Retail in Asia

In Trends

Promise of China boom draws USD60m luxury bet

Despite evidence of slowing retail sales growth in China, high-end designers are still clamoring to enter the emerging market with the launch of a new luxury e-commerce website.

About 80 brands have partnered with Shangpin, which launched on Thursday as the country’s first full-price designer luxury retail site. The company seeks to overcome one major obstacle that designers have in reaching aspiring Chinese fashionistas – a lack of consumer awareness of lesser-known brands.

While many are familiar with Burberry’s iconic plaid or Chanel’s interlocking letter C’s, smaller brands do not carry quite the same cache among Chinese consumers … yet.

(Source: CNBC)