China's rich have insatiable appetite for haute couture
Updated: 2008-05-29 13:58
Leading the charge is upmarket Hong Kong department store Lane Crawford which is bringing designers to China who are seen as being on the cutting edge in the West but are not well-known in China.
The opening of Lane Crawford's first store in Beijing last October has expanded the China presence of British designers such as Alexander McQueen and Stella McCartney and heralded the arrival of more niche designers including Dries Van Noten, Hussein Chalayan and Rick Owens.
Buyers from Lane Crawford now take prized front-row seats at fashion shows in Paris and Milan, alongside buyers from high-end U.S. retailers Saks and Nieman Marcus.
Meanwhile, Chinese fashion editors, headed by Vogue China, have become an influential presence on the European fashion scene.
Their purchasing power and the growing sophistication of a more established wealthy clientele is creating a very diverse market for fashion, says Angelica Cheung, editor of Vogue China. The magazine was launched in 2005 and it has 320,000 readers.
"It's very different from the West, there are a lot of entrepreneurial opportunities and there are wealthy people emerging all the time," said Cheung.
"A young woman who might now be on a monthly salary of 5,000 yuan (US$716) could next year be running her own business. So it's a very aspirational market. Her first luxury product might be a Louis Vuitton bag but within a few years she might move on to something more niche such as Marni."
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