Understanding the online and offline opportunity that China presents is more essential now than ever for luxury brands that are looking to recoup 2020 losses and build successful long-term businesses, according to executives at the Vogue Business and Google Summit. New data from consultancy Bain & Co. shows China remains on track to become the largest luxury market by 2025.
Understanding China’s e-commerce
China’s luxury e-commerce landscape has gone through a dramatic transformation in 2020. A great number of luxury fashion brands, which used to be hesitant about embracing Chinese e-commerce platforms, set up a presence on major sites including Alibaba, JD.com and Secoo. E-commerce presence is a must for foreign brands to reach a wider range of local customers in the Chinese market, explains Vogue Business in China managing editor Yiling Pan, who was joined in this session by Regina Szeto, vice president of brand, marketing and international PR at Secoo and Alexis Bonhomme, vice president Greater China and Asia Pacific at Farfetch.
