Joyce Boutique: A New Choice For Chinese Rich People?

Joyce

In 1970, Joyce Ma (horse Guo Zhiqing) opened a fashion shop with its own name at the Mandarin Oriental Hotel in Hongkong.

At that time, there were not many high-end Western brand stores in Hongkong, but she brought Giorgio Armani (Giorgio Armani) and Prada (Prada) into the city.

40 years later, the Joyce fashion store has introduced a series of avant-garde brands from de Rice Van Norton (Dries Van Noten) and John Galiano (John Galliano) to Yamamoto Teruji (Yohji Yamamoto) to the fashionable ladies in Hongkong.

During this period, Joyce boutique has undergone many changes.

The shop in Mandarin Oriental Hotel has long since disappeared. Her company now owns three Joyce boutiques in Hongkong, plus some single brand stores, and Marni.

However, when a luxury banquet and a historical fashion tour show celebrate their 40 birthday at Joyce fashion store, the most dramatic change comes from Hongkong's retail industry itself.

Some luxury brands from the US and Europe have already taken root in some of the best retail establishments in Hongkong. Some have opened their doors to the mainland market, and have achieved their aims. Nowadays, a large proportion of the sales of those top fashion shops in Hongkong are not from local residents, but from the contributions of Chinese customers.

Meanwhile, in the first 10 months of 2010, the number of mainland tourists visiting Hongkong has exceeded 29 million, an increase of 23% over the same period last year.

"There are two shopping ecosystems in Hongkong, one belonging to local residents and the other to mainland tourists," said Megaaton Garton, Steve's media executive director of Synovate.

The ecosystem that belongs to mainland tourists is characterized by advocating famous brands and showing off success.

For Joyce

Nevertheless, Andrew Keith, President of Joyce fashion store, still claims that the company's performance is booming. Andrew Keens,

He said that about 40% of the customers who visited the Joyce fashion shop in Hongkong came from mainland China, and only 15% to 20% years ago, three years ago.

In addition, those wealthy mainland customers also helped the Junsi fashion store holding company to restore its momentum from the financial crisis of 2008 to 2009. By the half of September this year, the company's revenue reached HK $40 million 400 thousand (US $5 million 200 thousand), compared with HK $4 million in the same period last year.

Four years ago, the Joyce fashion store launched the first direct attack on the mainland market.

Comparatively speaking, the action of Joyce fashion shop is slow. For example, Louis Weedon (Louis Vuitton) has entered the mainland of China as early as 1992.

In addition, up to now, 80% of Joyce chain stores still come from Hongkong.

But, says Kent, there is no doubt that the company's future is in the mainland of China.

He believes that mainland China's brand frenzy is cooling down, so that the importance of Joyce boutique to the new brand will bring benefits to the company.

He said, "if you want to enter a market, you have to wait for it to reach a certain maturity."

He also said he was carrying Joyce fashion compared with customers who carried the famous fashion bags.

Rada Chadha (Radha Chadha) is a brand consultant who works in Hongkong. She also wrote a book entitled "The Cult of the Luxury" with people.

As Chad said, Joyce represents a "more daring fashion" than GUCCI or Louis Weedon.

"Once you get tired of those big brands, you will be interested in brands like Joyce," she said.