Last year the
Chinese surpassed Europeans and Americans to become the
largest group of luxury consumers in the world.
Chinese shoppers now comprise a bit more than
20% of the worldwide luxury market. They buy an average of $14,940 on luxury goods when they travel to Europe, Hong Kong, and Singapore. They also spend heavily on pricey brands at home.
Despite the current global economic slowdown, the country's mammoth
economic potential and
vast population mean that China's upper classes will continue to
swell and outstrip Western luxury consumers for years to come.
The Chinese seek out
Vuitton, Cartier, Armani, Prada, Rolex, Gucci, Hermes, and a few dozen other traditional European brands. Those are what the Chinese (and other international shoppers) have preferred –
at least until now.
Qeelin diamond-encrusted panda necklace and ruby and diamond goldfish ring
The rise of several
luxury brands created by Chinese designers for the
local market and other recent indicators may point to forthcoming
changes in the shopping habits of Chinese consumers.
Several manufacturers have created high-end brands and are
targeting Chinese buyers by incoporating design elements intended to appeal to
local tastes.
They hope to launch their brands into the
rarefied luxury space, attracting big spenders not merely in
China, but in the
West, as well.
At least
two companies appear to be poised to
succeed.
PPR – the French group that owns
Gucci, Yves St. Laurent, Balenciega, Alexander McQueen, and
Brioni – recently invested in
Qeelin, a small but chi-chi chain of jewelers launched in China in 2004.
Hong Kong actress Maggie Cheung, star of Wong Kar-Wai's
"In the Mood for Love," models Qeelin's longevity necklace
The brand incorporates
traditional Chinese elements into its luxurious, intricately detailed designs. One of its signature pieces is a fully articulated
rose or white gold panda, encrusted with diamonds or other precious stones and typically worn as a necklace.
Other designs are derived from the shape of
Tang and Qing era vases or from the Chinese
longevity lock, an ancient symbol often depicted in traditional arts and crafts.
The jeweler has has just 11 stores in China and Hong Kong and one in Paris. Westerners also can pick up pieces in London at Qeelin boutiques in
Selfridge's and
Harrod's.
Not to be outdone by rivals,
Hermès recently announced plans to invest tens of millions of euros
over the next five years to develop Chinese boutique label
Shang
Xia – selling traditionally inspired apparel, jewelry and furniture – in
which it bought a majority stake in 2008.
Shang Xia's Twilight wooden boxes made of Zitan wood and carved bamboo for jewelry or small objects
Among Shang Xia's offerings are
$45,000 gold-woven porcelain teapots, red sandalwood tables, and
cashmere dresses inspired by the traditional Chinese qipao. Everything is sourced locally and made by
Chinese craftsmen.
Jiang Qiong Er, Shang Xia CEO told red-luxury.com that he views his stores as "platform(s) where we show the Chinese art of living with beautiful, quality, luxury objects.
"This is a
cultural project with a business aspect" he went on to say. "What we are doing is quite unique."
The firm has two locations, one in Shaghai, the other in Beijing. A third boutique will open this spring in
Paris on the
rue de Sèvres, near
le Bon Marché,
The Luxurist and Luxurista's favorite
grand magasin.
It remains to be seen whether Qeelin, Shang Xia, or other emerging
Chinese luxury brands will be called up to the
big leagues.
If they are, will they make the
championships or will they
strike out and get taken out of the game?
Watch this space.
For more information:
qeelin.com
shang-xia.com
