Research firm Bain & Co. released a study indicating that Chinese affluents have finally overtaken U.S. buyers as the largest luxury goods consumer group.
Chinese consumers account for approximately 25 percent of global luxury sales while the U.S. dropped to the No. 2 spot at about one-fifth of the buyer group. These numbers are both domestic and overseas sales, but Chinese shoppers buy about 60 percent of their goods overseas.
Along those lines, luxury conglomerate PPR is trying to multiply the size of newly-acquired Chinese jewelry brand Qeelin and is looking to China for the answer. The brand is allegedly looking to open approximately 100 locations in Hong Kong and other parts of China.
Carlota Espinosa, the founder of HauteLook, launched a new ecommerce site called Styloot.com which will sell clothing, jewelry, accessories and footwear. The new site will offer items from more than 4,000 brands through 100 retailers including Target, Oscar de la Renta, Christian Louboutin, Bloomingdale’s, Banana Republic and Net-A-Porter. This new site is likely to excite an entire range of consumers.
Lord & Taylor parent company Hudson Bay Co. is looking to spend a substantial amount of money – possibly $70 million – on its New York Fifth Avenue Flagship.
The renovations, spanning over a 12- 18-month period, will renovate floors two-nine with space for a shoe floor and Topman and Topshop enclaves, which Hudson also owns.
This renovation, especially the shoe floor, could be a result of other department stores, namely Macy’s Herald Square, which is also undergoing major renovations. The struggle for customers in New York just got a little tougher.