sector indices Chinese luxury clothing retail sees rapid growth

The luxury retailers, including the sector of luxury clothing, China is developing very rapidly, and many global luxury retailers to open their shops and wooing Chinese consumers, since the decline in demand for its products continues in Japan and the West. Last month, two international brands of luxury clothing - opened their shops in Beijing - Hugo Boss and Armani. In 2011, consumers bought in Greater China, including Taiwan, Macao and Hong Kong, about U.S. $ 30 billion worth of luxury goods, showing an increase over the previous year by 30 percent. In other words, Chinese consumers are now buying more than one-fifth of the world's total luxury goods. "The luxury retail sector in China is growing at a rapid pace, and luxury retailer will implement many of its stores in China. The growth of the luxury retail trend is likely to continue for at least five years ahead," Mr. Timothy Coghlan, Director - retailer of luxury, Savills China, said fibre2fashion. Explain to brands lifestyle foreigners who choose to open their branches in China, he said: "China has many wealthy people to grow in their class and their way of life you now have improved access and learn more about luxury goods. over the internet. " "Moreover, the fact that in other parts of the world, China is fighting a marketplace preferred. Japan used to be the largest market, but because of the financial crisis and the earthquake of March 2011 her condition has slowed," he added . "Many luxury brands in apparel retailers such as Alexander McQueen, Armani, etc. are now eyeing the Chinese market," he says. However, the growth of China brings along a number of challenges. "One of the biggest challenges for luxury brands compete for the luxury of space. Find a rare place to run the store and find a place in shopping centers is becoming increasingly difficult in China," said Mr Coghlan. "Another problem is finding the right people and employment for people who are well known to manage and operate a luxury store. In addition, retail chains, which capture a market share in China has aggressively spend on marketing their brands to promote" he says.