Green shoots sprout in fashion landscape
Global brands' confidence in nation's luxury retail has strengthened on its large market scale and shifting consumption pattern of younger generation
Visitors to Taikoo Li Sanlitun, one of Beijing's leading fashion and lifestyle destinations, can hardly miss the shift underway this winter.
Three freshly opened stores — Dior, Tiffany & Co and Louis Vuitton — stand next to each other, creating a highlight for the Fashion Expo, which opened in December in the commercial complex.
The three freestanding buildings with bold, sculptural facades have emerged as new retail landmarks. The clustering of these high-profile luxury stores is more than an architectural upgrade. It is being read by industry experts as a signal that China's fashion and luxury market is recovering — and that global brands have strengthened their long-term confidence in the market.
Andrew Wu, president of LVMH Greater China, regards these recent new openings and investments in China's high-end retail sector as long-term commitments to the China market and confidence in its future growth.
"Especially true for the successful international luxury brands, there is a strong belief in long-term cultivation," he said."Our group as well as our industry have taken decades to develop our China businesses and serve Chinese consumers, and that does not change."
In the renewed Taikoo Li Sanlitun North, where the retail mix has just evolved, an array of flagships from top-tier luxury houses — including Loro Piana and Rolex — is inviting contemporary fashion dialogues with the capital city's ancient courtyard heritage.
For example, the House of Dior is the work of famous French architect Christian de Portzamparc. The building houses the first "Monsieur Dior Restaurant" in China led by a Michelin three-star female chef.
The Maison Louis Vuitton store combines retail with the first Le Cafe Louis Vuitton in the city — the brand's third such cafe in China following ones in Chengdu, Sichuan province, and Shanghai.
