Fashion Industry in China
China has great potential for the fashion industry, especially due to its large population and economic growth. The country is now one of the world’s largest luxury and fashion markets and on the way to reach the first rank. There is therefore great growth potential for foreign brands, which plan to conquer China’s fashion market.
In November, property consultancy CBRE reported that landlords in second-tier city retail properties were courting China’s main fast-fashion brands to drive foot traffic, going so far as to waive a flat rent rate in exchange for a percentage of turnover to attract these apparel icons, hoping to cash in before the brands peak.
These landlords may be sensing a subtle but important change in China’s retail apparel market, which in the main cities has so far been dominated by fast-fashion titans such as H&M, Zara, C&A, and Uniqlo, all specializing in the high-speed, high-volume production cycles characteristic of fast fashion.
Chinese consumers are looking for more innovation, personalization, interaction, value in money, convenience, and they know whatʼs in demand globally. Large players will have to be very clear on what their brand stands for and how that‘s translated to every customer, online and offline.