Currently there is a great rise of premium fashion industry in China. As explained by management and consultancy experts, 2013 was a year when popularity of premium fashions was lost because of anti-corruption policy. Consumption reduced highly especially in the north of China. However, at present, as the per capita income of Chinese middle class in increasing, and also owing to the change in lifestyle, increased awareness and education about brand preferences, there is again a rise in the popularity of premium fashion brands.
Premium fashion brands like Ralph Lauren, Swatch, Coach and Michael Kors are expected to do quite well on the Chinese market as the ascending Chinese middle class will have around 119 million new homes from 2012 to 2022.
The New York City based premium fashion brand, Michael Kors, is now offering pretty affordable premium clothes and handbags. Their sale has gone up already and is growing every year.
As per the experts at marketingtochina, by 2020, total sales in premium fashions in China are expected to rise to triple its amount at present, thereby rising to over 1.3 trillion RMB ($200 billion USD). The reasons for this tremendous growth are the facts that Chinese customers have turned extremely brand conscious and owning premium fashion clothes and accessories has become a status symbol. Get more information on marketingtochina to understand the trends in the Chinese fashion market.
While traditional fashion brands are losing their popularity among Chinese customers, there is a growing appreciation among the new generation for designer niche brands and quality products. Based on the segment you specify your product to be in, it indicates not only innovative marketing opportunities for premium fashion brands but also cutthroat competition among brands.
Competition between Local and International Brands
Local fashion brands in China are facing a tough completion by international premium fashion brands. These brands are world-famous and are categorized as “fast fashion”. Chinese brands are keen on building strategies to compete with these big brands that are well established already in China.
It’s interesting to note that more and more Chinese brands have been able to open shops in major cities. By entering these cities, they have an opportunity to grow and get a larger customer base. Though a considerable rise has taken place in international e-commerce, Chinese consumers prefer to visit stores physically and Chinese brands are trying to give a tough competition to their international opponents.
Top 5 Premium Fashion Brands in China
Ochirly is a premium fashion brand known to inspire romance in its Europeanized style. It’s offering apparel to middle-class women since 1999 with some outstanding products that involve lace to a great extent. With their focus on middle-class young women, Ochirly have kept their prices very affordable.
Metersbonwe is a brand for casuals popular among younger generation. They focus on customers in the age group of 18 to 25. Naturally their products are vibrantly colorful and their shirts often feature several motifs. Their slogan is “Be Different” which appeals Chinese consumers who try to stand out.
Belle is a premium footwear brand for women. Their prime customer base is middle class women desiring a modern look. Their designs are known to be chic and simplistic.
Tata is a footwear brand for girls in the age group of 20 to 30 living in cities. Tata is known for introducing innovative trends in footwear and target young consumers with a distinct taste.
Anta is a brand that offers fashion products like clothing, footwear and sports accessories. It grabbed the 5th biggest sports brand in the world in 2014 after Nike, Adidas, Puma and Asics, having a worth of USD 3.87 billion.
All in all, China is an interesting market for premium fashion brands and is on the way to become a top fashionable country in the world. Get more information on marketingtochina about the exciting fashion world of China.