China Daily: “As foreign luxury brands compete to carve out portions of China’s fast-growing market, experts are predicting that Chinese companies will soon develop luxury brands of their own.
It is time for domestic enterprises to establish luxury brands, since China has already become the dominant driver of growth in the luxury sector, said Zhou Ting, executive director of the research center for luxury goods and services at the University of International Business and Economics. The sales volume of Chinas luxury market was 11.5 billion euros $15 billion in 2011, a year-on-year growth of 25 percent, according to PricewaterhouseCoopers International Ltd.
Potential domestic luxury brands could come from some traditional Chinese industries, including liquor, tea, porcelain and silk, said Yang Qingshan, a guest researcher of luxury goods and services at UIBE. The research center listed 10 domestic brands with the potential to become luxury brands in its luxury report in November. Three liquor brands – Moutai, Wuliangye and Langjiu – are among the 10 brands. Zhuyeqing tea and some clothing brands, such as NE-Tiger and Shanghai Tang, are also on the list.”Many traditional Chinese products already have a feature of luxury because of their heritage,” Yang said.”
via High-end Chinese brands coming soon|Economy|chinadaily.com.cn.
Related articles
- Luxury Chinese Liquors Become Multibillion-Dollar Brands (businessweek.com)
CHINDIA ALERT: You'll be living in their world, very soon 