The French fashion house Givenchy will be sixty next year. Instead of mellowing down it is gearing up to be part of the Asian growth story. They are a part of the world’s largest luxury group LVMH and have aggressive expansion plans for Asia. They plan to open ten new stores across the region with six of them coming up in mainland China. Givenchy is best known for its womenswear collection but they also design haute couture, menswear, accessories and perfumes.
Ricardo Tisci is the Chief Designer for the fashion house and has added gothic touches to their designs with feminine twist. The entire LVMH group is focused on the Asian markets and specially China because of its growing appetite for luxury goods. In terms of sales, the Asian region contributed as much as Europe and boosted LVMH profits to 4.32 billion euros. Fabrizio Malverdi, Givenchy’s chief executive officer is very positive about Asia in general and China in particular.
Wilfred Koo, President of China, Asia Pacific at Givenchy, elaborated on their plans of expanding their presence in second and third tier cities in China. They were amongst the first brands to get into China and already have 64 stores in the country but mainly in the bigger cities like Shanghai and Beijing. They are looking to correct that imbalance as the demand from smaller cities is growing faster.