Luxury Big Names Bought By Chinese
If you still regard China as a developing country, then the following things I’m gonna tell you must find you in blank astonishment: China has taken the place of America and becomes the world’s second largest luxury goods market. In 2008, the super rich in China has accquired one fourth of the world’s luxury goods.
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Luxury goods market
According to the statistics of World Luxury Association, the rich Chinese have generously spent 8.6 billion USD on luxury goods, and they do not rest here, they are able to have luxury brands of their own.
Chinese people want to have luxury brands of their own
The 2009/2010 Fall/Winter fashion week has just passed, and the news of Haute Couture brand of Christian Lacroix’s bankruptcy is still in the air, another news has shocked the fashion world.
On July 27, Chinese women’s wear brand Eve NY has handed in their bid proposal for Christian Lacroix in France, one of the three finalists. If they succeeded in the bid, Eve NY will obtain the perpetual use rights of this brand name in greater China region (mainland China, Hong Kong, Macao and Taiwan).
Christian Lacroix will be the next brand brought by Chinese after Pierre Cardin and Hummer.
China’s local enterprises are forging towards the goal of owning international luxury brands, for them, if they can’t build a top brand in short time, and then it will not be a bad idea to acquire one.
Sichuan Tengzhong Heavy Industrial has acquired Hummer, a private enterprise has bought Pierre Cardin, and Italian yacht builder Dalla Pieta is acquired by a Zhejiang enterprise, all these facts are showing China’s local luxury goods enterprises are ambitious to have their own world class brands.
For a market with 15 billion USD sales volume and has the potential to become the world’s largest market, when it can have their local world class luxury brands is an embarrassing question. No matter on the stance of national self-respect or practical commercial interests, people believes that China should have its own luxury brands and the sooner the better.
From the optimistic point of view, as creator of blue-and-white porcelains, Chinese people do not lack sophisticated technologies, to have its own luxury brand is just a matter of time. The establishment of a brand takes a long time of accumulation and selection, short-tempered enterprises can’t wait that long, and they think that if they can’t launch one in short time, then purchase one will also do.
Another acquisition that drawn little attention happened in Zhejiang, a yacht company named Millennium Marine has bought the Italian yacht brand Dalla Pieta at 100million in cash.
Dalla Pieta has a history of shipbuilding for half a century, specializing in the production of luxury yachts, and many people regard this brand the Ferrari in shipbuilding. As affected by the economic downturn, the poor Dalla Pieta encountered many customers who placed an order and ran away, which led the company into serious financial crisis. As a result, the brand with its design drawing and 13 semi-finished yachts are sold to this Chinese company.
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