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Stroll through a large city in China or chat with Chinese tourists in Paris or Milan, and you will see that Chinese consumers, particularly younger ones, are excited by fashion.
They aspire to Western luxury labels especially. Analysts predicts that China will become the largest luxury market by 2020, with Chinese consumers buying more than 44 percent of the world’s luxury goods—up from 15 percent today.
The young Chinese fashion industry has generated plenty of hype adding to the excitement. But the industry may not necessarily be heading for success. Its most pressing challenge? To establish legitimacy in the eyes of consumers within as well as outside China. To surmount this challenge, the industry can draw five lessons from the French fashion industry, the most prestigious in the world since its inception 350 years ago.
January 23, 2012
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