Anything mass produced becomes cheap, including VIPs. The Rapidly growing Chinese economy is producing millionaires by the dozen. Millionaires with the VIP tag can create a crowd very easily today. Chow Tai Fook a privately owned, diversified Hong Kong based company engaged in property development, hotels, casino, transportation, jewelry, port and the telecommunication businesses has realized this fact and geared their high end services towards a segment they call VVIP or the very, very important people. They are now differentiating between the rich and the ultra rich. They have recently unveiled their new store in Beijing which is not open to the public at large as the entry is by invitation only. And the criteria for invitation is simple, you must have spent three million Hong Kong dollars (US$385,668) on watches and jewelry at its shops this year to get a call from them.
Alan Chan, Chow Tai Fook’s brand director is very clear in his approach. The average rich or simple VIP customers are likely to spend HK$1 million every year at their shops and are generally more focused on discounts and rewards. Whereas the VVIP customers or the ultra rich don’t care about price, they simply want added service whatever the cost. The new Beijing Chow Tai Fook store feels like a clubhouse – plush couches, mahogany furnishings, three private rooms and even a conference room. A collection of fine wines – French Bordeaux and Burgundies and cigars – Cohibas and Monte Cristo’s are also available, for free. The hours are flexible to match the convenience of the customer. The store will open even in the middle of the night should a VVIP request it. Chow Tai Fook is already planning to replicate this experiment in other major cities of China.
With the number of the rich and the affluent growing around the world, this elitist concept is spreading to other fields, apart from retail and service. The Global Party, to be held on September 15, 2011 was announced recently, as a party for the Royaltons. The biggest, richest ever party to stay live for 24-hours would be attended by over 80,000 elite guest at 80 plus world’s finest locations. These venues are not open to general public. In fact, if you have to ask, you are not invited. The VVIP invitees to this party will be presented with a gift box that will contain two silver Key 2 Luxury key rings that offers the owner access to exclusive VIP privileges.