Impressively Rapid Development Of Home-Grown Fashion, Jewelry, Auto Brands Means Dominance Of Foreign Brands Limited
Hong Kong-based Qeelin could become the "Tiffany's of China" as the company snaps up major celebrity endorsements and gains popularity at home and abroad
Although foreign luxury brands still reign supreme in the China market, there are indications that things are starting to change, gradually, as home-grown Chinese brands start to make more of an impact in the domestic market. While these new brands lack the pedigree and history of top European brands, the cultural understanding and insight afforded these brands by their domestic upbringing gives them a head start in the China market. As many foreign luxury execs have already noticed, though in the Chinese luxury market, foreign still “equals” luxury, in 10-20 years the game is certain to have changed and been reshaped by emerging Chinese luxury brands.
This year, we’ve already seen previously unknown Chinese luxury brands like Trands hit the world stage, boosted by high-profile devotees like Warren Buffett, and — though the launch was dogged by accusations of design plagiarism — the unveiling of Geely’s GE sedan. On a smaller scale, Hong Kong and Mainland jewelry brands like Luk Fook, Qeelin, and Kin Hung Lee have made waves throughout China, drawing interest because of their unique Chinese design characteristics and use of culturally auspicious materials like jade and 24k gold. While these brands and the many others that dot China’s urban centers have yet to make their mark overseas, and have yet to fully crack the still-Euro-obsessed Chinese luxury consumer market, over time as consumers in major metropolitan areas start to take foreign brands for granted and look to differentiate themselves by mixing and matching Asian and Western styles, Chinese luxury brands should be well placed to capitalize.
The idea of home-grown luxury development in China is important to luxury marketers all over the world, from those in the country who want to build their brands now so they can cash in later, to European and American luxury execs who want to ensure their brands keep the prestige that has made them so successful in China over the last 20 years. This week, Bruce Stanley, writing in the Khajeej Times, examines the emergence of new luxury brands in developing countries like China and India, and how today’s fledgling brands will be “biting at the knees” of established brands like Hermes and Gucci in the future:
The article goes on to profile the aforementioned Qeelin, one of China’s “great gold hopes” for reaching both the domestic and foreign markets. With celebrity endorsements from stars like Maggie Cheung and Kate Winslet, the six-year-old Qeelin has quickly built a following and has the potential to become the “Tiffany’s of China,” if they play their cards right and don’t dilute their brand by cutting back on their unique workmanship in exchange for more production: