China’s luxury heritage
Mark Ritson’s latest column on the challenges facing China in producing a successful luxury brand due a plethora of comments online. Read the column at www.mwlinks.co.uk/LuxuryTakes Time and see some comment extracts below.
I wonder if the definition of a luxury good (thus brand) might itself be changing. If we are to simply define a luxury good as “able to command an irrational price point based on perception and/or unnecessary features” (because a Casio watch does the same job as a Cartier) then there
are many examples of brands and goods achieving this feat from a standing start in ten or so years.
China has been a producer of regionally and internationallydesirable luxury goods for literally centuries – quick examples include tea, silks,
porcelain and jade. With government help to establish some of these as “industries of excellence” and marketing support, it will create a platform on which private Chinese companies with high quality wares can feel confident to expand into international markets.