Chinese luxury buyers have yet another online luxury store. Chinese online media company Sina, better known for its Weibo microblogging service, has ventured into the luxury sector by launching new online luxury store Sina Luxury. This designer brand oriented e-store connects luxury brands to customers and carries big luxury labels like Dior, Gucci, Paul Smith, Dior and others.
The luxury e-commerce site is currently focusing on women’s wear and accessories. It has no men’s wear section as of now. Whether or not Sina Luxury plans to diversify into men’s wear only time will tell. As of now though, the online luxury store is more focused on providing authentic designer products to its clientele. The “100 percent guaranteed genuine” stamp that features at the top of the page is something of a dig at other luxury sites that have faced the piracy issue. Websites like Taobao and Paipai have faced controversy recently over counterfeit products. This is something that Sina Luxury would be keen to avoid.
As it is, the new online store will face plenty of competition from other startups like the popular IHaveYou.com, as well as from bigger groups like Taobao’s TMalls and the newly launched Netease Fashion. Taobao very recently opened a designer-to-consumer portal that will feature bespoke and limited edition designer products.
These giant leaps in the online luxury store business are a direct result of the increased spending habits of Chinese luxury buyers. According to reports, there are 175 million affluent Chinese people who can afford these products. Estimates suggest that luxury sales in China will touch $16 billion by the end of this year. The likes of Sina Luxury are sure to benefit.