Bag-seller Gucci bought a majority share in Chinese jeweler Queelin to enter a new segment of the luxury market. A smart move, says business analyst Ben Cavender in Business Week, as jewelry might be the next big thing for Chinese consumers.
Qeelin has 14 boutiques and its jewelry is sold in stores including Colette in Paris and Restir in Tokyo, PPR said today in an e-mailed statement. The transaction will probably close in January, Paris-based PPR said…
“We’ve gotten to the point where Chinese consumers have had a lot of initial experience purchasing luxury products,” said Ben Cavender, analyst at China Market Research Group in Shanghai. “They are looking for the next step in terms of products and are not ready to buy haute couture full suits yet. Jewelery is a good next step for them.”
Ben Cavender is not always that positive about the moves foreign companies make. Last summer he talked about the failed efforts by B&Q, Dunkin Donuts, IKEA and Gap to localize their operations in China.
- China’s changing spending patterns – Ben Cavender (chinaspeakersbureau.info)
- Private equity firms taking risks in China – Ben Cavender (chinaherald.net)
- Asian companies reluctant to adopt BYOD – Ben Cavender (chinaspeakersbureau.info)
- The risk of start ups – Ben Cavender (chinaspeakersbureau.info)