As China opens itself to the western companies and brands, one of the highly respected French fashion brands, Chloe, has now announced it expansion plans wherein the luxury fashion company is a now planning to open up to 23 brand new stores in China by the year 2015, including the opening of four new stores this very year. The announcement was made by none other than the CEO of Chloe, Mr. Geoffroy de-la-Bourdonnaye. In the recent years, China has come out as one of Asia’s biggest and most lucrative luxury markets and Mr. Bourdonnaye envisions China to become Chole’s most preferred market in the next two years. Currently, Japan is Chloe’s biggest revenue generator, but with the opening of proposed new stores, China could soon become take over that position, a country that gave the luxury market an business worth $15 billion in the year 2010.
As per the research firm CLSA Asia-Pacific Markets, China with booming economy and an insiatiable appetite for the luxury goods, could in fact become a leading market for the luxury industry by the year 2020, with a net annual revenue generation of a whopping $100 billion.
The Chinese consumers who are known to be quite tech savvy, have showed their unending interest in various luxury items such as designer handbags, watches and clothing. Chloe, which is owned by Cie. Financiere Richemont SA, is yet another addition in a long list high end luxury and fashion brands such as Prada, Louis Vuitton, Fendi etc., that are now eyeing China with great interests and hopes.