Small And Medium Luxury Brands Regret Losing Opportunities In HUAFA

< p > in recent years, the Chinese market is attracting more and more attention from overseas enterprises. Reported that, after the European recession, facing increasingly fierce competition, a small number of competitors were in a very unfavorable position because they missed the opportunity or entered the emerging market relatively late. Some luxury manufacturers regretted not entering the Chinese market early and hoped to catch up with other luxury giants in China and other Asian markets. < /p >
< p > in the early years when the European economy was in good condition, Italy jewellery manufacturer Damiani did not focus on developing Asian markets like luxury brands such as Prada and LV. "We should have entered the Chinese market earlier, but we have been waiting for ourselves to enter the Chinese market," CEO said. The company has 8 stores in China and plans to open 4 more by the end of this year. < /p >
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< p > even if the luxury giants such as Prada, Lifeng group and LV focus on the Chinese market, a large group of small competitors will also suffer heavy losses in the European market. Last year, overall sales of luxury goods fell by 5.3% and 8% respectively in Spain and Italy. According to the Italy Fashion Association, sales of Italy's fashion brands dropped nearly 20% in the past year, and this year it may continue to drop by about 18%. Many brands are facing bankruptcy, while other brands shift their focus to foreign markets. < /p >
Asia's luxury market is totally opposite to that of P. Sales of luxury goods increased by 19% in China last year, up 3 times compared with 07 years, according to Bain consulting. Even in France and Italy, more than half of all luxuries are foreigners, many of them Asians. The luxury giant who entered the Chinese market in the early days has invested huge sums of money in establishing many flagship stores and shopping centers in China. < /p >
Less than P, but now it is difficult to build a store network in Asia for smaller luxury companies. After spending hundreds of millions of dollars to build a network of Asian stores, the larger brands have taken the best place, pushing up prices, and the multi storey luxury stores they offer will be very high standards. < /p >
< p > the company will close the European deficit stores and take other measures to raise the money. The company also hired Italy movie star Sophia Roland (Sophia Loren) to launch a promotional tour in Asia this year. It takes a long time for smaller brands to enhance visibility among Asian consumers and adjust products to local tastes, so it may take years to see returns. "We will wait for 3 to 5 years to make profits and expand the Chinese market is a medium and long-term investment," said Gianluca Brozzetti, chief executive of Roberto Cavalli, Italy. < /p >