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Jun
2015

Fashion & Accessories June 2014

fashion

Taiwan pawnshop company cooperates with Central University of Finance and Economics to establish the luxury appraisal degree

In recent times, luxury consumers in Mainland China have gradually begun to accept second-hand luxury products, and we have seen a rapid growth in the volumes of domestic second-hand luxury goods trading. However the luxury appraisal industry for this new category is short on talent.

It should also be noted that the luxury industry has always been plagued by counterfeit goods, particularly in China. Individuals may purchase fake bags, watches and other items everywhere in their daily lives, driving an increase in the demand of luxury appraisers to sort the real from the fake.

A new and safe way to enter the China market

Taiwan’s top pawnshop company, the Bang-Master Group (BMG) which also provides appraisal, auction, retail and an appraisers training service, has agreed cooperate with the Central University of Finance and Economics on 14th June to set up luxury appraisal courses and establish a luxury appraisal degree sometime in the future.

The Central University of Finance and Economics is under the direct leadership of the Ministry of Education of China and is one of the national ‘211’ key universities (one of the 100 universities to which the Chinese government has attached top priority for the 21st Century). It is also the decision-making ‘think tank’ of the national ministries and local government.

BMG plans to invest 200 Million RMB and train 1,000 luxury appraisers in Mainland China within two years. They also claim to want to enable more people to join the industry and to standardise the luxury appraisal market.

The license to establish a wholly-owned auction company in Mainland

In addition to offering an appraisers training service, the second-hand luxury auction is another business that BMG plans to run in the Mainland. It was given approval by the Ministry of Commerce to establish a wholly-owned auction company in early 2013. In addition it is also approved to set up luxury evaluation center at the Beijing Capital Airport Free Trade Zone, and in Shenyang and Taiyuan, all of which are now in an active preparation stage. The development of appraisers will also help them expand their business in this particular area.

The marketing strategy of BMG is very intelligent, using charity and education to access the developing needs of the Mainland consumer market. On one hand the company is cultivating appraisers to develop the Mainland market through its collaboration with the Central University of Finance and Economics, and on the other it is promoting the brand, greatly increasing its visibility and credibility in the name of the university,

Luxury kids’ wear become a popular gift in Children’s Day

A 4,000 RMB Dior windbreaker and a 1,500 RMB Armani bag, you may not believe that these luxury items are Children’s Day present to some of the children in Shanghai.

Who wants luxury kids’ wear?

In China, there are many young luxury consumers, and when they become a mother they often become a fan of luxury kids’ wear. Those young mothers who follow children’s luxury claim that ‘all daughters should grow up with luxury. Luxury goods will broaden and enrich their horizons, so that they will find a successful husband and live in a wealthy life in the future’

‘None of the clothes on my child is worth less than 300 RMB’ according to Ms Liao, a mother of a 2-year-old girl. She explained ‘the stroller is imported from Europe and cost me 9,000 RMB; the clothes you see are from the US; the wet wipes and mosquito repellent cream she uses are also imported’

Ms Wang, a fashionable mother, bought a Burberry windbreaker priced 3,000 RMB in Hong Kong for her 4-year-old girl last Christmas. And this time she bought a heart-shaped Burberry bag for her as Children’s Day gift. ‘I usually pay great attention to her dress style so she may learn to have better taste in the future’

Luxury children’s wear sells well in Shanghai

Luxury children’s clothing is not new to China, there are dozens of luxury brands that have a kids’ counter in Plaza66 and Isetan malls on West Nanjing Road. These include Dior, Dolce & Gabbana, Versace and Armani etc. The products there range from those for 6 month old baby to 1.75 metre teen. New collections of clothing, bags and shoes are in the range from 500 to 5,000 RMB.

Although the price remains high, luxury children’s clothing sells well. According to the sales staff of Burberry and Armani kids’ counter, the daily trading volume reached 30 deals during the Children’s Day period. In Plaza66, many young and older mothers come to buy clothing for their children. A young mother drove for 3 hours to buy sheepskin toddler shoes for her baby and finally selected a 1,200 RMB pair. A salesman interviewed also mentioned that some limited edition pieces, or those that match adult clothing to create parent-child attire were selling particularly well.

In China, children always have a very special status in every family, something that we foreigners may struggle to understand. Some parents live frugally themselves, but will spend large amounts on their children without hesitation. China is a very unique and special market, and only by understanding the Chinese culture and consumers can a brand develop appropriate marketing strategies to win over the competition.


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