China’s luxury market: from Chanel to Fendi, brand CEOs explain why Chinese consumers are the future of luxury
- Chinese consumers have become the biggest luxury spenders in the world, and big brands are taking notice
- CEOs of luxe brands from Fendi to Fred explained to the Post why they’ve focused on the China market this year
It’s no surprise that China was a top priority for luxury CEOs in 2019. Chinese consumers, both in their own country and travelling overseas, have become the biggest luxury spenders in the world, and luxury bosses know that you can’t be successful as a brand if you don’t have a thriving business in China.
CEOs offered insights on the luxury fashion business in interviews with the Post, including young executives such as Hong Kong-born Charles Leung, the first Asian CEO at an LVMH brand, and Alexandre Arnault, the LVMH scion and CEO of luggage manufacturer Rimowa, as well as established names such as Chanel’s Bruno Pavlovsky.
Serge Brunschwig, Fendi
LVMH veteran Brunschwig talked about political correctness, why Fendi still sells fur, and how young shoppers drive the business. After 54 years as Fendi creative director, Karl Lagerfeld’s death has left a huge gap, but the Frenchman remains calm and positive about the future.
Charles Leung, Fred
Hongkonger Leung is the first person of Asian descent to hold a global CEO post within the luxury conglomerate LVMH, as head of heritage jewellery line Fred. He believes Fred’s future growth lies with the next generation. He also has his sights set on expanding in Asia.
