Goodbye Gucci, hello GPS sports watches and compression leggings: wealthy Chinese eye activewear as luxury items lose their lustre
GPS sport watches, compression leggings and hydration packs are the new must-haves for wealthy Chinese, pumping up the multibillion dollar sportswear industry at a time when China’s elite are reining in spending on more traditional luxury brands.
Extreme sports apparel and expensive active wear is in vogue thanks in part to government promotion of sport ahead of the 2022 Winter Olympics in Beijing, and the purchase of the Ironman brand by China’s richest tycoon last year.
READ MORE: Athletic wear and jewellery to help you stand out in Hong Kong
The market is also forecast to grow with the government’s decision to end its one-child policy after 36 years, and companies such as US-listed Under Armour and Canada’s Lululemon Athletica are lining up to cash in.
“It is huge – that wellness and healthy lifestyle opportunity in the whole of China,” said Colin Grant, chief executive of the Hong Kong-based Pure Group, an operator of gyms, yoga, retail and nutrition businesses across Asia.
“Luxury has its challenges but active wear is a bright spot in the industry. Some people wear it to weddings in China.”
READ MORE: China’s richest man buys Ironman triathlon group for US$650 million as nation steps up its interest in fitness
