After speaking about the most powerful celebrities in the world, let’s take a look at the most powerful luxe brand in China. Chanel supersedes Louis Vuitton in China as the most favored luxury brand. China’s well-heeled are obsessed with high-end brands. It’s not only clothes and accessories categorized under fashion but also Chanel’s beauty products that boosted the brand to become the #1 most sought-after global luxury brand in China.
This may trigger Louis Vuitton to roll in beauty products in its portfolio soon.
Gucci follows Louis Vuitton as the third most favored fashion brand according to the World Luxury Index China – 2nd Edition.
The French fashion label, Chanel bagged the third slot in country’s 2013 World Luxury Index which is headed by Audi followed by BMW.
Fashion and beauty fit like hand and glove. The study also declared Estée Lauder as the most desired beauty brand in China. It is followed by Lancôme on 2nd slot while Dior is the 3rd most favored brand.
According to David Sadigh, Founder & CEO of Digital Luxury Group, “Louis Vuitton has reported a disappointing first quarter, while brands from different segments ranging from Chanel to Coach or Burberry are continuing to grow. Though rapidly evolving, the Chinese market is still developing. In order to stay ahead of the game, brands must have the ability to adapt quickly thus reducing the risk of brand saturation. In the case of Louis Vuitton, LVMH has already shifted gears, putting the brakes on its global expansion, whilst raising prices and developing more leather upmarket products.”
It is already known that Chinese shoppers have overtaken U.S. shoppers to become the world’s biggest buyers of luxury goods. Now with this index, their shopping preferences have become clearer. This will help brands to strategize their marketing plans as well as designs products to cater to their taste.
Digital Luxury Group ranks and analyzes over 400 luxury brands in China segregated under fashion, cars, beauty, watches, jewelry and hospitality