Retail in Asia

In Sectors

China’s chic and wealthy snubbing popular luxury brands?

Louis Vuitton is in a predicament: the brand is very popular in China, but it may become a victim of its own success. "In China, Louis Vuitton is seen as the brand that even your ai-yi, or domestic helper, can afford," an anonymous retail consultant recently quipped. But shoppers are becoming more candid.

"I have two Louis Vuitton handbags but I no longer carry them although they are still in fashion," said Daisy Liu, a 31-year-old employee at a multinational cosmetics firm. Instead Liu now gravitates toward Hermes and covets a Bottega Veneta lambskin bag. Of Louis Vuitton, she said, "I don’t think the brand fits me anymore."

Shaun Rein, the managing director of China Market Research Group said, "The truly wealthy, the real millionaires, they will not want to buy LV Louis Vuitton or Gucci because they are too commonplace. Rich people are getting richer and they want exclusiveness and more self-indulgence."

(Source: red luxury)