Allen Yang Peifeng, the founder of luxury goods online shopping portal vipstore.com, came to appreciate the potential of the luxury market in China in an unusual way.
The 32-year-old entrepreneur said price was the most important reason for people to buy luxury products on his site. His company has a team buying goods directly from luxury brand companies in Europe and the US. Since the products will be one or two seasons out of date, they can be offered at lower prices.
Convenience is another reason for the fast growth of his website, said Yang. While most big-brand shops are located in major or second-tier cities, the internet has attracted many affluent customers living in remote areas.
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(Source: scmp.com)