Concrete Analysis | From couture to coffee, retailers are tailoring shops to big spenders
Luxury retailers are falling over themselves to offer cashed-up but jaded shoppers with the 'VVVIP' experience
Stroll around Tsim Sha Tsui, especially Canton Road, and you will see hordes of designer devotees. The shopping district is a good spot to look at the state of Hong Kong's luxury retail business. In fact, the sector has rebounded strongly since the financial crisis, and across Asia, upscale brand sales are booming, with Chinese shoppers at the front of the queue.
According to a McKinsey report, cashed-up Chinese shoppers are expected to account for more than 20 per cent of the world's luxury sales by next year.
But definitions of luxury are gradually evolving in Asia's dynamic consumer markets.
Names such as Loro Piana, Rick Owens, Penhaligon's, Ellie Saab and Alexander McQueen are emerging to target Asia's knowledgeable consumers, while several upscale brands have eschewed logos and monograms in favour of more subtle product labelling. Understated brands such as Bottega Veneta are experiencing strong sales growth.
This logoless trend shows no sign of abating, reflecting deep-pocketed shoppers' desire for new models of luxury - more personalised and unique.
