China. The potential of constrained travellers who spend
“In our Chinese stores, our new customers are much younger” said Jérome Bachasson, C.E.O. of German brand Hugo Boss in mainland China. For the men at the head of 150 stores in China, Hong Kong and Macau (at the end of March 2020), “There is now a massive opportunity for luxury retailers in China as frustrated travellers still wish to spend. Up to the beginning of 2020, Chinese travelled intensively. The expansion of tourism has been phenomenal, particularly in Europe, Japan and Thailand. In Paris most of our customers were Chinese, shopping at the Hugo Boss boutique on the Champs Elysées. In addition, we had young people who were studying abroad, in the U.S.A., Australia or Europe before returning home to China. All these customers who travelled and bought a lot of luxury goods abroad, are now constrained to China. Luxury retailers need to engage this clientele. Collecting data is a key element for us. A good collaboration with Alibaba seems fundamental. Their teams have the best analytical tools to promote offers to new customers by accurate targeting and pulling the best marketing levers.” said Bachasson.