How Healthy Is China’s Luxury Goods Market?

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Aug. 25 (Bloomberg) –- Glamour Sales China Co-Founder and CEO Thibault Villet discusses luxury and fashion flash sales and the state of China’s luxury market with Rishaad Salamat on Bloomberg Television’s “First Up.” (Source: Bloomberg)

Site setting luxury goods.

And thanks for joining us.

What does the company do, tell us?

We operate in japan and china.

Luxury and fashion/sales.

Every day at 9:00 in the morning we have events that last only a few days and we go to our products and they are genuine and authentic.

1,000 00 brands in the sale of beauty, luxury and lifestyle and expending our awareness as we have customers over 1,000 cities in china.

For our members, the main reason to buy is that trust into our platforms but the fact that we are launching a convenient and new products on a daily basis and as a matter of fact, we had the launch of a luxury car, luxury masser ratty.

Tell me something, we are hearing a lot about the government in china cracking down on graft, cracking down on excessive spending, lavish spending, does that affect your business?

Well, not at all, the luxury is changing in china.

First, let's keep in mind that chinese are the number one luxury consumers.

But their behaviors are changing.

First of all, the pace of the -- the tastes of the consumer are changing from show to in the know and looking for new brands, brands that have entered the chinese markets.

And especially in the fields of accessories and fashion.

And secondly, it's true that they are looking at becoming more aware at price gaps, when the trouble abroad and see the price gaps between china and the markets and this is pushing them to purchase more when they are traveling abroad as well as purchasing online.

The online opportunity is very big.

As you may already know, there is 10% of chinese resale transactions that are online in china and reason for this growth is the underdevelopment of the brick and mortar reselling structure and while it continues to grow.

And this is driving more and more online consumption.

The key point remains with authenticity because a lot of products that are sold in china are fakes and this is one of the -- you have to have your checks in place to have that authenticity check.

I want to have that sense how does the market differ to the one in europe.

Very quickly, please.

First of all, europe, the markets are direct consumer.

So consumers in china, the online markets is a platform-driven market.

Secondly as i mentioned before, in europe, first you had mortar and in china it is the reverse.

To convince them to make a purchasing.

Reached 40% of sales through mobile and why we are expecting to reach 50% by the end of the year and the other main difference i think is the impact of social media.

Chinese consumers are hyper connected to w inch iboard and

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change