling and Bent ley Celebrat ion of Perfect ion
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Chivas 18 Indulgent Connoisseurship
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By the way, this is also the segment most likely
to be indulging their wives (tai tais)
and mist resses (er nais)
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On Madame Maint enance
aside number two
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After the male-skewed topsegment , t heer nais of China havebeen the second maj or f orceresponsible for t he growt h ofluxury in China
- Radha Chadha and Paul Husband,The Cult of the Luxury Brand: Inside
Asias Love Affair with Luxury,London,2006
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Luxury consumpt ion amongsecond wives and mist resses ishighly compet it ivebrandsbecome a symbol of power, t o
be wielded over a t ime-sharing husband or lover
- Radha Chadha and Paul Husband,The Cult of the Luxury Brand: Inside
Asias Love Affair with Luxury,London,2006
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The kinds of brands a man wil lbuy for hiser nai are completelydif f erent f rom what he l l buy hiswife theyll be much flashier,sexier
-Marketing Manager, top five internationalluxury label, Shanghai
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NewLuxury
2
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I need to move up t he hierarchy but myambit ions can t be t oo blat ant
[ ]Luxury should help me Shine,
but through Substance
Key Implication?
What does luxury
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mean to them?
- an important way of demonstratingprogress
-
- ref lect s balanced discernment in otheraspect s of l i fe
-
- a reassurance t hat new money doesn thave t o be uncouth/ t asteless
-
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BMW ii respectful progress
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BMW I personal elegance, personal substance
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Mart ell XO achievement through substance
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Tag Heuer achievementthrough inner met t le
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Hennessey VSOP unleashed personal creat ivit y
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X Drive inner spirit of adventure
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Ford Mondeo ambit ious aspirat ion
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Ford Mondeo achievement despit e rebellion
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Dunhill My Style as
Achievement
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Both these male segments tend to
be heavily involved in the Chinesepract ise of business gif t ing
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On Business Gif t ing
aside number t hree
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Guanxi is t he single biggest fact or for spurring
the growth of the luxury market in China
- Radha Chadha and Paul Husband, The Cult of the Luxury Brand:Inside Asias Love Affair with Luxury, London,2006
Confucian heritage
dictates that the
Guanxi
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dictates that theindividual s posit ionis determined bytheir externalrelat ionships with
society
Guanxi in modern China is a system oft ki th t th l t i hi
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Guanxi in modern China is a system ofnetworking that manages these relat ionships
through reciprocal favours, rewards and
recommendat ions for
business and personal gain
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Grey money is t he perfect amniot ic f luid
for any luxury brand market t o develop in
- Radha Chadha and Paul Husband, The Cult of the Luxury Brand:Inside Asias Love Affair with Luxury, London,2006
Business gif t ing count s for around
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- Radha Chadha and Paul Husband, The Cult of the Luxury Brand:Inside Asias Love Affair with Luxury, London,2006
of Chinese Luxury Consumpt ion today
In our shops, you wil l oft en see t wo guysshopping one guy choosing product s, t he
other wil l j ust sit and read, and then when
the things are being wrapped up, he willd Y b i b i
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come and pay. You bring your business
contact t o t he shop, i t s not as blat ant asa red envelope wit h cash, but youbasical ly say, let me buy you a jacket
- Tim King, Managing Director, Richemont Luxury Asia
Pacific, Alfred Dunhill division
classic
gif table itemswill always
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gif table itemswill alwayssell wellin China
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IndependentWomen
3
I want t o advance as a modern woman, but as a Chinesewoman I can t sacrif ice my gent le femininit y
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[ ]Luxury should help me Sparkle, not Shine
Key Implication?
What does luxury
mean to them?
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- a reflection of modernity, refinementand good t ast e
-
- allows me to say I mean businesswit hout having t o say it
-
- opens doors wi t hout aggression-
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Dior J adore sexy self -knowledge
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DTC total control wit h total elegance
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Hugo Femme femininit y wit hin
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Dior Rouge equal, yet unmistakeably feminine
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DTC unintentional sparkle
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Longines uncompromising feminine elegance
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Youth
4
I want t o be in but I don t have t he means yet
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[ ]Luxury should be Accessible
Key Implication?
Knowledge Money
Connect ions
What does luxurymean to them?
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- ref lect s savviness andconnect edness
-
- helps express t hat I have my sight sset high
-
- gets me not iced by t he right people-
I know girls from very modest backgrounds in China who will goto Hong Kong to buy their luxury bags they ll hole up 4 or 5 to ahotel room, carrying a stock of instant noodles with them for the
whole trip and then they will return to China with 4 or 5 Louis
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whole trip, and then they will return to China with 4 or 5 LouisVuit ton or Gucci bags and no more savings. This is the state of
luxury in China today
- Wendy Zhou, former Brand Manager,
Davidoff, China
22-27
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of Chinese aged 22-27 spendtheirent ire mont hs salaryevery month
36% of Chinese aged 22-27 spendmore t han they earn
15%
Source: ht t p:/ / news.xinhuanet .com/ engl ish/ 2006-07/ 21/ content_4863118.htm
Youth Market : A Huge Opportunity
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But Few Are Doing it Well
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Hugo barriers are inconsequential
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Hugo personal style, born of personal choice
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Tag Heuer aspire tothe top
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Omega accessorize your modernity (ballet)
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Miu Miu accessorize your modernit y (clubbing)
the super-rich*
only count for
less than 0 02%
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less than 0.02%of the population
0.02%
St aying accessible is crucial
in such a young and upwardly mobile market
*USD millionaires
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Affordable Access
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Herms in China now do bracelets and mobilephone accessories
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Yohj i Yamamoto sell out of leatherorganizers, belts, coin purses
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And Gucci in Shanghai is a
mecca of accessories
Don t only t arget high net wort h individuals every middleclass Chinese wil l save money to pay for high-pr iced it ems
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- Nanda Grif f ioen,Consumer Planning Direct or, Diageo China
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vi. Three More Tips
Come in Big
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Educate
Innovate
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Come in Big
but protect your exclusivity
Visibility is Crucial
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A luxury brand in China represent s middle class
aspirationsso you can t af ford to be t oohidden
- Nigel Luk, MD, Cart ier, China
Internationalism Rules
What t hey are buying is
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internat ional success. Neverdilute your West ern
credentials
- Radha Chadha and PaulHusband, The Cult of the LuxuryBrand: Inside Asias Love Affair
with Luxury, London,2006
First impressions real ly count here. You don t get a second chance
Aim High
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- Market ing Manager, Shanghai
Makes Cars You Would Be Proud To Own
-20 -10 0 10 20 30
B i k
Audi
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FAW-VW
Shanghai VW
Ford/ChangAn
Ford
HyundaiNissan
Toyota/ FAWToyota
MazdaHonda
Buick
Source: 2004 Synovat e car t racking
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Educate
Everyone is st i l llearning, (event hose who are working
Through product
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wit hin the indust ry)
()
- Former Market ing Manager, Chanel , China
History & Heritage
Process & Technique
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Ingredients & Provenance
And through Lifestyle
Lifestyle stories like the Chivas life have had runaway success in China
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Teach how to LIVE the
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luxury l ifestyle
How do you eat f ish eggs?
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Innovate
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LV doing chess and mah-j iang setsin China
LV
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Vertu teams up with Boucheron to of fer an expensively bej ewelled mobile
VertuBoucheron
Innovation
of your product, brand,and communicat ionswill help you stay
one step ahead
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pand ensure your brand doesn t end up in unexpected
places
Being seen as j ust as up-t o-dat e is crucial in China
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Counterfeiting
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the wrong hands
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Rolex Old chunky gold , and fake watch, imagery
difficult to shed
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Id never wear a Rolex now, i t sassociated with the first boom of the
newly ri ch
- CEO, nat ionwide company, 39,Shanghai
Potential solutions: Remind consumers of the inherent quality,craftsmanship and heritage of your brand
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And align the brand with the highest levels of achievement
Enabling Tool Wit hin Cult ural Cont ext
The Establishment :Mastery & Connoisseurship
To sum up
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AndLogoficat ion, Tai Tais and Guanxi
Youth:Accessibil i t y
Come in Big
Educat eInnovate
New Luxury:Substance not Flash
Women: Sparkle not Shine
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ThankYou
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