In the interview, sponsored by the Financial Times, Chermont says that rising costs of production in China means it is losing its competitive edge to other Asian markets, so it will begin to develop its own luxury labels to fill the needs of this new upmarket culture.
“China has to start integrating its margin and come up with added-value products, and they can only do so if they are starting to brand their own products,” he says. “You see China doing it with telephones and computers, like Lenovo and Haier, but you haven’t seen China yet doing it with fashion and lifestyle … there will be some emerging, and it is good news.”
The series also features Chermont discussing the growing role of digital for luxury brands. He further notes that a luxury experience online is contingent on the education consumers receive from a brand.
“We are convinced that the business online will be prominent in the coming years and there will be a shift from a certain retail experience to online e-business,” he says. “Now, the obsession of most luxury brands … is to build a relevant database so we can send e-newsletters on a regular basis – relevant newsletters to relevant people so that we can either inform or trigger sales through our e-commerce website.”
To see previous MediaTV interviews, click here.
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“China has to start integrating its margin and come up with added-value products, and they can only do so if they are starting to brand their own products,” he says. “You see China doing it with telephones and computers, like Lenovo and Haier, but you haven’t seen China yet doing it with fashion and lifestyle … there will be some emerging, and it is good news.”
The series also features Chermont discussing the growing role of digital for luxury brands. He further notes that a luxury experience online is contingent on the education consumers receive from a brand.
“We are convinced that the business online will be prominent in the coming years and there will be a shift from a certain retail experience to online e-business,” he says. “Now, the obsession of most luxury brands … is to build a relevant database so we can send e-newsletters on a regular basis – relevant newsletters to relevant people so that we can either inform or trigger sales through our e-commerce website.”
To see previous MediaTV interviews, click here.
To see MediaTV interviews as soon as they come out, sign up for Media's email bulletins.
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