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Asia – the unmissable market of luxury fashion

Asia – the unmissable market of luxury fashion

In 2020, the leading luxury fashion business group LVMH has achieved sales of 6.9 billion euros in Asia with a system of 800 stores of different brands (according to the New York Times). These are overwhelming numbers when compared with the total revenue of 4.6 billion euros and 570 stores that LVMH had in the Americas market at that time. And LVMH is not the only group that is shifting the focus of its investment balance toward the Asian market.

Asia – the unmissable market of luxury fashion

According to Boston Consulting Group, in 2009, Asia accounted for only about 19% of the world’s luxury fashion retail market. But in 2019, this level was raised to 30%. And by 2025, the Asian market (defined as China, Japan, Korea, and the rest of the countries and territories in the continent) will account for 54% of the global luxury consumption market share.

The American and European markets will decrease from about 30% to 22-24%. Also according to LVMH’s 2021 annual sales report, revenue in the Asia region accounted for 35% of the group’s total global revenue; which increased by 8% year-on-year. Chanel grew revenue by 55%, reaching $15.6 billion globally, half of which was attributed to the Asia-Pacific market.

These rising numbers are the natural result of an effort to shift the overall business focus of luxury fashion over the past decade: maintaining market share in established markets such as Europe and America and investing resources to gain market share in Asia.

On a more conspicuous level, luxury fashion has never been more active in Asia. Shows are held in Asian fashion capitals: Dior recreates the Fall Winter 2021 collection within the framework of Shanghai Fashion Week; Louis Vuitton presents a new collection in Bangkok and Singapore in March 2022; Prada simultaneously performed the Spring Summer 2022 show in two cities of Milan and Shanghai…

Not stopping there, legacy fashion houses also favor Asia as the first market to test and launch new product lines or new business models: Loewe launches a collection in collaboration with Ghibli Studio (Japan); Balenciaga chooses Korea as the first market in the world to sell sports shoes in 2022; Chanel also announced plans to open a boutique serving VIP customers in the Asian market; Gucci opened the fourth Gucci Osteria restaurant in the bustling Itaewon area, Seoul (currently Gucci Osteria has only 4 restaurants and has 2 restaurants located in Asia); Bottega Veneta selected the Great Wall to carry out the campaign to welcome the Lunar New Year in 2022… Bvlgari and Tiffany & Co. also in turn cooperate with local partners in Asia to organize exhibitions to multiply brand awareness in the region.

The concept of “new money” is used to refer to the newly rich class, their excess assets can be inherited or obtained from lightning investments, and surfing. In a nutshell, the time spent living in the luxury of the “new money” world is not much. That is why they are often willing to try new things and spare no expense for products or experiences to strengthen the need for identity in society. These are the key players that make up the lucrative luxury consumer market in Asia at the moment.

According to The Financial Times, by 2023, Asia’s gross domestic product (GDP) is expected to grow from $33 trillion to $39 trillion. This shows that Asia is currently the fastest-growing and strongest territory, surpassing both Europe and America. When the overall economic growth increases, it also means that per capita income will increase, thereby creating a potential target market with a large ability to pay for high-end items.

Not only is the story about financial potential or terrible consumption power, but the Asian market was also chosen to develop the luxury fashion industry because of the crowd psychology factor. Asian cultures and beliefs are often associated with symbols: dragons represent the emperor and power, turtles signify longevity, and bamboo is reminiscent of a gentleman…

Logomania trends or designs are So simple that only details or zippers highlighting the logo have been thoroughly applied by luxury brands in this market. They understand that the use of logos can make a connection with the faith of Asians. The logo represents a heritage fashion house, and also represents the historical and cultural values ​​that the fashion house possesses.

Therefore, owning a luxury item with logos from these fashion houses is synonymous with strengthening the social status of the buyer. That’s why a bag with Chanel’s interlocking C logo or Dior’s classic Saddle Oblige bag becomes so coveted.

Resonating with the wave of social media use of Gen Z (TikTok – today’s leading social media platform – comes from China), luxury fashion consumption is no longer a category that must be waited for the occasion to have a new opportunity. available for the Asian market. It’s almost daily life on social media, the goal of asserting yourself and establishing the social status of the “new money” customer file in this continent. And it is a fierce race between the leading brands and groups of luxury fashion to grab a lucrative market share.

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