Critical Chinese shoppers suggest these labels are on the way out as they’ve become too commonplace. Instead cashed up customers are seeking out more exclusive accessories from Chanel, Hermes, and Bottega Veneta.
“I have two Louis Vuitton handbags but I no longer carry them although they are still in fashion,” explained 31-year-old cosmetics worker Daisy Liu, a part of this new breed of shoppers. “I don’t think the brand fits me anymore.“
Vincent Liu of Boston Consulting Group says in the past, Chinese shoppers simply bought bags from big name brands. However that meant handbags from these favorite firms became overexposed. In contrast, labels like Hermes that only produce a limited number of its accessories have become the bags true luxury lovers aspired to.
“In China, Louis Vuitton is seen as the brand that even your ai-yi, or domestic helper, can afford,” confirmed a local retail consultant. And no one with big bucks to throw around wants to carry the same bag as their help.
So what can labels like Louis Vuitton and Gucci to lure the lucrative Chinese market? Or have these designer firms simply had their day?