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eBook Luxury China: Market Opportunities and Potential download

by Pierre Xiao Lu,Sidney Toledano,Michel Chevalier

eBook Luxury China: Market Opportunities and Potential download ISBN: 0470823410
Author: Pierre Xiao Lu,Sidney Toledano,Michel Chevalier
Publisher: Wiley; 1 edition (November 23, 2009)
Language: English
Pages: 300
ePub: 1365 kb
Fb2: 1671 kb
Rating: 4.3
Other formats: azw lit doc txt
Category: Work and Money
Subcategory: Marketing and Sales

The merit of this book, Luxury China: Market Opportunitiesand Potential, is that it is the first one to clearly indicateand to substantiate the fact that China has become a priority forthe most dynamic brands and it gives very clear indications aboutthe way in which the market should be developed. Sidney Toledano, President and CEO, Christian DiorCouture.

Pierre Xiao Lu is an Assistant Professor of Marketing at Fudan University’s School of Management in Shanghai and the Visiting Professor of Marketing at ESSEC Paris-Singapore. He also consults for many multinational luxury firms, such as Lacoste . LVMH, PPR-Gucci and MasterCard. Professor Lu specializes in luxury consumer behavior in China and luxury brand management in Asia. from ESSEC Business School Paris.

Luxury China, by Chevalier and Lu (2010). Luxury China? Why do we believe there is a need for such a book?

Luxury China, by Chevalier and Lu (2010). China, as the world’s second-largest luxury market, is clearly the place to be for any luxury brand that wants to be taken seriously as a global player. Luxury China? Why do we believe there is a need for such a book?

China's growing consumer base and expanding economy means more disposable income for more Chinese citizens.

China's growing consumer base and expanding economy means more disposable income for more Chinese citizens. Today's biggest global luxury goods retailers expect China to make up a large and ever growing portion of their customers, and those businesses are responding with new stores and investments in China.

by Pierre Xiao Lu and Michel Chevalier. A guide to reaching and profiting from China's expanding luxury consumer class China's growing consumer base and expanding economy means more disposable income for more Chinese citizens

by Pierre Xiao Lu and Michel Chevalier. A guide to reaching and profiting from China's expanding luxury consumer class China's growing consumer base and expanding economy means more disposable income for more Chinese citizens.

Items related to Luxury China: Market Opportunities and Potential . Michel Chevalier; Pierre Xiao Lu Luxury China: Market Opportunities and Potential. ISBN 13: 9780470823415. This book comesequipped with practical and effective solutions for new brands thatwish to explore their opportunities in this market. Pierre Xiao Lu is an Assistant Professor of Marketing atFudan University’s School of Management in Shanghai and theVisiting Professor of Marketing at ESSEC Paris-Singapore.

Keywords: Luxury China, market opportunities, Asia, Chevalier, Potential20122m, Pte.

Luxury China : Market Opportunities and Potential. Saved in: Bibliographic Details. Main Author: Chevalier, Michel. Other Authors: Lu, Pierre Xiao.

Luxury china Chevalier, Michel Lu, Pierre Xiao Wiley 9780470823415 : A guide to reaching and profiting from China& expanding luxury consumer class China& growing consumer base and expanding. 2009 Язык: ENG Иллюстрации: Illustrations, maps Размер: 2. 2 x 1. 6 x . 7 cm Читательская аудитория: Professional & vocational Подзаголовок: Market opportunities and potential Рейтинг: Поставляется из: Англии Описание: A guide to reaching and profiting from China& expanding luxury consumer class China& growing consumer base and expanding economy means more disposable income for more Chinese citizens.

luxury brand (Xiao Lu 2008, p. 75). Luxury brands that want to succeed in. .XIAO LU, Pierre, 2008, Elite China: Luxury consumer behavior in. China, John Wiley & Sons (Asia), Singapore. Luxury brands that want to succeed in China must obtain high brand. In many cases the Chinese market has much more potential for. growth and profits than the original market for these aspiring brands.

A guide to reaching and profiting from China's expanding luxuryconsumer class

China's growing consumer base and expanding economy means moredisposable income for more Chinese citizens. The Chinese market forluxury goods is expected to expand from $2 billion this year tonearly $12 billion by 2015. Today's biggest global luxury goodsretailers expect China to make up a large and ever growing portionof their customers, and those businesses are responding with newstores and investments in China. Luxury China givesreaders–particularly professionals in advertising, marketing,and the luxury brands industry–a deep look into the future ofthe Chinese luxury goods market and shows them how to tap intoChina's tremendous market potential.

Comments: (4)
DABY
I was looking forward to receiving this, since there is a lack of good books on the luxury industry in China. But, this book is for people who know absolutely NOTHING about China or the luxury industry - if you have ANY knowledge of either at all, you should skip this book. Many of the statistics and facts are outdated or come from specious sources. I could give examples, but where do I even begin? A very disappointing book - don't waste your money.
Gardataur
Both authors have maintained that China offers ample market opportunities and potential to luxury brand owners because of its phenomenal GDP growth and huge consumer demand for high-quality and brand products. In this book, both authors offer relevant market information and useful tips to readers how to start up and sustain their businesses in this double-digit growth competitive market landscape:-

1. Market characteristics - Market size for luxury products is huge but luxury brand owners cannot view China as a single market because different tiers of cities (Big Four, Climbers, Niche, Mainstream, Next Frontier, and Poor Cousins) (Chapter 5) can generate different luxury product potentials.
2. Consumer attitudes and behaviors towards luxury products - There are four major consumer groups in terms of attitudes and behaviors towards luxury products, namely luxury lover, luxury follower, luxury intellectual, and luxury laggard (Pp.54-63). Based on a quantitative survey of "Chinese elites" in 4 Chinese cities (n=312), there are more luxury intellectuals (42.2%) in Beijing than in Chengdu (16.6%) while Shanghai has less luxury lovers (13%) than luxury followers (26.1%) (P.69). Luxury brand owners should formulate different effective marketing strategies to fulfill customer wants of these four consumer groups.
3. Long-term vision - Luxury brand owners cannot solely rely on return on investments made from start-up operations to fund business expansion activities because they have to make huge investment in establishing sufficient market presence (i.e. new store opening, bulk brand building campaigns, new inventory investment, and hiring of capable personnel) (P.13) and being one of the leading brands in order to keep up with double-digit market growth.
4. Operations and communication strategies - Chapter 4 and 5 describe pros and cons of different operations strategies for luxury brand owners (Importer-distributors, subsidiaries, joint venture, licensing). They also include a comprehensive list of major distributors in Hong Kong, Singapore, and China. Chapter 6 focuses on different above-and-below-the-line communication tools available to luxury brand owners (press, TV, outdoor media, and internet, celebrities and events).

According to both authors, China is still a hard nut to crack for iconic and weak luxury brand owners because it is a vast and complex market. Thus luxury brand owners cannot view China as a "El Dorado" for short-term gain.

There are limitations of this book:-

1. This book was published in 2010 but some of the information contained in this book is inaccurate and out of date. For example, rental prices for ground level shops in Nanjing West Road in 2010 was 60-70% higher than 2007 (P.218). According to Boston Consulting Group (2011), China has a million millionaires which is more than what the book has stated (415,000 persons, P.28). The well-known department store, Shin Kong Place, is located in Beijing East CBD instead of Beijing West CBD (P.87). The Chinese luxury market is still male-dominated because of the customs of gift-giving to business partners and government officers (P.43) but according to Newsweek (2010), women will account for at least 55% of luxury product market in 2015.
2. The quantitative survey in Chapter 3 does not cover respondents from super-rich and vulgar-rich segments (they are regular consumers of luxury brand products). The survey solely covers middle-to-upper middle class in 4 key Chinese cities and representativeness of the survey respondents in the luxury market remains in question.
3. Social portals ("weibo") have generated huge online traffic and consumers can express their views on luxury lifestyle and products in China. Besides, an online shopping portal, "Taobao", has also demonstrated significant growth in luxury product transactions. This book contains no information on this available communication tools.

Despite its limitations, this book has served its purpose of convincing readers of market opportunities and potential of luxury brand products in China. This book is highly relevant to MBA students and luxury brand owners (plan to have start-up operations in China) who aspire to have broad understanding of the overall market landscape.
Dianazius
I think it's incredibly unfair to say that this book is for people who know nothing about China or the luxury industry. That type of review is hardly constructive. I think the book is very important for anybody in the Chinese luxury industry. Being an industry that's incredibly difficult to break into and one that has no set standard or formula for successful market entry strategy or business development, this book highlights interesting, telling brands that are both Western, like Richemont's Dunhill, and Chinese, like Shiatzy Chen.

And because Mainland China is full of complexities, and requires a company to understand the finesse of building interpersonal relationships, or guanxi, and the necessary cultural and marketing tools for a business to logistically operate, I think this book offers great insights. Also, as previously mentioned in a former review, Luxury China is written from complementary perspectives, of HEC's Michel Chevalier and Fudan's Pierre Lu, both of whom have had considerable experience in the Chinese luxury industry. All sources are also cited.

In short, I would not be so quick to write it off, and recommend it to everyone interested in China and its buoyant luxury industry.
Zan
Excellent insight in the new and extremely fast-growing luxury good market in China. Everything we thought we knew about the old ways of doing business in China have been turned on their ear. And no place is this more apparent than in the luxury goods sector. The combination of two authors well grounded in the French luxury industry and Chinese culture make this an easy read and one you can can rely for correct assessments. If you are interested in doing any business in China but especially if you are a luxury goods seller, you need to read this book.