Luxury Institute turns attention to China
23/07/2009
New York-based ratings and research organisation The Luxury Institute has issued a report on China, highlighting the brands that have the most resonance at the moment among wealthy Chinese consumers.
In the footwear category, the top three brands for women's shoes were, in order of ranking, Ferragamo, Gucci and Hermes. For men, the most popular luxury shoe brand was Louis Vuitton, with Versace in second place. Three brands shared third position: Giorgio Armani, Brian Atwood and Gucci.
“China is now the most important market for near-future growth for luxury brands,” said Milton Pedraza, chief executive of the Luxury Institute, on reporting the results. “In some ways, Chinese luxury consumers covet many of the same brands as the Japanese. In other ways, they tend to rate luxury brands much higher, yet differentiate far less between brands than their more experienced Japanese counterparts. Early movers who flawlessly execute on the new luxury fundamentals and ignore the ‘back to basics’ movement will have the advantage because the luxury game in China is still wide open, therefore luxury brands will have to go to a new, innovative level; making China a wonderful laboratory for global innovation.”
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