A recent article in Black Friday Magazine talks about how, for the first time, luxury Chinese brands could be overtaking overseas companies in terms of popularity with their domestic audience. The old guard of Hermes, Gucci and Louis Vuitton could see themselves ousted by Chinese luxury brands like Shanghai Jahwa United, which sells highly regarded yuan perfumes, and Eve Group, which offers luxury menswear to high-profile customers such as martial arts actor Jet Li.
The article goes on to discuss how Chinese consumers are becoming more interested in reattaching themselves to their country’s heritage and culture, so there could be significant opportunities for domestic brands looking to take a slice of the $33 billion luxury market.
“China’s manufacturing was very backward 30 years ago, and consumers worshiped and pandered foreign goods and ideas,” Jahwa Chairman Ge Wenyao said. “Foreign products are still good but the aura surrounding their brands is no longer there.”
A previous post in this blog talks about the new standard for “Made in China” goods, where brands are committing to providing quality goods for its domestic consumers. It will be interesting to see if China is able to produce some home-grown luxury brands that in time will appeal not only to the Chinese audience but have global allure.